Looking for a 5 Year SPIA

[0b1kanobee]

Anyone know of any 'decent' 2 or 3 FIVE year SPIAs right now? In the meantime I'll continue looking for the online annuity finder I usually use but I either buried it or deleted it from my computer. If you can post a link for one of those, please do.
THANKS!

PAC Life is at 0%

I'm looking for $1,000 a month for a 57 Y.O. on Qualified monies.

I just went to this site that I found by searching the forum and it looks as though well it looks terrible! Not Good. Gonna have to go another route. I'll leave the post up by chance somebody knows something nobody else does.

http://www.immediateannuities.com/information/rates.html

 

[TxsRang3r]

Most people stopped doing SPIAs under 5 yrs. Check Presidential. but I think they stopped too.

Lately, American Equity has been really strong on both payout and comp. on their SPIAs.

 

[0b1kanobee]

Most people stopped doing SPIAs under 5 yrs. Check Presidential. but I think they stopped too.

Lately, American Equity has been really strong on both payout and comp. on their SPIAs.

I think I looked at them but you have to put in close to $59,000 to get $60,000 after 5 years. Basically it is just too much risk I guess to take on for so little time I guess.

I was wondering if an after market annuity would work but I'm not sure if they have them for only 5 years.

 

[Norwayguy]

I haven't run a SPIA for 5 years in a long time that wasn't an annuitization of an existing deferred annuity with contractual settlement options...So I ran ANICO and to get 1K for 60 months require a 61k deposit

 

[Franz Kafka]

Maybe if we knew what you were trying to do with 5 yr SPIA, we could help.

 

[0b1kanobee]

Maybe if we knew what you were trying to do with 5 yr SPIA, we could help.

Every once in a while I get asked to find a particular product outside of what another rep I work with here and there has to offer in his regular bag. In this instance it was a two fold purpose. 1) To make sure the rep was being straight with the client for the rates across the board and 2) if there was something good out there the rep might possibly be able to use it.

I think the rep was just trying to carve out some money for income until social kicked in in the form of a monthly payment for five years hopefully with some interest vs. no interest. The rest is deferring for now. In short I'm sure pension maximization was being done. As to the details of everything, I don't even know them. I'm not the one creating the plan sometimes, just seeking out a product in some cases.

 

[TxsRang3r]

Have you looked into Symetra? They show the IRR on the quotes which is a good (and bad) feature IMO.

 

[scagnt83]

American Equity has a 5 year SPIA, they also have some of the best rates out there at the moment


On another note, they are a company I have been getting behind for IAs;
4% min cap for AP2p, 4.75% current cap

Their income rider is the best out there from what I have found.
The 5% rollup option is free, but you can get 7% for .6%
The payouts are about 1% less than others, but they give your income a 3% COLA increase per year!


Does anyone have any experiences (good or bad) with them?
They seem very strong financially except for their size..

 

[TxsRang3r]

American Equity has a 5 year SPIA, they also have some of the best rates out there at the moment


On another note, they are a company I have been getting behind for IAs;
4% min cap for AP2p, 4.75% current cap

Their income rider is the best out there from what I have found.
The 5% rollup option is free, but you can get 7% for .6%
The payouts are about 1% less than others, but they give your income a 3% COLA increase per year!


Does anyone have any experiences (good or bad) with them?
They seem very strong financially except for their size..

AEL is a good company overall. The income roll-up is now 8% for 0.90 or the 5% for free still. One nice feature is their fee is based off the AV and deducted from the AV whereas most others are based off the IAV and deducted from the AV therefore you have a much larger, increasing fee.

They are really good about taking care of their reps, but they do have VERY black and white rules with business, suitability, etc.

 

[scagnt83]

AEL is a good company overall. The income roll-up is now 8% for 0.90 or the 5% for free still. One nice feature is their fee is based off the AV and deducted from the AV whereas most others are based off the IAV and deducted from the AV therefore you have a much larger, increasing fee.

They are really good about taking care of their reps, but they do have VERY black and white rules with business, suitability, etc.

I think the % might be state specific, I just got a brand new broker info pack from them this week and it only mentioned 7%.

But when I research the product online I see 8% and 7%...

Either way its strong... and you cant beat 5% for free! Most companies charge you .4% - 1% for a 5% rollup.