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You are correct. But they offer a product that is far better than Voya's products imo. They also are not spread out with no real direction in the type of business they want to be in. If Im using a lower rated carrier I want them to be laser focused on a profitable line of business.
Also, I am using them for a 6 year time frame, not a 30 year time frame (since you are selling income rider focused products). If Im selling income riders I do not put all of a persons income with a low rated carrier. If I used AE for the income rider it would be along with multiple other carriers to spread out the risk. Although my biggest worry would be locking them into a historically low interest rate.
jmo
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What has Voyas renewal history been like for their index annuities?
I don't think that will matter because the last time I looked at them, their overall crediting strategies were weak.
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Athene has a 5 year FIA that is excellent for short term accumulation.
Americo's LibertyMark is an excellent 7 year option. AG is also solid.
As Scagnt83 pointed out, AE's products are nice for the 6 and 8 year surrenders.
For 10 years, I like Athene Elite, Americo Libertymark, and NA Retirechoice (esp in CA).
These are all mainly accumulation products. If you're looking at riders, the list gets much longer. Especially considering when the client wants income
Forethought, National Western, Athene Target Horizon, AG Power Income, Great American, and Legacy's Income XL all enter the picture.
Of course, you already mentioned Allianz which is solid.
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Mostly strong. I would say stronger than average. And they do publish info about renewals which is always a good thing.
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I was about to agree and just took a look at their current rates.... check out that Wealth Builder 8... for over $100k it is at:
4.1% Triggered with a bailout of 3.6%
5.75% point to point with a bailout of 5%
For the past couple of years Voya has had some of the worst rates out there. But it seems they are starting to become more competitive. I will have to pay more attention to them. I am a big fan of bailout provisions.
I hate triggers and caps. Using a 5.75 cap (which I agree is solid), nets a median 4% return over 10 years (assuming the same renewal).
I can buy a 10 year MYGA at 3.3%.
I don't see how that is worth the risk.
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I like triggers. Im not a huge fan of Caps if I can find a decent uncapped option.
And these days, anything on the conservative side of safe money is essentially just splitting hairs unless your talking a large amount of money. But the fact that they are moving up in rates/caps is a good sign for Voya. I would like to see them become more competitive again.
I agree with splitting hairs if we're talking about alternative asset classes (meaning vs bank assets or conservative bond strategies).
But in the indexed world, caps and triggers just don't have the same math behind them that the uncapped risk controlled strategies do.
That being said, renewals are the name of the game.
ING exited the VA business without warning after being one of the largest sellers of those products two years prior.
I don't like companies that have that type of track record, regardless of renewal strength.
