Best Annuity for Immediate Income to Compete with CDs?

[Tahoe Ray]

I am referring to Guggenheim. They pay the highest fixed rates out there as of Feb. 1. I represent just about all of the top MYGA companies. Why wasn't this presented prior?

Because the OP mentioned Equitrust and Equitrust's rate was higher than Guggenheim's for the 220k that the client was looking at contributing.

 

[Daytona_Guy]

I have a 67 yr old with 220k in a 5 yr IRA cd. She is getting 3.94% until it renews in March at 0.5% her

Best solution I came up with was a 6 yr MYGA with equitrust at 2.85%, which I thought would give her close to what she has now.

Have you looked at the Bankers 2.9% product that's only 5 years? If you've ruled it out, curious to know why.

We just picked this up and looks solid.

 

[TRSecurity]

You probably addressed this already, but just some food for thought for others who might gain from reading different perspectives:

I'd find out why she is concerned about "dipping into her principal." If it's because she simply doesn't want to ever see that number go down, then you are stuck with a MYGA. If she is trying to maintain a lump sum for her favorite child, then you might have a life sale here.

If she is concerned about needing the money for LTC, you could offer her an income rider that has a LTC rider built in. She'll have the gauranteed income which goes up (or lets her bail) if she's in need of LTC. If you add the life insurance, then you are protecting her principal if the purpose is death benefit.

husband is 72. I didn't use a product with an income rider because she wanted to know that she won't be "going into her principal", and of course an income rider only guarantees her lifetime payments, not preservation of principal.

It is a little complicated because her friend has 120k in the same CD at the bank (also a client), and will likely want to do the same thing this couple does. Another reason I thought the MYGA was a good option as it was simple and clean. Now I wonder if using a fixed rate allocation in a bonus EIA wouldn't be a better option, like Am Equity where they have the free 4.5 income rider...??

 

[whall]

I highly doubt you're going to trick any agents from this forum into selling these scams for you.

I've heard about your med sup sales pitch, just because you are shady doesn't mean everyone else is.....

 

[supersupps]

How sad.. I want to sell annuities yet cant even comprehend this thread. I thought cleaning the fry vats at kfc was hard.. Annuities are even harder