Annuity vocabulary question.

[LostDollar]

I was quoting @adjusterjack on that one.

Just trying to use a metaphor. It's really hard to analyze this stuff from a brochure or a contract.

At some point, you just need to trust a professional and let them help you.

Spending a few days/months/hours whatever analyzing this stuff is a waste of your time.

You should spend that time vetting agents. Asking your friends, looking them up online, interviewing them, etc.

You don't have to do all of this alone. It's good that you understand what you own, but let someone who truly knows these products and who you trust explain it to you.

You made very accurate comments in another thread about why it will be difficult for me to find an agent. If you modify concepts slightly from annuities to senior market medical products, that exactly matches my experience in buying Medigap HDF, The best Medicare PDP CMS shows for your prescriptions, and dental insurance. I have screwed up relationships with one IMO and at least one agent while attempting to deal with those issues.

If I find an annuity agent, another issue pops up, secure communication of personal data.
I did just bump an old thread in another forum asking the following question.

I recognize that I appear to have pretty well used up my "question quota" with you, but I would welcome you comments on this as well if you would care to make any.

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As a consumer, in the modern environment of purchasing insurance products, a variant of this discussion is communication of confidential personal financial information with an "out of town" insurance agent.

Are there confidential or encrypted email tools you can comment about that might be financially viable for an individual of modest means who cannot amortize the cost of a communication solution over lots and lots of clients?

Thanks in advance for any comments you would care to make.

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[Tahoe Ray]

You made very accurate comments in another thread about why it will be difficult for me to find an agent. If you modify concepts slightly from annuities to senior market medical products, that exactly matches my experience in buying Medigap HDF, The best Medicare PDP CMS shows for your prescriptions, and dental insurance. I have screwed up relationships with one IMO and at least one agent while attempting to deal with those issues.

If I find an annuity agent, another issue pops up, secure communication of personal data.
I did just bump an old thread in another forum asking the following question.

I recognize that I appear to have pretty well used up my "question quota" with you, but I would welcome you comments on this as well if you would care to make any.

-----------------------------------------------------------------------

As a consumer, in the modern environment of purchasing insurance products, a variant of this discussion is communication of confidential personal financial information with an "out of town" insurance agent.

Are there confidential or encrypted email tools you can comment about that might be financially viable for an individual of modest means who cannot amortize the cost of a communication solution over lots and lots of clients?

Thanks in advance for any comments you would care to make.

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I responded in that thread.

This site is for questions (and bullshitting) so I have no problem adding in anything that I may think is valuable. If not, I just won't answer.

No worries.

 

[LostDollar]

I responded in that thread.

This site is for questions (and bullshitting) so I have no problem adding in anything that I may think is valuable. If not, I just won't answer.

No worries.

I noticed.

Thanks.

 

[LostDollar]

I was hunting for something and saw this thread.

Vocabulary issues.

Let me try a differently worded question using general conceptual terms as I understand them at the moment.

Are the following concepts correct and correctly worded?
For a Fixed Indexed Annuity product with a guaranteed lifetime benefit rider, there are two account values:

A real cash account value to which returns of some form may be added and from which the fee for the income rider is deducted on an annual or monthly basis.

An income base account used to compute LPA's. The initial purchase price of the annuity may be increased in this account by a bonus and annual rollup amounts for some period of time and reduced by lifetime payment amounts.

Over a period of time the value of both of those accounts can go to zero. Is that correct?

 

[scagnt83]

Over a period of time the value of both of those accounts can go to zero. Is that correct?

Correct.

But the Income Base Account going to zero has no impact on the Lifetime Income being paid for life.

It can however impact ltc benefits or death benefit riders.

 

[LostDollar]

Correct.

But the Income Base Account going to zero has no impact on the Lifetime Income being paid for life.

It can however impact ltc benefits or death benefit riders.

Ok, thank you.

Vocabulary was the problem with my earlier questions.

I still won't say my knowledge of income rider products is very good, but it was a lot worse a year ago.

I believe NAC uses the terms GLWB and GLWB value to refer to the income rider and the income account base used to generate the LPA.

I think the responders to my earlier questions in the thread were seeing the term GLWB in a different light -- equivalent to LPA.

A year ago I did not have an educational base that allowed me to interpolate between NAC brochure language and Ins Forums agent response concepts and language.

I will admit to still having some confusion about circumstances when an LPA might go to zero, but I now have better conceptual knowledge to reread things about that.