Annuity Vs Whole Life please HELP

[insurancehombre]

First time posting. I want to make sure I was told the correct thing. I have a client who was a 100k whole life policy. 80k cv (I about passed out) haven't really dabbled into the annuity arena that much. Is there a annuity I can put them in that would Immediately guarantee them at least 100k no matter if they were to die next month or 50 yrs from now? Thanks.

 

[Norwayguy]

That's what they have now.

 

[NWBenefitProvider]

That's what they have now.

I think they are looking for a way to not have to pay any additional premium, but maintain a guarantee of $100,000 should they pass away now or way into the future.

I'm not very well versed in annuities, but from what I have seen, they are more designed to provide a steady stream of income for a certain period of time.

I'll be curious what more experienced people have to say.

 

[Norwayguy]

I think they are looking for a way to not have to pay any additional premium, but maintain a guarantee of $100,000 should they pass away now or way into the future.

I'm not very well versed in annuities, but from what I have seen, they are more designed to provide a steady stream of income for a certain period of time.

I'll be curious what more experienced people have to say.

If that's what they want no more premiums he wants to look at single premium life or review the existing non forfeiture options

 

[pfg1]

There are annuities that are DB focused.
If the whole life they have now has $80k cv, and the DB is only $100k... my guess is that isn't a par wl policy - unfortunately. If it was the pua div option would have pushed the DB way beyond the $100k mark - assuming it started as $100k policy. Or maybe they didn't elect pua div.

You need to make sure you get an inforce illustration so you know exactly what they have and where they stand.

IMO, replacing a WL that is old with lots of CV is almost always a bad decision - but in certain circumstances it might be fine.

More info is needed to be able to give good advice... for instance how old is the client? How is their health? How old is the WL policy? What carrier and product? And much more.

 

[Dix86]

I'm with Norwayguy, sounds like a pretty simple Single premium assuming they can pass underwriting.

 

[DHK]

First time posting. I want to make sure I was told the correct thing. I have a client who was a 100k whole life policy. 80k cv (I about passed out) haven't really dabbled into the annuity arena that much. Is there a annuity I can put them in that would Immediately guarantee them at least 100k no matter if they were to die next month or 50 yrs from now? Thanks.

What problem are you trying to solve?

Or are you just fishing for a sale that won't screw them over from what they have right now and is important to them?

 

[Norwayguy]

I'm with Norwayguy, sounds like a pretty simple Single premium assuming they can pass underwriting.

Not sure we are together it sounds like he may already have what he needs but we need more info.

 

[regularAgent]

I was reading all about this, and I agree with you, just until certain point, if the thing is changing the whole life for an annuity, the answer is, no, if you can't sell variable product. but, you can sell a fix annuity that can double the amount in 10 years, almost producing 7%. the surrender charges are quite big almost 7 years. or you can offer another one GLIA producing more or less 2.5% for life stream income...the 4.5% of the WL will win, depending of the age of your client, and the paid up addition added.