Can Anyone Help Me/thoughts on American Equity Investment Life In

[scagnt83]

Re: Can Anyone Help Me/thoughts on American Equity Investment Lif

AE is a solid company with an Asset to Liability ratio that is higher than most of the top 20 life carriers.

I can do a google search and find class action suits against State Farm too.

There isnt a major carrier out there that has been around over 20 years that hasnt had a class action against them at some time or another.

 

[DawnPatrol]

Re: Can Anyone Help Me/thoughts on American Equity Investment Lif

Thanks for that. I agree, everyone has had lawsuits

 

[arnguy]

Re: Can Anyone Help Me/thoughts on American Equity Investment Lif

can someone please teach me the equity market? rick? please? I;m desperate to learn and earn

Take some courses from The American College and STOP bothering Rick!

 

[Norwayguy]

Re: Can Anyone Help Me/thoughts on American Equity Investment Lif

can someone please teach me the equity market? rick? please? I;m desperate to learn and earn

Sure Luke, I'll do it...I don't do any contracting, I'm just a 12 year producer that focuses on putting annuity business of the books...However since you are known to take this info an turn around and try and make money via overrides, I will charge you $1K to make sure your serious....

 

[jacobtn]

Re: Can Anyone Help Me/thoughts on American Equity Investment Lif

AE is a good company with good products. Depends on the clients situation if it is the right one for them. if they want income it will beat the hell out of the one you have them on...

 

[nstargazer]

Re: American Equity Investment Life

Hi. Although I am a licensed agent, I haven't been well for a while, but I'm getting better! However, I've taken my CE courses online to stay in compliance. I mentioned a while back that I have an indexed annuity with ING that I wrote in 2006. The interest was zero for the last period, but I've still earned over 50% in 5 years, so I'm pretty content.

Anyway, a long term CD matured on Monday, so I called the bank. The rep told me she had a 5 year product that paid 2.9% guaranteed. I don't live in that area any more, but I drove about 75 miles to the bank and learned that it was a 5 year annuity with American Equity.

When I told the bank rep I was a licensed agent, she said it would be illegal for me to buy my own annuity and earn a commission. That is simply not true based on my past experience. I was very tired and frustrated, since the rates for CDs and annuities are so low, so I completed the paperwork at the bank. I mean, 2.9% guaranteed for 5 years is better than anyone else is offering. The surrender charges are extremely high, however, even during the last year, so this must be money I definitely won't need for 5 years. I admit that I have limited annuity experience, but I'm doing my homework during my free look period.

A few questions:

(1) When a company is offering a rate that is considerably higher than its competitors, should that raise a red flag?

(2) The rep insisted that state reserves cover annuities should a company fail, but I don't think that's 100% accurate. I'm going to do a little more research on this. I thought it was 80% of the principal, but I'm not really sure. Edit: Just checked the FLDFS site and annuities are protected. (at least the amount I'm investing)

(3) Would anyone here who is a licensed agent buy an annuity from a bank or turn around and get appointed? Is there anything unethical about it? Just curious if other agents who rarely sell annuities would bother to go through the process.

Be kind!

 

[padthaiforlunch]

Re: Can Anyone Help Me/thoughts on American Equity Investment Lif

No, no bank. I would write my own policy and get the comp.

 

[Norwayguy]

Re: American Equity Investment Life

Hi. Although I am a licensed agent, I haven't been well for a while, but I'm getting better! However, I've taken my CE courses online to stay in compliance. I mentioned a while back that I have an indexed annuity with ING that I wrote in 2006. The interest was zero for the last period, but I've still earned over 50% in 5 years, so I'm pretty content.

Anyway, a long term CD matured on Monday, so I called the bank. The rep told me she had a 5 year product that paid 2.9% guaranteed. I don't live in that area any more, but I drove about 75 miles to the bank and learned that it was a 5 year annuity with American Equity.

When I told the bank rep I was a licensed agent, she said it would be illegal for me to buy my own annuity and earn a commission. That is simply not true based on my past experience. I was very tired and frustrated, since the rates for CDs and annuities are so low, so I completed the paperwork at the bank. I mean, 2.9% guaranteed for 5 years is better than anyone else is offering. The surrender charges are extremely high, however, even during the last year, so this must be money I definitely won't need for 5 years. I admit that I have limited annuity experience, but I'm doing my homework during my free look period.

A few questions:

(1) When a company is offering a rate that is considerably higher than its competitors, should that raise a red flag?

(2) The rep insisted that state reserves cover annuities should a company fail, but I don't think that's 100% accurate. I'm going to do a little more research on this. I thought it was 80% of the principal, but I'm not really sure. Edit: Just checked the FLDFS site and annuities are protected. (at least the amount I'm investing)

(3) Would anyone here who is a licensed agent buy an annuity from a bank or turn around and get appointed? Is there anything unethical about it? Just curious if other agents who rarely sell annuities would bother to go through the process.

Be kind!

Your Bank rep flat out lied to you about it being illegal to write an annuity on yourself. Stick it to her, free look the policy and move it to whatever carrier you want, however as you mentioned CDs and Fixed annuity rates are down heck caps and participation rates are down as well but if you can find a similiar return I would free look the annuity and write it myself.

 

[VolAgent]

Re: American Equity Investment Life

Your Bank rep flat out lied to you about it being illegal to write an annuity on yourself. Stick it to her, free look the policy and move it to whatever carrier you want, however as you mentioned CDs and Fixed annuity rates are down heck caps and participation rates are down as well but if you can find a similiar return I would free look the annuity and write it myself.

I'd also report the rep to the bank, FINRA and the DOI. That is illegal behavior. Being that you were the policyowner in this case, they'd actually listen.

 

[Norwayguy]

Re: Can Anyone Help Me/thoughts on American Equity Investment Lif

Your post mentioned that the rep talked about the "State Reserves" ie the guarantee association....did you bring that up...In my state we are not allowed to discuss the gurantee association unless the client asks about it (Which I think is crazy btw)