Highest Paying 15-20 Year Certain Joint Annuity

[AlTheGud1sRtakn]

Client was fine with a regular joint annuity because they wanted the higher payout per month until he went on vacation with his kids, they lost it and convinced him they need the beneficiary payout more than he and his wife need the extra cash every month.

Wife is 74 turning 75 very soon, husband is 80, both good health, single premium in the $50-$70k range in Virginia. They seem open to a fixed period and period certain life payout product so long as the kids get some $ if they die before it's all spent down.

Any advice?

Edit - nothing variable, they want something guaranteed.

 

[scagnt83]

Client was fine with a regular joint annuity because they wanted the higher payout per month until he went on vacation with his kids, they lost it and convinced him they need the beneficiary payout more than he and his wife need the extra cash every month.

Wife is 74 turning 75 very soon, husband is 80, both good health, single premium in the $50-$70k range in Virginia. They seem open to a fixed period and period certain life payout product so long as the kids get some $ if they die before it's all spent down.

Any advice?

Edit - nothing variable, they want something guaranteed.

Anico currently has the highest paying spia last I checked.

 

[Josh Landis]

Client was fine with a regular joint annuity because they wanted the higher payout per month until he went on vacation with his kids, they lost it and convinced him they need the beneficiary payout more than he and his wife need the extra cash every month.

Wife is 74 turning 75 very soon, husband is 80, both good health, single premium in the $50-$70k range in Virginia. They seem open to a fixed period and period certain life payout product so long as the kids get some $ if they die before it's all spent down.

Any advice?

Edit - nothing variable, they want something guaranteed.

American Equity has a strong SPIA.

 

[Tahoe Ray]

Client was fine with a regular joint annuity because they wanted the higher payout per month until he went on vacation with his kids, they lost it and convinced him they need the beneficiary payout more than he and his wife need the extra cash every month.

Wife is 74 turning 75 very soon, husband is 80, both good health, single premium in the $50-$70k range in Virginia. They seem open to a fixed period and period certain life payout product so long as the kids get some $ if they die before it's all spent down.

Any advice?

Edit - nothing variable, they want something guaranteed.

I assumed that she turned 75 next month, that they live in VA, and used 50k (and I used Jan 1 1934 as his birthday.)

Penn Mutual is your winner for the life w/ 15. Mass Mutual for life w/ 20.

I can email you illustrations if you need them.

 

[SWM]

I have found Modern Woodmen tough to beat on the SPIA. I ran age 80 M and 75 F with a joint full survivor, 10 year period certain at $50,000. Make sure you compare apples to apples.

$342.50 per month with MWA

I also ran ING exact same scenario and it came in at $324.81 mo.

 

[Tahoe Ray]

I have found Modern Woodmen tough to beat on the SPIA. I ran age 80 M and 75 F with a joint full survivor, 10 year period certain at $50,000. Make sure you compare apples to apples.

$342.50 per month with MWA

I also ran ING exact same scenario and it came in at $324.81 mo.

I'm getting 304 for ING under those parameters...not sure why. 342.50 would be significantly better than any other carrier though. What do they look like at 15 and 20 certain?

 

[Josh Landis]

Client was fine with a regular joint annuity because they wanted the higher payout per month until he went on vacation with his kids, they lost it and convinced him they need the beneficiary payout more than he and his wife need the extra cash every month.

Wife is 74 turning 75 very soon, husband is 80, both good health, single premium in the $50-$70k range in Virginia. They seem open to a fixed period and period certain life payout product so long as the kids get some $ if they die before it's all spent down.

Any advice?

Edit - nothing variable, they want something guaranteed.

The clients are in good health, do they need the extra income or not? It seems based on your statement that they don't necessarily need it? You're looking at a SPIA which is going to be around 1.5% return on the premium...I have another option to consider, but first need to know if they need the income, if so when? and how much do they need for to meet their goals.

 

[jmhalvo]

Client was fine with a regular joint annuity because they wanted the higher payout per month until he went on vacation with his kids, they lost it and convinced him they need the beneficiary payout more than he and his wife need the extra cash every month. Wife is 74 turning 75 very soon, husband is 80, both good health, single premium in the $50-$70k range in Virginia. They seem open to a fixed period and period certain life payout product so long as the kids get some $ if they die before it's all spent down. Any advice? Edit - nothing variable, they want something guaranteed.

if they want kids to get some before it's all spent down, a 10 yr certain is plenty

 

[AlTheGud1sRtakn]

I assumed that she turned 75 next month, that they live in VA, and used 50k (and I used Jan 1 1934 as his birthday.)

Penn Mutual is your winner for the life w/ 15. Mass Mutual for life w/ 20.

I can email you illustrations if you need them.

Can you send me the illustration on Mass Mutual?

 

[TheFactor]

Have you considered a secondary market annuity? IRR of around 6% as compared to the 2% or maybe 3% with double the compensation to the advisor.

Typically on a 5 year payout you can expect an income increase of around 12% and they are still guaranteed annuities issued by the same companies that are mentioned around here. I hope this helps