Can Someone 89 Years Old Purchase an Annuity

[Bob_The_Insurance_Guy]

That's my question: what's the cut off age for purchasing an Annuity?

 

[Norwayguy]

I beleive the American National century product can be issued up to age 90.

 

[Mark]

Makes me think of poor old Glenn..I would record everything if I sold someone that old.

 

[Bob_The_Insurance_Guy]

Thank God, it's not me asking. A Financial Planner asked of me.

 

[nathan.lee]

Thank God, it's not me asking. A Financial Planner asked of me.

Assuming that you are looking for products in Georgia.

ANICO, Symetra, and The Standard all have FIA products that write to age 90.

For traditional FA's add SBL, Jackson, Minnesota Life, Presidential Life, Great American, Western National (NQ only), Principal, CUNA, Liberty Banker's Life to the mix.

If you want a MYGA the field opens up even further to include Equitrust, Guggenheim, North American/Midland and others.

 

[jacobtn]

Makes me think of poor old Glenn..I would record everything if I sold someone that old.

If its a MYGA cant see a problem with it, assuming full disclosure and documentation.

 

[cloisbarton]

Americo has a 5 year index annuity that issues to age 90
1.5% to 2% on 100% minimum guarantee
3% commission
Might be an option to consider

 

[NickH]

American National "Citadel" series does not have an age limit onthe owner, just the annuitant. So if it not currently in an annuity now, youcould set it up as:

A) older client as the owner

B) daughter/son as the annuitant

C) older client as the primary beneficiary

D) who the older clients was to leave the assets to as contingent

It pays full account value at death on either the annuitant or owner.

I say lock up the longest time period you can because (A) this will be thelast annuity they can own (B) it has full account value at death, nursing homewaiver, Terminal Illness waiver so surrenders should never come to play.

 

[somarco]

Since this thread is active again, you might want to consider an underwritten annuity if you are looking at an SPIA.

 

[nicholasjackson]

Yes, there's actually various options available. I'd advise taking your time in making a final decision. For someone of such an age making a sound choice is important.