RJP
Expert
- 45
What is an EIA? Are there any of the typical FE carriers that have good small $$ ($10-$50K) annuity products. Ones that would make sense for an agent to purchase considering a possible commission?
Purchasing an Annuity For Myself
- Thread starter The Wise Buck
- Start date
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- Tags
- annuity
- 11,471
Equity Indexed Annuity... but really should be titled FIA - Fixed Indexed Annuity because it is a fixed and guaranteed annuity.
I'm not in the FE market so I couldn't tell you.
Never buy anything because of the commission that it could generate for you. Study them out and determine which would make the most sense for your situation and goals.
While I'm sure you're not being induced by a manager or someone else to buy an annuity for your production numbers... I'm sure that you can see how there could be room for abuse like this of agents - especially if they don't study everything out.
Americo's Liberty Mark series is very competitive (you have to be appointed with both LibertyMark and Americo)...even with some of the big boys.
Not many FE carriers are going to have a strong FIA portfolio...
- 10,711
Some of the more competitive FE companies are also competitive in the FA market. RNA, Oxford, Americo, Equitrust, F&G, LB, are all competitive in the FA market.
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How is Americo's renewal history?
I like the uncapped Point to Point vs. a Monthly Average. And I like that you can add the Dow Real Estate Index to it too. I just dont want that 80% to be 50% in 2 or 3 years...
I didn't even know that Equitrust or F&G had FE products. I know that they both have single pay IULs...is that what you're talking about or do they have more traditional products as well?
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Nonexistent on a Legacy/LibertyMark chassis....they claim that the fee that they charge will keep them very competitive.
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One question: Why would you limit yourself only to carriers that offer FE? Especially if you're purchasing it for yourself...wouldn't you want to look for the best product that fits your situation?
That product might be with an Oxford or Americo, it might not. Just a thought...
- 10,711
I thought they did. I might be wrong. I would ask an FE agent to chime in but I think most of them have me on their ignore list... lol.
I never realized that NWL had a graded product until I got an email about it today.
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I know. But they do have other IA products that you could judge them from. Just because its a limited distribution product doesnt mean the UW is any different than the other products, right?
How many of those products have that fee? Also, the distributor can certainly have some influence there...tough comparison to make.
RJP
Expert
- 45
I was thinking that if a FE carrier I was using had an annuity that I believed in enough that I could learn and own one then talk about it when I was out and about. I was basically hoping that some of the bigger carriers would have good annuity products and ones that I would be able to learn rather than new carriers.
I don't believe that there is a ton of cross over with carriers that offer both competitive FE and a great FIA. We've already mentioned Americo...the other one that you'd want to have is Oxford. Americo is built for accumulation and Oxford has a decent income benefit (and a competitive MYGA...RNA can have strong MYGA rates as well)
The top FIA carriers do not offer FE (to my knowledge)...Allianz, American Equity, Security Benefit, Great American, Athene, etc. However, if you just went to battle each day with only Americo and Oxford in you're bag, you could still win a lot of business.
Depending on your state, appointing on the annuity side is going to require additional steps...NAIC training, product training, possibly another appointment (like in the case of Americo) so you might as well shop for what's best.
Either way, I applaud you in purchasing the product for yourself...that certainly helps in discussing FIAs and in selling these products to clients.
Good luck with whatever you decide.
- 10,711
Good point. And im sure that the distributor does have some influence. Perhaps looking at Legacy's product renewal history would be a better indicator?
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I looked it up and F&G does not. Equitrust does have a single pay WL which is SI.... so I will claim that I was half right... lol
