FIA Scenario Question

[jmarkk1]

Any FIA in Ohio that would take direct transfer of qualified funds and peel off check to client before issue?
Looking for good bonus and income rider or ability to move funds after 5-6 years.

 

[just some f.e.llow]

Any FIA in Ohio that would take direct transfer of qualified funds and peel off check to client before issue?
Looking for good bonus and income rider or ability to move funds after 5-6 years.

Check with LSW. Not sure, but I think they will do all of this.
Also, perhaps Midland?

 

[scagnt83]

Any FIA in Ohio that would take direct transfer of qualified funds and peel off check to client before issue?
Looking for good bonus and income rider or ability to move funds after 5-6 years.

Out of curiosity why not peel off the funds to the client before the transfer???
The carrier is not going to pay you on funds they distribute before issue if that is your plan...

A "good bonus" with just a 5-6 year surrender does not exist.

Also, why would you care about a short surrender if you are selling an income rider??? that makes no sense at all.

 

[jmarkk1]

Qualified funds are from lump sum settlement...if client takes check there is a 20% tax.
Income rider is only IF rider is better than 10 years. (Client needs to take 10% penalty free withdrawals years 2-5 and take $25k year one)
Only two carriers that will definitely do this is AE and Equitrust and possibly Genworth.
If income rider isn't that great, client may want to move funds after year 6.

 

[Norwayguy]

Qualified funds are from lump sum settlement...if client takes check there is a 20% tax.
Income rider is only IF rider is better than 10 years. (Client needs to take 10% penalty free withdrawals years 2-5 and take $25k year one)
Only two carriers that will definitely do this is AE and Equitrust and possibly Genworth.
If income rider isn't that great, client may want to move funds after year 6.

Easy solution direct rollover to Ira savings account then roll what ER amou needed to you want to the carrier.