Rate Search Inc.

[johnrocks]

Johnrocks, you appear to be a standup, honest guy, so you you should not experience any problems selling annuities to seniors. However, there are a lot of unscrupulous agents out there who relly do a disservice to the seniors and the insurance industry as a whole. Also, ther are CD type annuities that pay higher rates than bank CD's and have short surrender periods.

Thanks for the compliment as I sincerely strive to treat others as I would want them to treat me. I also think that the best mkt. would be around 55.

 

[senior-advisor-indiana]

I think the best market is 55 too but thats not my clientelle and I dont do seminars.

 

[johnrocks]

I was wondering though,to get in this age group one would not have to do seminars. Going back to rate search having them call or I heard April is the most popular month for cd's to mature for whatever reason. Maybe just talking to people that you come in contact with and just ask.

 

[senior-advisor-indiana]

I would love to market to that age group. It would great for LTC and annuities and life. I'm not used to talking to that age group though. I am really comfortable with seniors.

 

[senior-advisor-indiana]

Are you gonna do the rate search thing? john.

 

[johnrocks]

I really think that I am. Go to their web site and you can download the contract. I think I am going to pass on my commission to give them a better rate to build good will and maybe get other type sales such as annuities,med supps, LTC etc.

 

[senior-advisor-indiana]

Is that legal? How much extra can you give them and what is the commisiion?

 

[arnguy]

Before the Do Not Call thing, I know that some annuity agents were calling people stating that they were doing a survey to find people who had CDs. If the person responded affirmatively they would ask for the maturity date. The agent would then prepare a list of maturity dates similar to what P&C agents do with X-dates (expiration dates).

I suppose one could use a DNC scrubbed list that was based on age and income. They may even have lists for sale of CD owners. But since that mess at Hewlett-Packard regarding making phone calls and misrepresenting yourself in order to obtain information I would be leery of using the survey bit.

 

[senior-advisor-indiana]

I don't really like the idea of SPIA. If you se them up for a lifetime pay out and they die in the next coupl years that is alot of wasted money. Even if they take a 10yr payout, what do they do in year 11? They have products now that provide a income for life without annuitizing. That way if they die after the 2nd year they still have the account value to pass on. If they live to be 130 they still get the same amount of income every month, regaurdless of the account value.

If you are going to do a SPIA you should at least do the split annuity concept. Out of 200k, take 1/2 and put into a SPIA with 10 yr payout, then take the other half and put into a FIA to grow up to the origianl 200k and repeat after the 10 yrs.

The ladder system seems to work too. Where you buy 10 Multi year gauranteed annuities. 1 for 1yr , 1 for 2 yr, 1 for 3 yr and so on... That way you have money to use every year. They get a better rate of return and at the end they have what the started with.

I usually like to keep it simple and just replace thier CD or Variable annuity with a FIA. But I think if it is more complex the prospect thinks you put more time into it. You can definetly make someones day with FIA's. I have a lady that refers me to everyone. Well 2 people so far ...lol . But they were both BIG FIA sales.

 

[senior-advisor-indiana]

What happened to the post I was replying to? Am I going crazy?