Primary Carrier For Index Annuity

[Charpress]

I used Jackson National in a seminar recently as an example of companies that weasel-word policies. The example I used was their brochure (I forget the exact product) that has on the top left in huge words 3% minimum guarantee. When you read the fine print, they are talking about 3% of 80% of the policy value, bringing it to the same 2% you see everywhere (yeah, I know that is changing).

Anyway, personally I would not do business with a company that does that.

 

[0b1kanobee]

Anyway, personally I would not do business with a company that does that.

In all fairness, if I had a problem with all the little things each company does, I wouldn't write any business.

I remember back when I used to have a few dozen guys working for me in a contracting business and if I got pissed off for the stuff some of them used to pull and fired them, I wouldn't of had ANY employees lol.

 

[crimsontideagent]

I used Jackson National in a seminar recently as an example of companies that weasel-word policies. The example I used was their brochure (I forget the exact product) that has on the top left in huge words 3% minimum guarantee. When you read the fine print, they are talking about 3% of 80% of the policy value, bringing it to the same 2% you see everywhere (yeah, I know that is changing).

Anyway, personally I would not do business with a company that does that.

I've never seen that, my wholesaler and myself have always said 2% guaranteed. I've never seen anything mention 3%. Jackson is as straightforward, no moving parts as you can get.

 

[Charpress]

Yes, we all have our little hot buttons and things that tick us off. Just look at the varying opinions on FMOs.

I went back and found the brochure. It was the Ascender Plus and talks about their minimum guarantee and how it will never be less than 3% of 90% of premium.

Not as bad as the 80% I said earlier, but weasel words still, in my opinion. To me, that is just a dishonest way of getting "3% minimum" to stick in a prospect's mind.

And by the way, I came across this because a client wanted this product based on the brochure because he thought it guaranteed 3% while everyone else guaranteed "only 2%" -so the strategy worked for him. There were some other bad things about that product too, but I don't remember exactly what they were. There are plenty of companies and products to choose from without going with someone that makes you even slightly uneasy.

Others will disagree. But hey, if everyone agreed on things there would only be one team playing in the Superbowl.

 

[scagnt83]

I mainly use LFG & ING. Mainly because they are simple and straightforward; not a lot of moving parts, nothing exotic.

I have been looking at using JN, they seem to have a strong product; from what I have seen all of the company approved material only speaks of 2% guarantees, nothing about a 3% guarantee.
Although most IA carriers use language like what charpress spoke of, alliance, aviva, rbc, ag come to mind right off the bat..

 

[Larry Tew]

The Ascender Plus description on JNL's producer site refers to 3% of 90% of the premium. I can't see where they are trying to hide that fact. I couldn't find the brochure mentioned. If I were looking for an example of "word weaseling" to make my product look good, I believe there are better examples to show than this. I would like to see the brochure used... maybe a form number or something. Maybe compliance got rid of it.

 

[j20a00g]

i like the lincoln new directions fia. 2.7% on the fixed bucket, 4.7% on the index performance triggered bucket. also a 11.75% cap on the 2 year point-to-point. i far prefer dividing the premium into the fixed and index buckets though.

 

[padthaiforlunch]

I have also been advised to stay away from Midland.

Very questionable advice. They are one of the better companies out there. They pay close attention to suitability and they maintain a strong balance sheet. True, they've been slow to answer their phones in the past, but they do good outreach to agents, and go so far as to have roadshows for product training.

Midland is a very good company with a wide variety of product. They are my go to carrier.

There was a former agent who was suing Midland, and he made a big stink on the internet as well. But that was after he got out of jail for kidnapping a Midland employee.


And it is incorrect to assume that all product with good commission are sub-par. Great American is not superior to all other other annuity carriers who offer better commission. I can think of a number of very strong carriers who pay better comp that gafri.

 

[crimsontideagent]

Yes, we all have our little hot buttons and things that tick us off. Just look at the varying opinions on FMOs.

I went back and found the brochure. It was the Ascender Plus and talks about their minimum guarantee and how it will never be less than 3% of 90% of premium.

Not as bad as the 80% I said earlier, but weasel words still, in my opinion. To me, that is just a dishonest way of getting "3% minimum" to stick in a prospect's mind.

And by the way, I came across this because a client wanted this product based on the brochure because he thought it guaranteed 3% while everyone else guaranteed "only 2%" -so the strategy worked for him. There were some other bad things about that product too, but I don't remember exactly what they were. There are plenty of companies and products to choose from without going with someone that makes you even slightly uneasy.

Others will disagree. But hey, if everyone agreed on things there would only be one team playing in the Superbowl.

I will say that I have never seen an Ascender Plus brochure. When I first started looking at Jackson my wholesaler recommended Elite Choice and Elite Choice Rewards.

 

[Larry Tew]

I will say that I have never seen an Ascender Plus brochure. When I first started looking at Jackson my wholesaler recommended Elite Choice and Elite Choice Rewards.

Ascender Plus is available, but I'm told that the Elite Choice accounts for most of the FIA sales. Even so, 3% of 90% is still better than 2%.