Which Income Benefit Riders Do You Like?

I came across the Income Rider from Security Benefit Life Insurance Company. 10% bonus, 8.2% rollup.

Has anyone used this rider or even this company for indexed products? I have not, and appreciate any opinions based on experience.

It's exclusively from Advisors Excel - have to do $3M+ with them to have access.
 
There are many things to look at when it comes to income riders. Each income rider has a sweet spot. There are three things that will determine what income rider you will use:
1. age
2. single or joint payout
3. how many years until client wants to take income

There are several moving parts of the income rider:
1. The guaranteed roll up
2. The back end payout factors (Which is the most important factor)
3. The roll up period (10 years, 20 years, and lifetime)

When I do the income planning for my advisors I like to do personalized plans for each client, and really research not only the income riders but the actual base product.

A few other things to consider are:
1. Does it offer the income account to the beneficiaries? There are only a few carriers that will allow the income rider to be passed as a death benefit, and even very few more that allow that income rider account to be taken as a lump sum. But this information could help you in the closing of a sale.
2. The "What Ifs"
3. Additional liquidity
4. How withdrawals effect the Income rider? This can be very important. Some income riders actually will not credit the interest roll up in the year your client takes a withdrawal, so that would be important to know, especially if a "What If" were to happen in your clients life.

Because clients and situations change I like to use a combination of products with income riders and other products sweet spots to come up with a income plan that is more adaptive to clients ever changing lives.

So, no one income rider is the best match for every client. You just have to know the sweet spots.
 
Be careful, Phoenix offers the $1 million insurance if the product is written through Legacy only. If you write a Phoenix Life direct, it is not protected for that million dollars. If we all just do what is right for our clients, everything works out in the end. I am not worried about being sued, because I do the right thing for all my clients.
 
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