Best annuity payout 5 years

[scagnt83]

I think @Allen Trent 's comment above about math may come into play here. I've not had any illustrations to confirm this, but I think I could buy an Oxford MYGA with a GLWB rider and have it hold a pretty high (in relation to purchase price) accumulation value over the surrender period of the contract. But .......

I have never looked at their product before.

At least over the initial 10y rate lock, it should be fairly straightforward for that one.

But that would lead me to wonder how competitive the payout rate is, if the fixed rate maintains the cash value well.

But there is a huge advantage to guarantees and knowing what you will receive.

Something like an Immediate Income Annuity might be the best option if you like guarantees. Or a Deferred Income Annuity. Or stack a SPIA and DIA. Or multiple DIAs.

 

[scagnt83]

Caveat, not an agent.

One consumer's viewpoint, I would prefer to use laddering rather than increasing LPA's. Over a large database of consumers I feel like the increasing LPA concept is more likely to benefit the carrier than the consumer and I am most hesitant to gamble my funds that I might be one of the consumers who would benefit rather than lose by applying the concept.

As a consumer, the problem I experience with attempting to use the concept, is amounts of purchase. If one has the funds to purchase multiple annuities in large amounts -- say $100K, it isn't a problem. When one only has smaller amounts for multiple purchases, you either get laughed at and cross presented to another, entirely inappropriate, product; or, politely told no for a variety of reasons.

Laddering can certainly make sense for the right situation. But sometimes it can just overcomplicate the situation.

 

[goillini52]

I think @Allen Trent 's comment above about math may come into play here. I've not had any illustrations to confirm this, but I think I could buy an Oxford MYGA with a GLWB rider and have it hold a pretty high (in relation to purchase price) accumulation value over the surrender period of the contract. But .......

Oxford has a $20,000 minimum.

 

[LostDollar]

Oxford has a $20,000 minimum.

Yes. That is one of the reasons I do not have one of those right now.

If they had a $10K minimum, I would have 1, or perhaps 2 -- one qualified funds and one non-qualified funds. Not sure whether or not I would have put the GLWB rider on them.

 

[LostDollar]

Oxford has a $20,000 minimum.

Although the Select 3, 5 & 7 FIA's with a GLWB have a $10K minimum, but the payouts on those might not be particularly competitive either.

Another one I kinda like is the ANICO Asia plus. The rates may not be as competitive but I think I can actually understand it and could explain it to someone else.

 

[goillini52]

Although the Select 3, 5 & 7 FIA's with a GLWB have a $10K minimum, but the payouts on those might not be particularly competitive either.

Another one I kinda like is the ANICO Asia plus. The rates may not be as competitive but I think I can actually understand it and could explain it to someone else.

Maybe Kansas is different...I see a $20K minimum, period.

 

[LostDollar]

Maybe Kansas is different...I see a $20K minimum, period.

Ok, I guess I was wrong, only the select 10 has a $10K minimum according to this.

Select Series: Fixed Indexed Annuity | Oxford Life

Help your clients get ready for retirement with Oxford Life's Select Series Fixed Index Annuity, designed for building retirement income at anytime.

oxfordlife.com

 

[goillini52]

Ok, I guess I was wrong, only the select 10 has a $10K minimum according to this.

Select Series: Fixed Indexed Annuity | Oxford Life

Help your clients get ready for retirement with Oxford Life's Select Series Fixed Index Annuity, designed for building retirement income at anytime.

oxfordlife.com

That shows a maximum age of 80, the brochure says age 85. Are you already 80?

 

[LostDollar]

That shows a maximum age of 80, the brochure says age 85. Are you already 80?

Ok, I really can't comment about the FIA's.

Sometime back, maybe 2-3 years, Ray made a rates comment and mentioned Oxford. As a result, I hunted for rates and found the agent rate sheet they publish each month.

I could understand the MYGA part. I tried to understand the FIA's, FIA's were totally incomprehensible to me. After a couple of months of that I gave up. (I also did not understand income riders but that is another story.)

I review the rate sheet periodically just to see MYGA rates. I have learned even that approach is flawed because different carriers will adjust their MYGA rates differently in given months.

I could also understand the MYGA GLWB approach Oxford uses, but at the time I was looking carefully, there was no way I was going to have $20k of Roth qualified money to purchase one of their MYGA's, with or without the income rider.

From your comments, it is obvious to me that I don't know about their FIA's, so I can't comment on what is $10K and what is $20K and what is 80 years and what is 85 years.

For their MYGA's, 85 is the maximum issue age for the MYGA, 80 is the maximum issue age for the income rider. Because of all the conflicting information I have been getting about income riders, There is something I had been considering doing with an Oxford MYGA as part of my overall plan, but the July rate sheet shows that is no longer possible.

There is also the problem I would have obtaining an Oxford product. Ray says their commissions are low to start with. My age would reduce that compensation further. There is no good reason for an agent to even discuss Oxford annuity products with me, let alone sell me one.

 

[goillini52]

Ok, I really can't comment about the FIA's.

Sometime back, maybe 2-3 years, Ray made a rates comment and mentioned Oxford. As a result, I hunted for rates and found the agent rate sheet they publish each month.

I could understand the MYGA part. I tried to understand the FIA's, FIA's were totally incomprehensible to me. After a couple of months of that I gave up. (I also did not understand income riders but that is another story.)

I review the rate sheet periodically just to see MYGA rates. I have learned even that approach is flawed because different carriers will adjust their MYGA rates differently in given months.

I could also understand the MYGA GLWB approach Oxford uses, but at the time I was looking carefully, there was no way I was going to have $20k of Roth qualified money to purchase one of their MYGA's, with or without the income rider.

From your comments, it is obvious to me that I don't know about their FIA's, so I can't comment on what is $10K and what is $20K and what is 80 years and what is 85 years.

For their MYGA's, 85 is the maximum issue age for the MYGA, 80 is the maximum issue age for the income rider. Because of all the conflicting information I have been getting about income riders, There is something I had been considering doing with an Oxford MYGA as part of my overall plan, but the July rate sheet shows that is no longer possible.

There is also the problem I would have obtaining an Oxford product. Ray says their commissions are low to start with. My age would reduce that compensation further. There is no good reason for an agent to even discuss Oxford annuity products with me, let alone sell me one.

I forgot most of what I knew about FIA's...haven't sold one in 15 years. I'm only doing MYGA'S. Keeping it simple.

While you can get better rates than Oxford, Terminal Illness...Home Health Care and Nursing Home benefits are baked in, where many carriers reduce the interest when adding these riders. Also, Oxford is A rated.

Yes, the commissions are reduced at your age, and when you turn 80, they go down again.

Maybe you can find an agent that's licensed in Kansas to help you.