Single Premium Immediate Annuities

[SmartMoney]

As for SPIA Quotes, you really have to shop them well to find the best payout. While a few like AIG & Equitrust are consistently near the top regardless of payout term, some companies are more competitve on say their liftime payouts whereas another is more competitive on short payout terms (5 or 10 yrs) because of minimal loading expense. They all seem to change frequently too, I have a format with the case criteria I fill out where I will just email it to the top carriers marketing depts and receive all the quotes back. Saves time and effort.

 

[R. Paul Aguirre]

As for SPIA Quotes, you really have to shop them well to find the best payout. While a few like AIG & Equitrust are consistently near the top regardless of payout term, some companies are more competitve on say their liftime payouts whereas another is more competitive on short payout terms (5 or 10 yrs) because of minimal loading expense. They all seem to change frequently too, I have a format with the case criteria I fill out where I will just email it to the top carriers marketing depts and receive all the quotes back. Saves time and effort.

I'll give you a buck thirty five for a copy of that format

 

[Brokers Alliance]

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.

Mr. Bill, sorry for the delayed comment. There should be tax information on the IRS website and State websites. Check to see if there is a link on your State's department of insurance website. Honestly, I have had better luck at finding tax information using Google, your State and "tax code on annuities." But, not trying to give you advice, but unless you are an accountant, it is best to not give too much tax advice, if any and suggest that you conference in the client's accountant. In other words, you do not want to ever risk being wrong on tax advice.

For a medically-underwritten SPIA, we just take the medical records of the client and do our own research and come up with the SPIA that is best suited. It may take making a couple of calls, etc. Usually we have 2 to 3 carriers for medically underwritten SPIAs. But, how you would do it? As an individual, you can acquire the medical records of the client and send to a couple carriers in the marketing dept. We have our own proprietary search system.

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?

R. Paul, why West Coast? Nothing against them, but as of late it is not that competitive. So, of the two you mention, West Coast or AIG, I would go with AIG. However, unless you do a current search, you do not know which other carriers may compete well.