Which Carrier Do You Use for 80+ Yr Old Clients?

[R. Paul Aguirre]

Hi all. Our company has a few clients that might find greener pastures with another product. Some are a little older. What companies offer good comp and a solid product?

Thanks guys.

 

[theinsuranceman]

What product?

 

[Ichiban]

Hi all. Our company has a few clients that might find greener pastures with another product. Some are a little older. What companies offer good comp and a solid product?

Thanks guys.

Are you thinking Index Annuity, MYGA, Traditional? Any additional needs like a bonus, surrender length to try and target?

This would help to narrow things down. Also what you consider good comp would be useful to know too...

 

[R. Paul Aguirre]

Something with a 5-7 year surrender, the least the better. In order to beat what they are earning right now we would need either a large bonus(which knocks that 5-7 year surrender out) or an Indexed product.

Although only a small portion of these clients are over 75. Actually a SPIA is what I am targeting for some of these clients aged 68 and up who are just hanging onto their annuity to give to their heirs.

 

[insuranceexec]

Something with a 5-7 year surrender, the least the better. In order to beat what they are earning right now we would need either a large bonus(which knocks that 5-7 year surrender out) or an Indexed product.

Although only a small portion of these clients are over 75. Actually a SPIA is what I am targeting for some of these clients aged 68 and up who are just hanging onto their annuity to give to their heirs.

Why not annuitize internally?

 

[padthaiforlunch]

Why not annuitize internally?

ummm, no new commissions???

 

[SportsNut]

ummm, no new commissions???

Padthai... hughmmmm. Hate to mention it, but your garter belt is showing.

Then as I write this, I guess there are a bunch of youngins that don't even know a garter belt is. Kind of old-time equipment; like me I guess. Oh well.

 

[insuranceexec]

ummm, no new commissions???

Yes, but I thought that everyone on this board put the clients needs first..........LOL.

Many DOI's are adopting new fiduciary responsiblity standards; that could get the agent into a good bit of trouble.

If it is found that you, the agent, suggested something knowing of a better solution; then you would be open to punishment, and possible revocation by your DOI.

Like surrendering an annuity, and the cost associated with it, and placing the client into a SPIA.

If it was ever challenged and found that the client could have internally annuitized their money, without any surrender charges or MVA's. That would be a bad day for that agent.

Hopefully you realize that I knew that an internal annuitization would not result in a new commission.............
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[InsureGuy5]

You might consider Allianz - although they do charge-back in first year. Forethought is another company offering return of premium at anytime. This is good for older clients who are worried about liquidity.

 

[R. Paul Aguirre]

Why not annuitize internally?

With the majority of these clients the surrender period is long gone, and in looking at the surrender values I am assuming that most if not all of the ones i have seen so far do not have MVA's(of course this will be looked into further).

insuranceexec our company is not interested in earning a cheap buck off of our clients, we will only advise a change to our clients if there is a clear advantage for them.

Thanks all for your input.

ps wow insuranceexec didn't know that an internal annuitization wouldn't result in a new commission?

Haha just kidding man.

pps I found that LSW has charge backs of 100% for the first 6 months and 50% for the next 6 months then 0% thereafter. Also they issue to age 89.