Income Now FIA?

[iceco1d]

Does anyone know of any FIA products out there that have an income rider designed for "Income Now" like Pacific Life has on their VAs?

In other words, looking for a product that has a reduced rider charge and only guarantees income for life, no income base crediting while in deferral (as the client would be taking income immediately).

Would prefer products that offer joint life for the rider.

Thanks in advance.

 

[nathan.lee]

Ice,

Here is a snap shot of the A rated carriers that have FIA products with riders that allow "income now." Phoenix's PIA also allows this.

 

[nathan.lee]

Ice,

Here is a snap shot of the A rated carriers that have FIA products with riders that allow "income now." Phoenix's PIA also allows this.

​

 

[billberry12]

What does stacked mean?
Thanks,
Bill

 

[nathan.lee]

What does stacked mean?
Thanks,
Bill

As defined by this particular software:

Stacked:
"Yes" indicates that guaranteed increases to the Income Balance (a Roll-up) are "stacked" on top of prior investment gains (Step-up) IF the Step-up was greater than the Roll-up.
"No" indicates that the Roll-up is calcualted separately from the Step-up and the greater of the two values is the Income Balance.
"N/A" indicates that there is no guaranteed Roll-up and only a Step-up feature.

I hope that helps out Bill.

 

[indexedannuity_girl]

Truly, any of the products that have a big benefit base bonus on the GLWB (which is not available on cash surrender of the contract) are designed for income in the first few years. Examples of companies that have such a Guaranteed Lifetime Withdrawal Benefit include:

- Allianz
- Fidelity & Guaranty
- Forethought
- PHL Variable/Phoenix Life

There are others that are desined for income right away, but these companies' big bonus products are a dead giveaway. sjm

 

[iceco1d]

No. I'm not talking about products that "allow" income now. I'm talking about companies that offer riders specifically designed for it. In other words, a rider that is cheaper than their normal rider that gives an 8% (or whatever) credit to the income base each year.

For example, Pacific Life (unitl a month ago) had a rider on their VA for like 80 bps, you got 5% credits for 10 years to the income base (annual step ups possible), plus 5% a year for life starting at 59.5

They offered a second rider for 40 bps, that was just 5% income for life, starting at 59.5. No annual credit to income base.

 

[Norwayguy]

No. I'm not talking about products that "allow" income now. I'm talking about companies that offer riders specifically designed for it. In other words, a rider that is cheaper than their normal rider that gives an 8% (or whatever) credit to the income base each year.

For example, Pacific Life (unitl a month ago) had a rider on their VA for like 80 bps, you got 5% credits for 10 years to the income base (annual step ups possible), plus 5% a year for life starting at 59.5

They offered a second rider for 40 bps, that was just 5% income for life, starting at 59.5. No annual credit to income base.

Since the fee on most FIAs are at worst a spread and do not decrease account value this seems like just a VA thing.

 

[iceco1d]

Not sure I follow Norway...

 

[Norwayguy]

Since the fee on most FIAs are at worst a spread and do not decrease account value this seems like just a VA thing.

Your example had 2 differences 1 the rider cost and 2 the roll up or lack there of. The rider cost in a VA is just 1 more thing that drags the accumulation value down. Since most riders on an FIA do not decrease the account value I don't think you will find the same thing on the FIA side.