Need Help With A SPIA

[0b1kanobee]

Anybody got a carrier they could recommend for this:

180K initial premium

65 Y.O.

Looking for $2,150 per month or greater with no beneficiary. (If he dies before, the insurance company wins)

Looking for a carrier in the As

 

[dgoldenz]

I think he needs to look for another $180k to get to $2,150/mo for life....

 

[0b1kanobee]

I think he needs to look for another $180k to get to $2,150/mo for life....

That's what I think too but according to the company currently handling his $$$$s they can do this for him. He doesn't know the carrier. I think they are full of dung!

This guy isn't stupid, he has all his statements and records just told me this today at our meeting. He said he will find out more tomorrow. I am just trying to be prepared.

 

[tampacochran]

I think he needs to look for another $180k to get to $2,150/mo for life....

Haha, my thoughts exactly. If you find a carrier that can actually do that, please post.

 

[j20a00g]

Anybody got a carrier they could recommend for this:

180K initial premium

65 Y.O.

Looking for $2,150 per month or greater with no beneficiary. (If he dies before, the insurance company wins)

Looking for a carrier in the As

i'm not thinking this is happening. i hope you definitely post back after the client brings you what he's being offered. i'm definitely thinking they aren't offering a SPIA. even if he did a product that guaranteed to double in 11 years and then took out 5% a year he still isn't at that number.

 

[dgoldenz]

That's what I think too but according to the company currently handling his $$$ they can do this for him. He doesn't know the carrier. I think they are full of dung!.

Well, isn't that a coincidence...seeing as how it doesn't exist.

 

[LGilmore]

Ya know it may not be the company telling him that number, it might be him telling you that number. At 65 he isn't menally impared, he'll know the company. My guess is this is a test of you, sort of how much will he get rattled by this.

 

[0b1kanobee]

Ya know it may not be the company telling him that number, it might be him telling you that number. At 65 he isn't menally impared, he'll know the company. My guess is this is a test of you, sort of how much will he get rattled by this.

No, he's getting the info tomorrow. The guy has been very forthcoming. It is just a misunderstanding. I just wanted to be prepared. I have had my share of strange things the last two weeks with folks. I didn't want to go down a 'no that isn't possible' road with him. This will get straightened out within the next two days and I'll report what transpires.
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^^^^^^^^UPDATE^^^^^^

Turns out he went to a seminar and the company is called Lighthouse Financial. Upon further investigation by me, it appears they are in bankruptcy with assets of only a million and 14 million in debt. I am assuming their credit rating is well...

Anyway, just got off phone with client and meeting has been rescheduled. Looks like this deal is gonna be rescued after all. As I explained, his money would be about 1/5 of their total assets. He wasn't too happy about that idea but now has the reality check.

 

[Jim Jenkins]

No, he's getting the info tomorrow. The guy has been very forthcoming. It is just a misunderstanding. I just wanted to be prepared. I have had my share of strange things the last two weeks with folks. I didn't want to go down a 'no that isn't possible' road with him. This will get straightened out within the next two days and I'll report what transpires.
- - - - - - - - - - - - - - - - - -
^^^^^^^^UPDATE^^^^^^

Turns out he went to a seminar and the company is called Lighthouse Financial. Upon further investigation by me, it appears they are in bankruptcy with assets of only a million and 14 million in debt. I am assuming their credit rating is well...

Anyway, just got off phone with client and meeting has been rescheduled. Looks like this deal is gonna be rescued after all. As I explained, his money would be about 1/5 of their total assets. He wasn't too happy about that idea but now has the reality check.

What happened and how did you help him??