Rated SPIA's
- Thread starter Mr. Bill
- Start date
(My first post)
I've used Lincoln Benefit and Genworth because there are no special forms you have to fill out and submit. You just send them the client medical records and they will give you an age rating (hopefully) within a couple days. Other companies like AIG make you fill out a bunch of forms. The only downside is that you need to obtain the medical records at your own expense (or the clients expense). Symetra will order the records and pay for them themselves, but they won't share the records with any other insurance company.
I've used Lincoln Benefit and Genworth because there are no special forms you have to fill out and submit. You just send them the client medical records and they will give you an age rating (hopefully) within a couple days. Other companies like AIG make you fill out a bunch of forms. The only downside is that you need to obtain the medical records at your own expense (or the clients expense). Symetra will order the records and pay for them themselves, but they won't share the records with any other insurance company.
So the payout isn't important? Just what's easiest?
- Thread starter
- #4
That's my point exactly.
Do you fill out 20 life insurance applications to get the client the best rate possible if they have some sort of health impairment?
You can't possibly fill out applications for every annuity company, send records everywhere, it's impossible. My point is that in my experience it's easiest to go with companies that are easy to work with, have good rates, and MOST importantly give good age ratings..... Genworth and LBL are real good at that.
For the record, AIG doesn't have good SPIA rates and Symetra almost never gives a decent age rating.
I've done enough of these that I can tell you some companies are a waste of time. I no longer submit records to 5 or more companies, I just stick to a few because they have consistently given good age ratings and have good rates. The time it takes to get ratings back and the amount of paperwork a person has to complete is very important to closing the deal.
You can't possibly fill out applications for every annuity company, send records everywhere, it's impossible. My point is that in my experience it's easiest to go with companies that are easy to work with, have good rates, and MOST importantly give good age ratings..... Genworth and LBL are real good at that.
For the record, AIG doesn't have good SPIA rates and Symetra almost never gives a decent age rating.
I've done enough of these that I can tell you some companies are a waste of time. I no longer submit records to 5 or more companies, I just stick to a few because they have consistently given good age ratings and have good rates. The time it takes to get ratings back and the amount of paperwork a person has to complete is very important to closing the deal.
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Go for the money, of course. But relating to a health condition. Consider an Impaired Risk SPIA - Jeff-Pilot offers one, for example. Anyway, the life company evaluates your client's life expectancy based on current health. If the qual for an IR SPIA, they wold get higher monthly income for the same single premium, of the same monthly income for a lower single premium.
I think all you have to do is submit an underwriting review request, a one page form to pre-qual your client with underwriting. Why fill out a app? See what they can do for you and save both a lot of time. Check it out.
I think all you have to do is submit an underwriting review request, a one page form to pre-qual your client with underwriting. Why fill out a app? See what they can do for you and save both a lot of time. Check it out.
Yep. You got it. A one pager pre-qual will usually suffice. My goal is ALWAYS to find the best bang for th buck and not what's easiest for me.
