Have a couple ages 61 and 58. Looking for immeadiate income and husband wants to provide lifetime income for his wife should something happen to him. He absolutely wants to go the SPIA route. They will put in 521,000. The payout option desired is joint life/survivor with a 19 year period certain. So far, ANICO has the highest payout at 2,315 per month with that specific option. Is that the highest payout currently available? Really could use some help here if there is some other company with a higher payout!!
Best SPIA for Couple?
- Thread starter zoretic1
- Start date
- 1,206
I know they said they want Spia but sometimes people are not fully aware of all their options.
I would take a different approach.
Put 450k into an indexed annuity with a lifetime income rider. After 1 year start income.
Use the 71k to live on until you start income.
Take a company with a 10% premium bonus and show this this option. I have used this and always had great success.
I would take a different approach.
Put 450k into an indexed annuity with a lifetime income rider. After 1 year start income.
Use the 71k to live on until you start income.
Take a company with a 10% premium bonus and show this this option. I have used this and always had great success.
If the male is healthy, sometimes better to ladder annuities and life insurance to take care of the wife.
You didn't specify which one was older (male or female) but either way, there are a few companies higher than ANICO.
Assuming that this is written in Kansas: Paclife, ING, Integrity, Symetra, Metlife and NY Life all offer higher payouts. Pac looks to be the highest in either scenario, ranging from 2369/mo to 2379/mo. Ing and Integrity are a close 2nd and 3rd (2373 and 2370 with the wife being older).
Several of these products offer liquidity options as well.
You could also reduce the payout to the husband if the wife dies first (since his main concern is her) and this will give you even more joint income upfront.
I would also explore what the two previous posters pointed out but if they are dead set on the SPIA, it looks like you have better options than ANICO.
- Thread starter
- #5
Tahoe Ray,
I appreciate the information comparing the other companies. The male is the older spouse and at this point, it looks like ING has the best payout at 2,370.25 monthly. They want to go the SPIA route even after comparing other options. If any other company can beat ING, please let me know!!
I appreciate the information comparing the other companies. The male is the older spouse and at this point, it looks like ING has the best payout at 2,370.25 monthly. They want to go the SPIA route even after comparing other options. If any other company can beat ING, please let me know!!
I'm not sure how you got that exact number but if you want to pm me their birthdates (not just ages) and exact dollar amount, I can double check for you. It looks like Pac and ING and 1 and 1a...
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