Annuity with Small Inital and then Monthly

[GAHEALTH]

Looking for a company that will allow for a small opening amount - $2500 and then $200/month contribution. She is at least 20 years away from retirement and is looking to build an income stream with it.

Thanks in advance.

 

[Josh]

That doesn't sound too low. I believe Presidential will go down to $120/year, but I'm sure others are a better fit. There is nothing to stop her from starting with a lower performing company that will give her a low point of entry and then have her move it out in a few years when she's got more coin in it (and in theory the market could be better).

 

[COInsguy]

That doesn't sound too low. I believe Presidential will go down to $120/year, but I'm sure others are a better fit. There is nothing to stop her from starting with a lower performing company that will give her a low point of entry and then have her move it out in a few years when she's got more coin in it (and in theory the market could be better).

Exactly what we use the presidential Flex Deferred for. Let those with nothing to show build up some money we can put into a hopefully much better performing plan in 7-10 years.

 

[Norwayguy]

Great American, through Annuity Investors Life. Most of their flexible premium deffered annuities can be started with just $50 month PAW. The amount you listed would more than satisfy an initial premium with them and the client could add to it over time.

 

[Larry Tew]

Any flex-premium (as opposed to single-premium) will work, and practically every life insurance company has one.

 

[GAHEALTH]

Any flex-premium (as opposed to single-premium) will work, and practically every life insurance company has one.

I checked with Allianz and ING and the minimum deposit kills their line.
She doesn't want anything to do with AmGen
I don't have access to Great American or American Equity

 

[Larry Tew]

I like Jackson National. You can do either fixed or indexed with them. They also have better financial ratings than most of the other "annuity centered" companies. Their home office support and marketing people are well-informed and helpful as well.

 

[Norwayguy]

I checked with Allianz and ING and the minimum deposit kills their line.
She doesn't want anything to do with AmGen
I don't have access to Great American or American Equity

Are you in a captive opportunity? If not just get access to Great American....am I hearing the rumblings of a B/Ds compliance dept in the background

 

[GAHEALTH]

Are you in a captive opportunity? If not just get access to Great American....am I hearing the rumblings of a B/Ds compliance dept in the background

No - I am not captive. I had already tried to get appointed with those two and was turned down due to credit (no Vectors or anything) just being below their credit score line.

Thanks for the advice all. I think we will end up putting her in a IUL as the minimum deposit seems to be an issue with most of the companies I had looked at ($5K min.).

 

[Norwayguy]

No - I am not captive. I had already tried to get appointed with those two and was turned down due to credit (no Vectors or anything) just being below their credit score line.

Thanks for the advice all. I think we will end up putting her in a IUL as the minimum deposit seems to be an issue with most of the companies I had looked at ($5K min.).

Does your state allow for Licensed Agents to share commissions? In Maine if this was the case ie I couldn't get the product I needed and I had a friend that was appointed, I could get him to write it and have him pay me a portion...obviously not a great solution due to the fact that you would not be listed as the agent and the ongoing premium creates additional commissions that would be difficult to keep track of.