Ohio Annuities

[jmarkk1]

With all the changes to Ohio's annuity market, what are you guys using now for older clients (55-70) looking for good place to park retirement savings? Annuities with attractive caps, bonuses, and income riders?

I can't believe that North American no longer is offering deferred annuities to anyone ages 50 and up.

 

[Tahoe Ray]

With all the changes to Ohio's annuity market, what are you guys using now for older clients (55-70) looking for good place to park retirement savings? Annuities with attractive caps, bonuses, and income riders?

I can't believe that North American no longer is offering deferred annuities to anyone ages 50 and up.

Which annuity are you talking about? I don't do a lot of NA but I believe that Charter 10 requires you to be "an adult" in order to purchase a policy and you only have to be 40 to get their income rider. You do have to wait until 50 to take income though....

I don't know a lot of companies with attractive (relative term?) caps out there. The income and bonus riders can be good with many companies but of course depend on need. F&G and Great American for DB, NA and Equitrust for younger clients, Security Benefit and a couple of Allianz products fit in nicely with retirees who need income. LTC riders and other enhancements can come into play as well. Again, it depends on the situation.

You should ask your upline for some guidance here as well.

 

[jmarkk1]

North American isn't offering any deferred annuities for ages 50 on up in Ohio. I hope that this changes, because I can't figure out why they would pull products away from this age group.
Allianz Masterdex 10 plus is gone too..
Just wanting to know the newer products available.
My upline has product spreadsheet, but they don't have things broken down by state...

 

[Tahoe Ray]

North American isn't offering any deferred annuities for ages 50 on up in Ohio. I hope that this changes, because I can't figure out why they would pull products away from this age group.
Allianz Masterdex 10 plus is gone too..
Just wanting to know the newer products available.
My upline has product spreadsheet, but they don't have things broken down by state...

Sorry...I misunderstood (misread) your first post. Is this is b/c of 70/10? I still don't know why they'd limit you to age 50 though....

I would look at Security Benefit for people who will need income, Great American for pure death benefit with liquidity (for those who "aren't sure" if they'll need it) and F&G for a kitchen sink approach (Income, DB, LTC etc.).

If you stick with surrenders 10yrs and under, you should be o.k. with these three...my system shows most issue ages available.

 

[scagnt83]

Sorry...I misunderstood (misread) your first post. Is this is b/c of 70/10? I still don't know why they'd limit you to age 50 though....

If you stick with surrenders 10yrs and under, you should be o.k. with these three...my system shows most issue ages available.

Maybe the 70/10 rule applies to those 50 and over?

 

[plummershawn]

With all the changes to Ohio's annuity market, what are you guys using now for older clients (55-70) looking for good place to park retirement savings? Annuities with attractive caps, bonuses, and income riders?

I can't believe that North American no longer is offering deferred annuities to anyone ages 50 and up.

Some of my top producers in Ohio are going through the same scenario. I've got a few carriers (outside the mentioned below) that have uncapped strategies and higher caps. The income rider is great, and it provides your clients with higher payouts than most.


You can email me at [email protected]


Shawn