- 1,802
I wanted to know if anyone has sold these annuities?; and if so what your experience was with them?
Anyone Selling Guaranty Income Life Annuities
- Thread starter insuranceexec
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Good question. I was curious myself. Are there any good tools from the companies to plug in numbers. I wonder if a younger couple like in their 50's could build up a pretty good retirement income with these products.
- 924
I've sold GILICO stuff. They are down the street from me, in a manner of speaking.
Their underwriting is a bit off the wall, IMHO. I've spent good time on good cases only to have the case torpedoed. I sort of got gun-shy with them.
It is also a bit of a hard sale these days to recommend a B+ company.
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PS:
I also use an example in my seminars about GILICO to get a laugh.
GILICO wants to know about medical issues that have come up in the last 3 years for underwriting their LTC enhanced annuities. I had a client who admitted to me he had a stroke. I asked him whether it was more than three years ago and he said it was.
When GILICO called him, and I warned him that they would, they asked whether he had any strokes. He said "Yes, but I can't remember when."
He was turned down. On that one, I don't blame GILICO.
Their underwriting is a bit off the wall, IMHO. I've spent good time on good cases only to have the case torpedoed. I sort of got gun-shy with them.
It is also a bit of a hard sale these days to recommend a B+ company.
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PS:
I also use an example in my seminars about GILICO to get a laugh.
GILICO wants to know about medical issues that have come up in the last 3 years for underwriting their LTC enhanced annuities. I had a client who admitted to me he had a stroke. I asked him whether it was more than three years ago and he said it was.
When GILICO called him, and I warned him that they would, they asked whether he had any strokes. He said "Yes, but I can't remember when."
He was turned down. On that one, I don't blame GILICO.
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- 1,802
The only reason that I even asked is that I just got my new NMO contract with them, and their comps and overrides ( Which I pay out mostly to the agent anyway; is incredible)
I mean with some cases there is additional 3.5% bonus on top of street that is paid out from my firm.
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I have never used them; which is why I was asking.
I mean with some cases there is additional 3.5% bonus on top of street that is paid out from my firm.
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I have never used them; which is why I was asking.
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- 924
I ran into David Royer in a airport once. We were going to the same FMO convention where he was a speaker on IRA strategies.
You may know of David from his Keys to the IRA Kingdom seminars.
Anyway, David is also the marketing VP for GILICO. If you want to speak to him, call GILICO and he can fill you in on whatever you want to know. He tends to be pretty straightforward discussing his products.
You may know of David from his Keys to the IRA Kingdom seminars.
Anyway, David is also the marketing VP for GILICO. If you want to speak to him, call GILICO and he can fill you in on whatever you want to know. He tends to be pretty straightforward discussing his products.
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- #6
- 1,802
I appreciate the feedback.
