"I'm Going to Do an Annuity with My Bank"

[BNTRS]

It's great when a captive company won't let their captive agents sell outside the company, but the company will let an outsider compete with their captive agent with the captive agent's own product.

Yeah but the sales manager has a mortgage and a car payment to make on that new Merc, and he's not going to get much (if anything) when you go outside the company.

 

[ChristianFSFP]

The difference in the interest rate, safety of principal and an income for life should be enough if you're not too screwy of a fellow!

 

[0b1kanobee]

I use a client who is extremely unhappy with the annuity her bank stuck her with and is happy to tell anybody about it.

You can also go down this road. Ask the questions and see what the response is. Then provide the correct response.

Q "What are in banks in business for?"

A "To take your money and to give you the absolute lowest they can in return."

Q "Where does the bank get its annuity?"

A "From an insurance company. Insurance companies are the ONLY places that have annuities."

Q "How many different insurance companies do you suppose the bank deals with when a customer says they want an annuity."

A "Probably two. Maybe three."

Q "That being the case, why would you want to go THROUGH a bank to deal with an insurance company that the bank uses when I can offer you the best deal after looking at hundreds of companies -and you would be dealing directly with the insurance company?"

A "Ummm....."

Best answer so far.

 

[pmgannuities]

Watch out most banks will likely sell an annuity with MVA.....