Annuity Vs Whole Life please HELP

Discussion in 'Annuities Forum' started by insurancehombre, Jun 6, 2017.

  1. insurancehombre
    Offline

    insurancehombre New Member

    Posts:
    1
    Likes Received:
    0
    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.
     
  2. Norwayguy
    Offline

    Norwayguy Well-Known Member

    Posts:
    8,770
    Likes Received:
    9
    State:
    Maine
    That's what they have now.
     
  3. NWBenefitProvider
    Offline

    NWBenefitProvider Well-Known Member

    Posts:
    570
    Likes Received:
    0
    State:
    Washington
    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.
     
  4. Norwayguy
    Offline

    Norwayguy Well-Known Member

    Posts:
    8,770
    Likes Received:
    9
    State:
    Maine
    If that's what they want no more premiums he wants to look at single premium life or review the existing non forfeiture options
     
  5. pfg1
    Offline

    pfg1 Well-Known Member

    Posts:
    1,068
    Likes Received:
    0
    State:
    Virginia
    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.
     
  6. Dix86
    Offline

    Dix86 Well-Known Member

    Posts:
    107
    Likes Received:
    0
    State:
     
    I'm with Norwayguy, sounds like a pretty simple Single premium assuming they can pass underwriting.
     
  7. DHK
    Offline

    DHK Well-Known Member

    Posts:
    6,084
    Likes Received:
    27
    State:
    California
    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?
     
  8. Norwayguy
    Offline

    Norwayguy Well-Known Member

    Posts:
    8,770
    Likes Received:
    9
    State:
    Maine
    Not sure we are together it sounds like he may already have what he needs but we need more info.
     
  9. regularAgent
    Offline

    regularAgent Well-Known Member

    Posts:
    93
    Likes Received:
    1
    State:
    Florida
    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.
     
Loading...

Share This Page