Single Premium Immediate Annuities
- Thread starter insure001
- Start date
- 958
1. For agents, SPIA commissions are generally less than SPDA commissions, and SPIAs lock up the client's funds for life with little, if any, liquidity. Commissions range from 3% to 4%. One of the reasons why, is because for insurers, lack of profitability is key problem with the SPIA. Insurers are required to set up SPIA reserves that are often much greater than initial premium received. This results in surplus strain on the company. Yada-yada.
1.5. Approximately 30% of our annuity sales are SPIAs, because there are instances where they are very suitable for the client, especially for their investment diversification. Plus, many times the payments for the client are higher than a SPDA to begin with that has not accrued much.
1.75. Instead of worrying about commissions first, an agent's duty as an ethical agent, is to research the suitability for the client. If you do this, the money will come, and you will feel good about giving the best choice to your customers.
2. Which companies offer the best commissions? Again, if you look at commissions first, then your priorities may be wrong for the client. When you are handling someone's retirement portfolio, the most important thing is to find the most optimal choice that will benefit the client.
1.5. Approximately 30% of our annuity sales are SPIAs, because there are instances where they are very suitable for the client, especially for their investment diversification. Plus, many times the payments for the client are higher than a SPDA to begin with that has not accrued much.
1.75. Instead of worrying about commissions first, an agent's duty as an ethical agent, is to research the suitability for the client. If you do this, the money will come, and you will feel good about giving the best choice to your customers.
2. Which companies offer the best commissions? Again, if you look at commissions first, then your priorities may be wrong for the client. When you are handling someone's retirement portfolio, the most important thing is to find the most optimal choice that will benefit the client.
Last edited:
Cwilcoxson
New Member
- 3
I am trying to find a spia quote that can beat $126,361.28 for a 9 yr period certain with an A+ rated carrier starting with 100K. Any help would be greatly appreciated.
Equitrust seems to have the highest payouts I can find, I find it hard and time consuming to call around searching for SPIA quotes, and Equitrust has the quote engine on their website,no waiting for marketing to pick up calls etc. I was and am always curious if one Company was consistently giving out better payouts than others? especially life only payouts.....
- 958
Equitrust is very competitive. This past week we ran a search and AIG came up the highest payout for that particular time.
- 958
Interesting how SPIA rates can change significantly over a short period. Couple of high-rated carriers have been shining lately. Competition is fierce, but it is the consumer's friend and ultimately the agent's friend if he/she is on top of things.
I have to run multiple quotes daily to make sure I stay current.
I have to run multiple quotes daily to make sure I stay current.
Did I miss something? There seems to have been a disconnect between SPIAs and SPDAs here.
I do have a couple of questions though. Is there a simple way to get premium tax info state by state? And, what is the best way to get a medically-underwritten SPIA? Thank you, thank you very much.
I do have a couple of questions though. Is there a simple way to get premium tax info state by state? And, what is the best way to get a medically-underwritten SPIA? Thank you, thank you very much.
- 149
I have an agent coming in today to pick up a West Coast Life SPIA app. Do you guys have any input on West Coast? Should I tell him to look at AIG?
- 924
I was somewhat surprised to find that some of my latest best SPIA quotes came from Allianz.
