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Does anyone here work with National Western annuities? If so, what was your experience with them. Anything I should know about? I've worked with them on life before, so I'm familiar with the company but not their annuities. 
National Western Annuities
- Thread starter GalvIns
- Start date
- 10,704
I no longer use them because they have terrible customer service. They made constant mistakes when it came to processing applications and issuing contracts. They are by far the worst experience I have ever had with an Annuity Carrier.
Im not sure what their rates are right now, but they did have some attractive rates. The problem is that they are teaser rates which get lowered after year 1 (they actually say this on the very long disclosure that the client must sign).
Ive had some clients get really great returns with them, and others not so great. It all depends on the timing. Renewals over the past year have not been that great. In my opinion there are much better options out there.
Im not sure what their rates are right now, but they did have some attractive rates. The problem is that they are teaser rates which get lowered after year 1 (they actually say this on the very long disclosure that the client must sign).
Ive had some clients get really great returns with them, and others not so great. It all depends on the timing. Renewals over the past year have not been that great. In my opinion there are much better options out there.
- Thread starter
- #3
- 109
Thanks for the info! I've had friends mirror similar sentiments. Good to know
Are you familiar with the Ultra Classic Product? The reason that this one caught my attention, is I have a current client that has $200K+ sitting in a MM drawing 1%. NW is guaranteeing 2.5 on the fixed side, and with the cumulative withdrawal, and policy loan after 30d,features, I figured it may be a good deal for her.
Glad to hear your comments on them. If their CS is that bad, I may be asking for trouble.
Last edited:
- 10,704
I would never sell a 13 year product. Longest I will go is 10 years and that is only when using an Income Rider.
If your client likes the 2.5% ... they can get 2.7% fixed for 5 years with Midlands 5 year MYGA right now.
Why on earth would a person want to lock up their funds for 13 years just for a 2.5% fixed rate (that they most certainly will lower in years 2+). Especially when you can get higher fixed rates that are actually guaranteed, and for shorter surrender periods.
Of course I agree with you, the only reason would be the french benefits of cumulative withdrawal and policy loans if needed.
