Assurity Reversionary Annuity

[mikeincolumbuso]

Has anyone heard of or used this product? I understand that instead of providing a lump-sum DB to the beneficiary, they recieve a stated set monthly income amount, or a lifetime annuity, which is just like how a survivor pension works. That approach makes the premium somewhat less than GUL.
It would be attractive for the bene to know that they will have a specific montly income stream that they cannot outlive. The obvious downside is lack of flexibility in terms of changing the beneficiary and no upfront cash to cover final expenses as the time of death. Any thoughts or experience with this product?

 

[axeman462]

Has anyone heard of or used this product? I understand that instead of providing a lump-sum DB to the beneficiary, they recieve a stated set monthly income amount, or a lifetime annuity, which is just like how a survivor pension works. That approach makes the premium somewhat less than GUL.
It would be attractive for the bene to know that they will have a specific montly income stream that they cannot outlive. The obvious downside is lack of flexibility in terms of changing the beneficiary and no upfront cash to cover final expenses as the time of death. Any thoughts or experience with this product?

I like the idea of the product. never sold it though. seems to right if all they are concerned about is spousal income. only downside i see is it seems the minimum premium is $200/mo, which is just out of the reach for many middle class people.

 

[mikeincolumbuso]

The minimum premium info is new to me. Where did you see that info?

 

[axeman462]

The minimum premium info is new to me. Where did you see that info?

I'm sorry I should have been more specific. It has a $200/mo minimum if you have it set for the "10 year premium duration" (or at least thats what the quoting software tells me when I try to set the premium to anything lower than $200)
The minimum benefit amount for "pay to age 100" is $100/mo (again, the quoting software comes up with an error if you try to set it any lower than $100/mo)

Myself, working mostly with the senior market, the 10 yr pay option just makes more sense...

 

[Justin Bilyj]

Monumental has a similar ul product that has lump sum and then payout over time with another optional lump sum...i dont know about this.