Annuity Marketing

[1manshow]

We have seen a big increase in annuity inquiries in the last year and I'm trying to put together some marketing ideas for my first ever attempt at marketing annuities here in my county. Our product offering is solid and is written through a very sound regional carrier, we are primarily accustomed to marketing P & C lines and could use some guidance in this area.

My initial thoughts were geared along the lines of print advertising stressing the shrinking nest egg or similar analogy and simply posting a rate... 6.9% guaranteed and a minimum deposit 10K and number to call for a confidential review to see if you are a good candidate. please offer any critique, is this a waste of time and $$ ?

I was also planning on making this offer to our existing client base in our next newsletter. That would actually be the first attempt at solicitation through the newsletter in the past year.

 

[Winter_123]

Re: Annuity marketing ?

We have seen a big increase in annuity inquiries in the last year and I'm trying to put together some marketing ideas for my first ever attempt at marketing annuities here in my county. Our product offering is solid and is written through a very sound regional carrier, we are primarily accustomed to marketing P & C lines and could use some guidance in this area.

My initial thoughts were geared along the lines of print advertising stressing the shrinking nest egg or similar analogy and simply posting a rate... 6.9% guaranteed and a minimum deposit 10K and number to call for a confidential review to see if you are a good candidate. please offer any critique, is this a waste of time and $$ ?

I was also planning on making this offer to our existing client base in our next newsletter. That would actually be the first attempt at solicitation through the newsletter in the past year.

6.9? With whom? Are we talking an A rated carrier here?

I think 5.2 or so is getting up there these days particularly on deposits of 10K. Maybe even less. Do tell. How many years we talking?

 

[djs]

Re: Annuity marketing ?

Run it through your compliance department, they will tell you what is wrong,,, ahh, I mean, they will help you put the ad together in a meaningful and constructive way.

Dan

 

[joshril]

Re: Annuity marketing ?

6.9? With whom? Are we talking an A rated carrier here?

I think 5.2 or so is getting up there these days particularly on deposits of 10K. Maybe even less. Do tell. How many years we talking?

6.9% is BS... maybe a C-rated carrier or something... Or perhaps an indexed annuity... There is some catch to a 6.9% rate...

 

[mickeyma]

Re: Annuity marketing ?

We have seen a big increase in annuity inquiries in the last year and I'm trying to put together some marketing ideas for my first ever attempt at marketing annuities here in my county. Our product offering is solid and is written through a very sound regional carrier, we are primarily accustomed to marketing P & C lines and could use some guidance in this area.

My initial thoughts were geared along the lines of print advertising stressing the shrinking nest egg or similar analogy and simply posting a rate... 6.9% guaranteed and a minimum deposit 10K and number to call for a confidential review to see if you are a good candidate. please offer any critique, is this a waste of time and $$ ?

I was also planning on making this offer to our existing client base in our next newsletter. That would actually be the first attempt at solicitation through the newsletter in the past year.

I've read newsletters from two top annuity producers--Peter LePage and Larry Klein. Both failed when running newspaper ads offering good interest rates. However, I see banks doing it all the time. Go figure. LePage recommends direct mail and Klein recommends ads in senior newspapers to annuity owners offering them a free booklet about mistakes annuity owner make.

 

[Mr. Bill]

Re: Annuity marketing ?

I've read newsletters from two top annuity producers--Peter LePage and Larry Klein. Both failed when running newspaper ads offering good interest rates. However, I see banks doing it all the time. Go figure. LePage recommends direct mail and Klein recommends ads in senior newspapers to annuity owners offering them a free booklet about mistakes annuity owner make.

I know nothing of Peter LePage...

Larry Klein, you're kidding, right? The man hasn't been licensed to sell annuities in how many years? He sells marketing "systems" until he can't pay his bills any longer and then goes bankrupt. Did you miss the whole NF Communications to Javelin Marketing fiasco?

There's plenty of info on Larry & Javelin on this forum as well as others. Top Annuity Producer? Nope.

 

[dannysdad]

Re: Annuity marketing ?

We have seen a big increase in annuity inquiries in the last year and I'm trying to put together some marketing ideas for my first ever attempt at marketing annuities here in my county. Our product offering is solid and is written through a very sound regional carrier, we are primarily accustomed to marketing P & C lines and could use some guidance in this area.

My initial thoughts were geared along the lines of print advertising stressing the shrinking nest egg or similar analogy and simply posting a rate... 6.9% guaranteed and a minimum deposit 10K and number to call for a confidential review to see if you are a good candidate. please offer any critique, is this a waste of time and $$ ?

I was also planning on making this offer to our existing client base in our next newsletter. That would actually be the first attempt at solicitation through the newsletter in the past year.

I'm sure that 6.9 is probably just the first year rate and the following years are probably around 4.3 or so. I wouldn't spend money printing anything with rates as, by the time they are printed, the rates will probably have changed.

 

[Mr. Bill]

Re: Annuity marketing ?

The Auto Club has crap like that all over their offices, yes, it's a first year rate on a 10 year product and it goes down to 2 something years 2-10

 

[Charpress]

Re: Annuity marketing ?

Most of the annuity rates you see that run from 7.2% compounded to 12% simple interest refer to guaranteed minimum returns, BUT ONLY FROM AN INCOME BUCKET. These high rates only apply if the person turns on income at some point. From my own calculations, someone interested in income is better off in a SPIA --but of course there is very little commission there.

You have to be very careful of these. They can work very well for the right people, and not at all well for others. The 12% plays well in advertising, but you can run afoul of every licensing authority out there if you don't make it clear what the rate applies to.

The very newest products with income buckets at least allow the income accumulation to go to beneficiaries. That was the biggest bad point with some products: you had to turn on income to ever realize the guaranteed minimum gains and if you did not take income, heirs got whatever the index brought, not the big percentages that sold the people in the first place. That has changed with some products.

 

[1manshow]

Re: Annuity marketing ?

Really wasn't looking for critique on the product. FYI it is a 7 year product that is guaranteed @4.4% yrs 2-7 has a 7,7,7,6,5,4,3% surrender and is written with an A+ rated carrier. Not a bad deal in todays market. Thank God I will only have to answer to my clients for the products I offer and not some of you internet wanna be's.

Jees.......some of you really need to take a more positive outlook on life. You may need to step down off that pedestal to see things from my perspective, but I've never found any satisfaction with hurling insults or accusations.....but... good luck with your next career !


Otherwise, I have received some PM's that were very helpful. I am thankful for the genuine feedback.