Can someone find a higher joint life payout?

ValeRosso

Guru
643
Hello. Asking if an annuity broker could possibly find a higher joint life annual payout than Athene. I only use Athene and they usually are highest across the board, but in this specific case, a FA quoted my client an annual payout of $28,377 joint income off of a $424k premium from the 401k. Athene is coming in at $26,460 joint life guaranteed, so the FA's product is coming out $1,917 higher per year.

Just wondering if there's another company out there that could beat this other unknown product. Thank you much for any help.

Premium: 424k
Owner age: 65
Joint owner age: 62
Qualified
Level income taken immediately (or within the same year)
 
Hello. Asking if an annuity broker could possibly find a higher joint life annual payout than Athene. I only use Athene and they usually are highest across the board, but in this specific case, a FA quoted my client an annual payout of $28,377 joint income off of a $424k premium from the 401k. Athene is coming in at $26,460 joint life guaranteed, so the FA's product is coming out $1,917 higher per year.

Just wondering if there's another company out there that could beat this other unknown product. Thank you much for any help.

Premium: 424k
Owner age: 65
Joint owner age: 62
Qualified
Level income taken immediately (or within the same year)
The FA is probably quoting Athene too but using the B/D version.

GILICO or United Life will beat it.

That said, be aware that an FA may have fee only products that don't pay commissions so generate more income than what you might have.

But, as I said, you have a few carriers that will win this battle. Why isn't your IMO helping you with this?
 
Hello. Asking if an annuity broker could possibly find a higher joint life annual payout than Athene. I only use Athene and they usually are highest across the board, but in this specific case, a FA quoted my client an annual payout of $28,377 joint income off of a $424k premium from the 401k. Athene is coming in at $26,460 joint life guaranteed, so the FA's product is coming out $1,917 higher per year.

Just wondering if there's another company out there that could beat this other unknown product. Thank you much for any help.

Premium: 424k
Owner age: 65
Joint owner age: 62
Qualified
Level income taken immediately (or within the same year)
Have you considered income rider on FIA rather than SPIA payout? Or, maybe this is what you are saying Athene is offering.

I dont know if it would offer a better income guarantee, but worth considering.

To be honest, $26k joint life guaranteed for that young of age sure sounds like an awful good lifetime income guarantee all things considered
 
The FA is probably quoting Athene too but using the B/D version.

GILICO or United Life will beat it.

That said, be aware that an FA may have fee only products that don't pay commissions so generate more income than what you might have.

But, as I said, you have a few carriers that will win this battle. Why isn't your IMO helping you with this?

You're right on, those two do beat the FA quote. Appreciate the information, you're probalbly correct on the fee-only products as well. I didnt even think about contacting my upline, but I did today and they also mentioned GILICO.


Have you considered income rider on FIA rather than SPIA payout? Or, maybe this is what you are saying Athene is offering.

I dont know if it would offer a better income guarantee, but worth considering.

To be honest, $26k joint life guaranteed for that young of age sure sounds like an awful good lifetime income guarantee all things considered

Yeah I was referring to an income rider on a FIA which wasn't super close to the original quote they were given. You're right, it is a pretty decent number for guaranteed income at these ages...but if they're offering it I cant say much.
 
not sure it will work, but any chance to do a short fixed period payout with some of the money then put balance into FIA with a delay in receiving guaranteed income payments for say 5 years or more. Would a carrier with a good increase in income rider from a delay in taking the checks help offset using 100% of the money to start immediate checks?

maybe not, just thinking about possible scenarios
 
not sure it will work, but any chance to do a short fixed period payout with some of the money then put balance into FIA with a delay in receiving guaranteed income payments for say 5 years or more. Would a carrier with a good increase in income rider from a delay in taking the checks help offset using 100% of the money to start immediate checks?

maybe not, just thinking about possible scenarios

Actually a great idea…appreciate you bringing this "outside the box" thinking which I never would have thought of on my own.

I did run some illustrations with a 5 year period certain with about 100k, and the rest of the money in the normal FIA…after 5 years delay it actually comes out on top…more money with added benefits as well. Im gonna present this exact scenario and see what the client says.

Thanks again, banger idea here! :noteworthy:
 
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