Looking for Flexible Premium EIA with E-App

[sman]

I could be wrong William, but I think each time the money sweeps in, it creates a "new bucket" so to speak. A new starting point, if you will. So it's always 12 months from the date of the sweep. I could be wrong, but that's my understanding.

 

[insuranceexec]

I could be wrong William, but I think each time the money sweeps in, it creates a "new bucket" so to speak. A new starting point, if you will. So it's always 12 months from the date of the sweep. I could be wrong, but that's my understanding.

I would have to agree; but it still seems like a great deal of work.

I sit on several advisory boards on product development for several annuity companies. This topic has come up numerous times, and has always been debunked due to overwhelming accounting of said such products.

If LSW has found a way to make it profitable; then there is something to be learned from them. Thanks for enlightening me.

 

[sman]

I would have to agree; but it still seems like a great deal of work.

I sit on several advisory boards on product development for several annuity companies. This topic has come up numerous times, and has always been debunked due to overwhelming accounting of said such products.

If LSW has found a way to make it profitable; then there is something to be learned from them. Thanks for enlightening me.

Keep in mind, I haven't seen the LSW product. That info came from a conversation with a rep that is with a company called ValuTeachers. They focus on the 403b market and use the LSW product.

 

[insuranceexec]

Keep in mind, I haven't seen the LSW product. That info came from a conversation with a rep that is with a company called ValuTeachers. They focus on the 403b market and use the LSW product.

Don't worry sman; I won't hold you liable..........LOL. I already have a call into LSW's internal wholesaler; I should know something by this afternoon. I thank you for the conversation, and look forward to many more....

 

[Norwayguy]

Well I thank you for teaching me. It does seem odd that a company would be willing to calculate the different credits. I do have one further question: Providing $100 was used to start the contract; $100 per month. We will use annual pt. to pt. for the example. Lets say the S&P 500 is the indice, and it returned 10%. Thanks for your help.

How much interest is calculated at the end of the year?

the reason I ask is the money deposited at the end of the term going to earn the same amount of money as the first premium deposited or do they pro-rate it.

Well each deposit will have ie 6th and 20th of any month will have a different starting and ending value of the S&P 500 but in your example the product currently has 100% participation with an 8.25% cap so on that $100 it would be $8.25....I thought the same thing about calculating different interest rates for different money but they do that all the time in straight fixed annuities and they have to do it already if your products offer more than 1 bucket to put it in and all there contracts have no more than 24 different points of entry and in the second year its the same 24 points in the third year the same 24 points....my issue has been the company does payroll deduction with no starting deposit and will do bank draft bank draft but want that real check for $50...I would have less of a complaint if there minimum deposit was say $5000 like a lot of other companies because the check is slowing down my new model.

 

[insuranceexec]

Well each deposit will have ie 6th and 20th of any month will have a different starting and ending value of the S&P 500 but in your example the product currently has 100% participation with an 8.25% cap so on that $100 it would be $8.25....I thought the same thing about calculating different interest rates for different money but they do that all the time in straight fixed annuities and they have to do it already if your products offer more than 1 bucket to put it in and all there contracts have no more than 24 different points of entry and in the second year its the same 24 points in the third year the same 24 points....my issue has been the company does payroll deduction with no starting deposit and will do bank draft bank draft but want that real check for $50...I would have less of a complaint if there minimum deposit was say $5000 like a lot of other companies because the check is slowing down my new model.

You are absolutely right. I just spoke to Alma Waiters; she is their internal wholesaler at LSW. She confirmed what you were saying, and I apologize for jumping the gun. The product is called the SecurePlus Silver and works like you said it would.

I asked her why they would not accept a bank draft for the initial deposit; and she said they were working on it, and didn't know a time-frame. I hope this helps...........

 

[sman]

Well, I got 1 out of 2 right. Thanks for the follow up William.

 

[Brokers Alliance]

LSW SecurePlus Silver is a very good product that some our agents use often.

 

[insuranceexec]

LSW SecurePlus Silver is a very good product that some our agents use often.

Thanks for your input.......