Read the Dang Policy/Prospectus

[Norwayguy]

For anyone that wants to move more annuity business I can't say this enough Read the dang policy or if its a variable annuity read the prospectus.

Case in point I was speaking with a client today has been in a Variable annuity for over 10 years still with a rather large surrender charge showing on the statements (This policy had a 7 year rolling surrender charge on each deposit) and he has been putting money in until just this year. He wanted to move the money if it could be down so that he didn't take to big a hit. He had met with his agent a couple of months ago and the agent recommended 2 options 1 stay where he was or two move to a bonus Variable annuity to overcome the surrender charge.

I met with him a week ago and I initiated a call to the home office because I know many policies have waivers on the surrender charges. I had shown the client a FIA and he loved the idea and agreed with me that its not how much you make but how much you keep. Long story short after asking the customer service rep six or seven different ways about waivers on the surrender charge I went home and googled the VA and was able to read the prospectus online and right the in black in white was a waiver for surrender charges on 403(b) accounts after the tenth policy year. Three way call with the client and now was able to confirm that the waiver existed but we must include a letter of instruction specifically stating that we qualify for this exemption because the computer and customer service people will NOT do it automatically.


I am often able to find ways out of existing annuities via annuitization or waivers by reading the policy or prospectus. So if your not asking for the policy or prospectus your missing out.

 

[0b1kanobee]

Yep Yep

On one we were looking at, this lady had a variable that had lost practically half of the value and she was retiring. She had met with another agent and he recommended a policy to her.

Well after we reviewed the policy, we found a guaranteed policy value but she had to wait about another year and a half if I remember but it meant about $80,000 to wait. Needless to say she is getting close to that mark now. She was crying with joy as to what we found.

We could only hope the other agent was ignorant and didn't know and the company she had the $$$ with just didn't think to tell her.

 

[Norwayguy]

Yep Yep

On one we were looking at, this lady had a variable that had lost practically half of the value and she was retiring. She had met with another agent and he recommended a policy to her.

Well after we reviewed the policy, we found a guaranteed policy value but she had to wait about another year and a half if I remember but it meant about $80,000 to wait. Needless to say she is getting close to that mark now. She was crying with joy as to what we found.

We could only hope the other agent was ignorant and didn't know and the company she had the $$$ with just didn't think to tell her.

Thats just it the carriers will only tell you what you ask and some of these things won't be on the customer service persons computer screen.