Annuity Carrier(s) for 5-7 Year Contract

Discussion in 'Annuities Forum' started by JonDo2312, Mar 20, 2017.

  1. JonDo2312
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    JonDo2312 New Member

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    Hell all,

    I am looking for a carrier that have annuity contract for 5-7 years with following conditions:

    * Qualified (e.g., Traditional IRA)
    * Flexible Premium (May add up during the year or at the end of the year)
    * First deposit may be about $3k-4k.

    Do you know any carrier having a product as described?

    I am in California.

    Thank you.

    Nhon Do, Mafm, EA
    P: 510-285-7782
     
  2. DHK
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    DHK Well-Known Member

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    MassMutual Odyssey Select

    https://fieldnet.massmutual.com/fldnet/public/broker/products/index.html

    https://fieldnet.massmutual.com/public/ann/pdfs/an6601.pdf

    7-year surrender charge.

    Qualified money can start with $4,000 lump sum OR $1,000 to start and $50 monthly contributions.

    Surrender charges are based on CONTRACT YEARS, not premium purchase years. This means that after the 7 years, you can move the ENTIRE CONTRACT to another annuity without surrender charge.

    Contact your local MassMutual agency for appointment through their brokerage.
     
  3. walthamny
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    walthamny Well-Known Member

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    Nhon,

    Since you are an EA and life licensed, do yourself a favor, and hook up with few advisors who do sell annuities regularly in CA. Let them make the product recommendation and see if they would pay you a referal fee. Your state is known for aggressive regulation of annuity sellers. I would not sell annuities in CA part time. If you also only show annuity as a solution to a client when you are preparing their taxes, you will get yourself into trouble.
     
  4. JonDo2312
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    JonDo2312 New Member

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    Hi,

    You are the first one to give me this "advice"! :-)

    The products under my belt are broad and of course including annuities. i' ve sold annuity for several years now. Many "advisors" you said, as I found out, they not only don't understand of tax perspectives but also don't know what they are doing in financial persectives. Sorry to say that!

    The reason I posted here is because the carriers I got through an agency don't have the short term contract with low down amount to start. I have many others to choose on but if you have ever worked in this field (hope so, since what you commented did not show that), you'd know the price you'd have to pay in order to tie with one agency (e.g., E & O at least).

    Talk so, if you have clients in California, forward it to me. I would give them advice, in tax perspective, and would do all the paperwork to open an qualified or unqualified account (of course I have to represent them what pros and cons on the account and follow on what they are best interests (not need to wait to the Fiduciary Rule comes to effect!).) You may get either a portion of commsion or just referal fee.

    Thank you for your post and "advice" anyway.

    Warm regards,

    Nhon Do, MAFM, EA
    P:510-285-7782

    ----------

    Hi DHK!

    As I know, MassMutual does not contract with independent agent. They only sell their products through their agents only!

    Thanks, anyway!
     
    Last edited: Mar 25, 2017
  5. DHK
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    DHK Well-Known Member

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    And that's why I told you to contact their local brokerage director at the local agency. Every agency has one.
     
  6. JonDo2312
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    JonDo2312 New Member

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    If contacting them, as said above, what you can get for all your work and your client? :-)
     
  7. DHK
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    DHK Well-Known Member

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    If you're asking about commissions, I don't know. However, since the original amount is quite low, and your requirements were quite specific... I'd say that the commission you get is practically irrelevant at this point. You just need a product that you can place for your client. But I would guess at around a 2% commission for you.
     
  8. Justin Bilyj
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    Justin Bilyj Well-Known Member

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    Not sure if CA is different, but Mass has indy agents and they're allowed to sell their 3 annuities if you take the product training.
     
  9. scagnt83
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    scagnt83 Well-Known Member

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    For a Flexible Premium Annuity, its hard to beat Great Americans Legend 3. Its a 7 year product. Very competitive caps usually. Great renewal history.

    For Single Premium Products, Athene has a great 5 and 7 year product. AG has a great 7 year product. And American Equity has a great 6 and 8 year product.
     
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