What Would You Do 100K ?

[0b1kanobee]

OK so I just want to get a feel for what some of you would do if this case fell on your lap today. Anyone who would like to participate please do but try not to hijack the thread for Pete's sake..................

POTENTIAL CLIENT:

-age 54
-doesn't need the money say for 10 to 14 years
-may like the idea of a rider of some kind (income for life, LTC)
-would probably get excited about a bonus (this guy has no personality)
-concerned about company rating
-Has 100K from his 401k he needs to move because he lost his job and he will NOT have a hard time finding another one

WHAT SAY YOU? What company and "WHY"? Be specific if you can about current rates, bonus, is the bonus vested, is the interest compound, if there is an income rider, what is the step up, ect. ect.

I hope I didn't leave too much out....

THANKS

 

[insuranceexec]

Who is your current Marketing organization?

What state are you referring too?

 

[HarryRenard]

I like Equitrust -Certainly Select 4.4% for 10yrs or
4.25% for 8yrs.

Or if you are not down with a B+ rated company try

American General (A rated)- Horizon Select 10 -- 4%
(10yr rate)

And for me I dont really care for riders that you pay for I dont usually see the value, that is of course unless the customer really really wants it.
I am sure some will disagree but that is my opinion.

 

[0b1kanobee]

1) It would be Florida
2) Don't really matter who my marketing association is, once I find the product I'll appoint with them (at least that is how I see it).

Does that Equitrust product have an indexed side? Is that the current rate or is it locked. (I'm assuming current).

What about a return of premium product? Why do some like them? What are the pros and cons of it?


There is an ING 10 year with a 5% upfront bonus with a 4% step up and a ROP after 1 year. That looks pretty good........I know someone who did one a few days ago for about 120K. He used it as sacrificial money to pay RMD's on other monies.

He didn't like annuities but after being asked if he liked social security and a pension he said of course then was told well those are streams of income and that is all an annuity is, "you like that right?" yes, and done deal.....

Well off topic but thanks for replies so far.

Inuuranceexec and other guy, got any more info on my additional comments to yours, thanks so far. Insuranceexec I'll call you soon, I have your number but any more input would be nice especially product related :-)

 

[insuranceexec]

1) It would be Florida
2) Don't really matter who my marketing association is, once I find the product I'll appoint with them (at least that is how I see it).

Does that Equitrust product have an indexed side? Is that the current rate or is it locked. (I'm assuming current).

What about a return of premium product? Why do some like them? What are the pros and cons of it?


There is an ING 10 year with a 5% upfront bonus with a 4% step up and a ROP after 1 year. That looks pretty good........I know someone who did one a few days ago for about 120K. He used it as sacrificial money to pay RMD's on other monies.

He didn't like annuities but after being asked if he liked social security and a pension he said of course then was told well those are streams of income and that is all an annuity is, "you like that right?" yes, and done deal.....

Well off topic but thanks for replies so far.

Inuuranceexec and other guy, got any more info on my additional comments to yours, thanks so far. Insuranceexec I'll call you soon, I have your number but any more input would be nice..........

Legacy has a real nice 9 year product with good accumulation and a bonus.

SunLife has a good 10 year product with good accumulation and excellent liquidity (No Bonus).

RBC and American Equity both have good income annuities for the age of your client(With Bonus).

American National has a good performance triggered annuity. 6 year product, 5.5% interest with a ROP rider.

Just to name a few. You had mentioned that your client is concerned about company ratings; so I will not mention any company that is not at least a A-. I hope this helps.......

 

[Mr. Bill]

Not to hijack but I would be checking into Roth conversion next year.

 

[insuranceexec]

Not to hijack but I would be checking into Roth conversion next year.

Absolutely correct.

 

[Mr. Bill]

Thank you. I must've had a Alabama 1958 moment. Sigh.

Just kidding!!!

 

[padthaiforlunch]

Forethought has a nice product with a 25% bonus and an income account that will give a nice payout after 10 years.

 

[InsureGuy5]

The Allianz MasterDex 10 is a reasonable product as well. And now that Aviva is selling again, you might consider them as well.