Best company for short term annuity?
- Thread starter Seniorgirl411
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- #12
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Thanks everyone!
- 4,990
are they at the top of the commission rate too? I always get scared when a B+ rated carrier has some of the best interest rates & best commission rates as that means they have 2 parts of the math problem wrong. Colorado Bankers was near the top....................until they went out of business.
They're really not.
Some carriers are really going the opposite way. Very little comp and very competitive rates.
Street pays about 2.15% on that.
- 7,075
So if I only had $5,000 for an annuity, any comments about Nassau Re and their 4 year product?
I want to split my $10K-$5K to a single premium life and $5K to an annuity.
I want to split my $10K-$5K to a single premium life and $5K to an annuity.
You're going to lose some carriers at that amount but I would not recommend Nassau RE (Phoenix) just based on ratings.
ACL is a better bet (but I don't offer that either due to ratings...still higher than Nassau though.)
- 4,990
I believe American National is A rated & offers a 3 YR MYGA annuity down to $5k. 3 yr rate is like 1.75% I think
- 7,075
Using the site you linked earlier in the thread, It looks like if I could come up with $5K of the same type of IRA, Guggenheim has a $5K min purchase product.
I also stumbled over a 4 page agent product document for Liberty Bankers Life. It was dated Dec 2021. It showed another type of annuity, a flexible payment annuity. This one was 5 years. It had a minimum initial payment of $5K with minimum monthly additions of $100. If it is not restricted to qualified funds and if you don't have to be employed to deal with the monthly payments, that might be an option that would be useful to me.
- 4,990
Legally, you cant commingle different types of money (or shouldn't). So, if you open a Traditional IRA with them by a rollover, you can't later make monthly Roth contributions or after tax contributions. While the carrier may allow it as they don't know your tax return, you wouldn't want to because sme day when you take money out or die, the 1099 R they issue to you or your family will show the entire amount as 100% taxable because you labeled the account as a Traditional IRA. Each type/source of funds needs its own separate policy/account.
Very few flexible premium annuities in the industry as they don't pay much interest to client & no money in it for the agent to deal with the hassles of annuity suitability & best interest. $100 per month would literally pay the agent between $1& $4 per month max
