- 11,280
Qaulified... meaning money that hasn't had any taxes paid on it yet.
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- Thread starter johnrocks
- Start date
- 11,280
If a 80yr old put 100,000 in an annuity and she doesnt need any extra income, why would it mater if she cant get it all out? Seniors want thier money SAFE! Most annuities allow 10% withdrawal per year. Why would she need to get 10k out of her annuity? She should have atleast 20k in the bank to get to for those reasons. She might need 100k for the nursing home though..... surrender charges waived! ( on the ones i sell) or she might die....surrender charges waived.( on the ones i sell)
If she wanted her money out in year 5, just because, she would more than likely get atleast the 100k probably more even with the surrender. Surrender charges drop every year, its less than 7% on the ones i sell in year 5.
The trouble people run into is when an agent ties up all of the peoples money, leaving none in the bank. That is wrong. You can get good commissions on shorter annuities. I just seen an advertisement for a 6yr annuity that pays 7%. My average commission is 7% on annuities
If she wanted her money out in year 5, just because, she would more than likely get atleast the 100k probably more even with the surrender. Surrender charges drop every year, its less than 7% on the ones i sell in year 5.
The trouble people run into is when an agent ties up all of the peoples money, leaving none in the bank. That is wrong. You can get good commissions on shorter annuities. I just seen an advertisement for a 6yr annuity that pays 7%. My average commission is 7% on annuities
- Thread starter
- #13
- 11,280
I have heard alot of agents that won't sell annuities just because the commission is so high. They think that just because the companies pay so much that their is something wrong with the product.
They way I look at it is .... the less agents selling them, the more in my pocket. Their is a place for each product. One company I do stay away from is Allianz.
They way I look at it is .... the less agents selling them, the more in my pocket. Their is a place for each product. One company I do stay away from is Allianz.
- Thread starter
- #15
- 11,280
I would stay away from fmo's that push allianz or push just 1 company. Thats why I am with CIB. They give me a couple different companies for every situation. I was really worried about selling annuities when i first got into them, but after I learned more I really like the products. Once you start lookin at where people have thier money, you'll be amazed at how crappy some of thier investment choices are. Most seniors are looking for the gaurantees.
- Thread starter
- #17
- 14,809
I doubt there's a line of insurance that requires you to be as astute as selling annuities to seniors. There's a lot to annuities and a lot of widely different options. Not ony that but you need a very solid understanding of investments in general. That being said, I think senior especially are really in need of solid, ethical, well-trained agents.
The health insurance field is riddles with unethical agents....and that's just to make a $600 commission. You have annuity agents out there making $10,000 for closing a single deal so the makings of abuse are clearly there.
We get back to the old standard; would you sell it to your mother?
The health insurance field is riddles with unethical agents....and that's just to make a $600 commission. You have annuity agents out there making $10,000 for closing a single deal so the makings of abuse are clearly there.
We get back to the old standard; would you sell it to your mother?
- 11,280
It doesn't matter how much you make off a sale, what matters is, Is it right for the client. I also sell single premium life. Huge commissions! Thier money is locked up in that, but there is no conteversy on those products. You can make 15% on those products.
Seniors should have a small percentage of thier money in the market. The biggst percent should be in gauranteed products. Whether it be a CD, money market or annuities. There is a place for each. Annuities have features that other investments dont. Why don't bankers catch hell for selling 7 yr cd's to seniors. Because people understand them. Most people don't know anything about annuities except they pay high commissions and have high surrender charges. Not all of them do. Alot of companies will lower the surrender charges for older people. I haven't had one client take a surrender penalty or complain about them. I had a client thank me for making him11% interest.
John if you want good knowledge call www.customib.com I asked them and they do work with agents everywhere. Tell them I sent ya. I get absolutely nothing outta of it but a thank you.
Seniors should have a small percentage of thier money in the market. The biggst percent should be in gauranteed products. Whether it be a CD, money market or annuities. There is a place for each. Annuities have features that other investments dont. Why don't bankers catch hell for selling 7 yr cd's to seniors. Because people understand them. Most people don't know anything about annuities except they pay high commissions and have high surrender charges. Not all of them do. Alot of companies will lower the surrender charges for older people. I haven't had one client take a surrender penalty or complain about them. I had a client thank me for making him11% interest.
John if you want good knowledge call www.customib.com I asked them and they do work with agents everywhere. Tell them I sent ya. I get absolutely nothing outta of it but a thank you.
- 14,809
Bankers don't catch as much hell because they make relatively nothing off that CD sale compared to an annuity. But that doesn't mean you can draw any coorelation between commissions and ethics. It's just as unethical to recommend a small cap mutual fund to a senior looking for safety to get a 4% commission.
