Best company for short term annuity?

[goillini52]

They're the biggest fixed annuity carrier in the country.

Rates are constantly changing (weekly) so you just need to grab one that fits your situation as soon as it makes sense.

Just make sure to buy from carriers that have solid ratings and want to be in the business long-term.

I see they've lowered some of their MYGA rates. They bought RBC...who was the big English company they bought(I think they were the oldest company at the time)?

 

[Tahoe Ray]

I see they've lowered some of their MYGA rates

Several carriers have.

Most carriers have only so much capacity to take in new business. They can literally "turn on and turn off the spigot" based on the status of their general account, interest rates, and a bunch of other factors.

 

[goillini52]

My biggest complaint with Oxford is the huge comp haircut on their best rates (4yr and 6 yr). You can find similar rates and get paid full comp.

Other than that, they're fine and I am contracted w/ them (at least I was at one time, not sure anymore).

Yep, cuts the commission in about 1/2.

I like that they have the terminal illness, home healthcare and nursing home waivers built in.

 

[LostDollar]

I see they've lowered some of their MYGA rates. They bought RBC...who was the big English company they bought(I think they were the oldest company at the time)?

Same for the athene myg's.

My client observed that rates were rising so he wanted to wait until the end of August to see if they had another rate increase.

There was a rate change effective yesterday, but it was down!

 

[scagnt83]

Same for the athene myg's.

My client observed that rates were rising so he wanted to wait until the end of August to see if they had another rate increase.

There was a rate change effective yesterday, but it was down!

Best time to get insurance is now. (one of my first managers favorite phrases)

In my experience, most people who want it but wait regret it. At least financial products are still going to accept you. Insurance products based on health are often the really big regrets.

 

[LostDollar]

My biggest complaint with Oxford is the huge comp haircut on their best rates (4yr and 6 yr). You can find similar rates and get paid full comp.

Other than that, they're fine and I am contracted w/ them (at least I was at one time, not sure anymore).

A year later, in 2023, do you still see Oxford limiting agent commissions on MYGA's?

(And please note I am asking about MYGA, not Fixed Indexed.)

My specific thrust for that question; If I told an agent I wanted to put $20K (or possibly $25K) of Roth money in an Oxford 8 year MYGA, and in addition to the basic sale the agent would have to help me in consolidating funds at Oxford from 2 to 4 different sources--The agent would say back to me, I won't make enough on that sale to make it worth my while--find someone else.

I don't know if Oxford is the best choice for me because their GLWB rider does not include any expansion on the care home provision, but the .5% GLWB fee seems reasonable compared to others and I think I could understand the annuity well enough to explain it to someone else.

I just wanted to understand your perspective of the possible agent attitudes toward the carrier/product and the additional work i would be asking for if I chose to ask to buy it.

 

[Tahoe Ray]

A year later, in 2023, do you still see Oxford limiting agent commissions on MYGA's?

(And please note I am asking about MYGA, not Fixed Indexed.)

My specific thrust for that question; If I told an agent I wanted to put $20K (or possibly $25K) of Roth money in an Oxford 8 year MYGA, and in addition to the basic sale the agent would have to help me in consolidating funds at Oxford from 2 to 4 different sources--The agent would say back to me, I won't make enough on that sale to make it worth my while--find someone else.

I don't know if Oxford is the best choice for me because their GLWB rider does not include any expansion on the care home provision, but the .5% GLWB fee seems reasonable compared to others and I think I could understand the annuity well enough to explain it to someone else.

I just wanted to understand your perspective of the possible agent attitudes toward the carrier/product and the additional work i would be asking for if I chose to ask to buy it.

Yes. Even numbered surrender years are lower comp for them.

I would question why you'd care about a living benefit on 25k. I would rather a higher interest rate and reassess product availability after surrender but your call. If you really want lifetime income, you should 100% also be looking at indexed products but if for some reason you don't want to do that, Corebridge (AIG) and North American have lifetime income products on a fixed chassis as well.

If you have the potential to become a long-term client and a repeat buyer (buying additional annuities down the road, maybe introducing me to friends, I can sell insurance to beneficiaries, etc.) then I really don't care what I make on the first sale. I know that it can generate a lot more opportunity.

If it's one and done, then it's probably not worth it for the agent (assuming they're not new or scrambling).

Just my opinion.

 

[LostDollar]

, Corebridge (AIG) and North American have lifetime income products on a fixed chassis as well.

I have seen comments on-line about a 2 part webinar North American did on Oct 16, 2023 -a section with Tom Hegna and a section on their top income products.

I can find the Tom Hegna section online, but I can't find the income product section.

Is anyone aware of a spot where a non-agent might be able to see the Oct 16, 2023 webinar by North American about their income products?

 

[goillini52]

I have seen comments on-line about a 2 part webinar North American did on Oct 16, 2023 -a section with Tom Hegna and a section on their top income products.

I can find the Tom Hegna section online, but I can't find the income product section.

I'm sure DHK probably has it.

 

[LostDollar]

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

I have kept American National in mind as a company since you mentioned them here.

They have an FIA product called the ASIA Plus 10 and 7.
It has a maximum purchase age of 80.
It does allow a min purchase of $5K if you are using qualified money.
It also has a flexible premium feature according to the brochure.

My question, If one uses $5K of Roth IRA money to purchase one of these prior to age 81, can one then make flexible premium additions to the contract after age 81, say at ages 81, 82 and 83?

I tried calling ANICO, the CSR refused to answer my question, saying I would have to talk to an agent. I have made one attempt at an agent contact, they wanted to shunt me to a different carrier and product.