Fixed Annuity with an Income Rider

[GalvIns]

Hi all,

National Western is introducing a fixed annuity with an income rider!

I haven't seen many of these in the market so I wanted to share the news.

What's interesting about this product is death benefit, so with most Income Riders, it takes money from the account value until it drops to zero. When you pass away, nothing goes to the beneficiary.

With this product, the death benefit will be whatever the starting account value was.

For example, you put in 100k. After 30 years and many years of payments, you pass away. The beneficiary will receive the FULL 100k over 5 years.

This rider and the income rider are no extra charges.

It's also up to age 90 So if you have older clients, this is a great option for them.

The comp on this is outstanding too. Street level up to age 65 is 9%.

Let me know if you want to learn more!

Happy Hunting.

 

[scagnt83]

Thanks for the marketing pitch. Exactly the kind of thing we love around here

So let me get this straight, NWL (who has already had income riders for years now btw) has added ROP to one of the riders? Or is this a new Rider they are coming out with?

You say comp is 9%... so unless its a brand new product, its one of their 13 year surrender products.... yet you say its available up to age 90... so it cant be a 13 year surrender (unless available in just a handful of states).

At 9% comp AND ROP on the Rider; I cant imagine how low of a payout and caps it gives compared to the competition, or their existing Riders.

9% comp in the current rate environment is a HUGE red flag to an experienced agent. There are some serious margins on that product if they can afford to pay that much... that means the client gets less generally speaking. (or there is some type of edge based on "average investor psychology")


If you actually want to be a valued member on this forum, give the whole story. Not a selfish marketing pitch to lure agents into calling you. Id actually be interested to hear about an ROP at death Rider in an open discussion format, Im sure others would as well.

 

[pfg1]

Thanks for the marketing pitch. Exactly the kind of thing we love around here

So let me get this straight, NWL (who has already had income riders for years now btw) has added ROP to one of the riders? Or is this a new Rider they are coming out with?

You say comp is 9%... so unless its a brand new product, its one of their 13 year surrender products.... yet you say its available up to age 90... so it cant be a 13 year surrender (unless available in just a handful of states).

At 9% comp AND ROP on the Rider; I cant imagine how low of a payout and caps it gives compared to the competition, or their existing Riders.

9% comp in the current rate environment is a HUGE red flag to an experienced agent. There are some serious margins on that product if they can afford to pay that much... that means the client gets less generally speaking. (or there is some type of edge based on "average investor psychology")


If you actually want to be a valued member on this forum, give the whole story. Not a selfish marketing pitch to lure agents into calling you.

Id actually be interested to hear about an ROP at death Rider in an open discussion format, Im sure others would as well.

Me too. I would like to know.
Paying out all the income bucket AND returning the original principal seems like the holy grail. Tack on a 9% comm... I'm thinking something is missing.

 

[GalvIns]

Thanks for the marketing pitch. Exactly the kind of thing we love around here

So let me get this straight, NWL (who has already had income riders for years now btw) has added ROP to one of the riders? Or is this a new Rider they are coming out with?

You say comp is 9%... so unless its a brand new product, its one of their 13 year surrender products.... yet you say its available up to age 90... so it cant be a 13 year surrender (unless available in just a handful of states).

At 9% comp AND ROP on the Rider; I cant imagine how low of a payout and caps it gives compared to the competition, or their existing Riders.

9% comp in the current rate environment is a HUGE red flag to an experienced agent. There are some serious margins on that product if they can afford to pay that much... that means the client gets less generally speaking. (or there is some type of edge based on "average investor psychology")


If you actually want to be a valued member on this forum, give the whole story. Not a selfish marketing pitch to lure agents into calling you. Id actually be interested to hear about an ROP at death Rider in an open discussion format, Im sure others would as well.

I don't know why you always bust my balls. I'm aware they have had Income Riders. Do not patronize me. This is the first time that they have had on one a fixed annuity.

I'm open to all discussion, just ask me the questions. That's the point of a pitch. I have no idea what sort of things you want to know, so how do you expect me to put that in writing.

Yes, I am here to market products, that's my job. I am going to provide the information for my product lines and if you do not like it, That's wonderful, keep your carriers, you do you. If the product I'm posting matches clients that you have and is beneficial for them, then let's do some business. I'm here to educate people on our product offering. I don't shove stuff down people's throats. I do not like when people do it to me so I am not going to do it to anyone else. With that being said, let us get to your questions and concerns.


1.) Yes, it is a new product/rider. It does have a longer surrender charge, but this is made to be taken with the Income Rider. If you are an ethical agent, you would not sell this to a 90-year-old without the rider. Especially because you can get the ROP over 5 years.

The product is designed to provide some income, meet RMD's, and provide a death benefit. (Both riders are free)


2.) It rolls up at 4% and distributes a 3.864%. This is because, for the ROP, you need that .0146% difference. EDIT: I forgot to mention that the Income Rider continues to roll up during distribution.

3.) I'm not sure how to address your 9% commission issue. I understand the logic you are using, but I do not see fault as of yet for this product. It's very new. The commission starts to drop pretty heavily as the client ages. For example, at age 90, I believe the commission is only 25 basis points for a street agent.

I am more than happy to continue this open discussion if you'd like, ask away!

 

[aclaro]

Is the distribution percentage stay the same regardless of age? It doesn't seem that this would compete with an IA income rider. Help me understand how it does. I guess it's nice that is free but there are significantly higher roll ups and distribution percentages in the IA marketplace. Or is it the comp that they hope will drive this product?

 

[scagnt83]

I don't know why you always bust my balls. I'm aware they have had Income Riders. Do not patronize me. This is the first time that they have had on one a fixed annuity.

I'm open to all discussion, just ask me the questions. That's the point of a pitch. I have no idea what sort of things you want to know, so how do you expect me to put that in writing.

Yes, I am here to market products, that's my job. I am going to provide the information for my product lines

1. I dont remember busting your balls before, but based on your post and this response, Im not surprised that I did.

2. My point, is that this is not a place to post a "pitch". There is an advertising section to do that in. Your post is in clear violation of the forum rules.

This is a place for agents to freely share info with each other. Take your marketing pitch somewhere else, its not wanted here.

And posts like that are the last way to recruit agents around here (at least outside of the FE section). There are some very successful marketers on this forum, but they NEVER post a "pitch" on here. Mostly because it looks desperate... but also because it is considered bad form around here.

Since you obviously could care less about the rules and decorum of this forum; next time, I will just flag your post as spam and have it deleted.

 

[GalvIns]

1. I dont remember busting your balls before, but based on your post and this response, Im not surprised that I did.

2. My point, is that this is not a place to post a "pitch". There is an advertising section to do that in. Your post is in clear violation of the forum rules.

This is a place for agents to freely share info with each other. Take your marketing pitch somewhere else, its not wanted here.

Yeah, you accused me of the same thing because I was talking about the pension department at ANICO. You were upset for the same reason, the fact that I only mentioned the 401(k) instead of providing all the options.

I'm freely sharing information as well. I know these products backward and forward, and if I do not. I find out. So I hope I can be a resource for people.

For example, I am not entirely sure on this distribution question the individual above me asked. So I am going to find out and respond. No private messages, not "Hey, let me give you the biggest contract."

Just a resource.

I can feel your animosity towards marketers. So I will do my best to appease you.

 

[walthamny]

Galvins,

If you were trying to pitch a product here, you failed. My opinion of National Western is lower now just the way you posted the product and argued back like a bully. I use 2 IMO's, if they propose your company as one of the solutions, I will most likely pass on them.

This forum is not a place to market products by the way.

 

[scagnt83]

Just a resource.

I can feel your animosity towards marketers. So I will do my best to appease you.

I have no animosity towards marketers. I have friends who are marketers for or owners of IMOs. Over the years, I have placed business with multiple marketers from this forum. But they did not/do not spam the forum like you do.

My only animosity is towards spammers. Your original post was nothing but spam. It was a bit of teaser info in an attempt to have agents make contact so you can have a chance to earn their business. That is not what this forum is for. If you want to freely discuss products and the industry then I welcome you to do so. So far, all you are to me is a spammer. (at least the two posts of yours I have responded to have been spam)

And I do remember that post and response. It was a marketing pitch that emphasized how great the comp was... and it was for a sub-par product, just like this one. (sub-par for the client, obviously great for the agent and upline)

 

[DHK]

I will be a little different and say that I appreciate information on various products being shared.

However, I would appreciate a product fact-sheet PDF or a link to the product details, especially surrender charge schedules. I went to National Western's website and only found a list of the products they have, but no details made to the public or even on a "financial professionals only" page.

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If I was to market this as an IMO, I would've said "competitive comp" to most FIAs, but would appear to be DOL compliant with 84-24.