Home › Forums › Financial Markets/Economics › Need advise…Allianz variable annuities
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October 21, 2009 at 4:18 PM #472718October 21, 2009 at 9:10 PM #472085
Mayer
Participant^
magsbag, I want to clear up a few more things. I agree with most of ucodegen’s post with a few exceptions; and before I go on, I have to say that you’re not doing your profession any favors by over reacting and chupee or taking on a condescending tone.
2) I have not seen any recent variable annuities with ridiculously high surrender charges like 25%. 10% at a maximum and usually only with bonus products. They typically start at 8% and slowly decrease. The products with obscene CDSC schedules are the EIAs (equity indexed annuities).
3) The 7% growth is guaranteed in this Allianz VA as other VAs from other insurance company. This is growth before expenses from my understanding without reading the prospectus; it’s typical. Again, the important part here is that the growth is to the BENEFIT BASE, NOT YOUR ACCOUNT VALUE. Because of, and if you choose, this guarantee, they’ll usually restrict your subaccount selection.1) Principal is guaranteed while you’re alive usually only if you select what’s called a GMAB rider (and there are terms and stipulations with this). Otherwise, principal is only guaranteed as a death benefit to your beneficiaries. Again, I’m only speaking about VAs here since that’s your question.
2) If you choose one of these relatively new GWLB riders, you will have level payments. For instance, 5% of the BENEFIT BASE for life. There’s that term again.I pretty much agree with the rest of ucodegen’s post. The product and guarantees are too complicated for a message board. You need to read the prospectus, see various illustrations, talk to several advisors, etc. Every one of the insurance companies named in this topic has some sort of GMAB, GMIB, GMWB, GWLB rider if you’re looking for guaranteed growth, income, principal protection etc, but each have their own calculations, stipulations, advantages, and drawbacks.
Rich won’t chime in because I know it’s prohibited by his compliance department. You might want his opinion or another local independent advisor. My only opinion here is to be wary of advisors selling proprietary products.
Don’t take anything I’ve said as gospel or advice. 🙂 Just trying to help with my limited knowledge.
October 21, 2009 at 9:10 PM #472267Participant^
magsbag, I want to clear up a few more things. I agree with most of ucodegen’s post with a few exceptions; and before I go on, I have to say that you’re not doing your profession any favors by over reacting and chupee or taking on a condescending tone.
2) I have not seen any recent variable annuities with ridiculously high surrender charges like 25%. 10% at a maximum and usually only with bonus products. They typically start at 8% and slowly decrease. The products with obscene CDSC schedules are the EIAs (equity indexed annuities).
3) The 7% growth is guaranteed in this Allianz VA as other VAs from other insurance company. This is growth before expenses from my understanding without reading the prospectus; it’s typical. Again, the important part here is that the growth is to the BENEFIT BASE, NOT YOUR ACCOUNT VALUE. Because of, and if you choose, this guarantee, they’ll usually restrict your subaccount selection.1) Principal is guaranteed while you’re alive usually only if you select what’s called a GMAB rider (and there are terms and stipulations with this). Otherwise, principal is only guaranteed as a death benefit to your beneficiaries. Again, I’m only speaking about VAs here since that’s your question.
2) If you choose one of these relatively new GWLB riders, you will have level payments. For instance, 5% of the BENEFIT BASE for life. There’s that term again.I pretty much agree with the rest of ucodegen’s post. The product and guarantees are too complicated for a message board. You need to read the prospectus, see various illustrations, talk to several advisors, etc. Every one of the insurance companies named in this topic has some sort of GMAB, GMIB, GMWB, GWLB rider if you’re looking for guaranteed growth, income, principal protection etc, but each have their own calculations, stipulations, advantages, and drawbacks.
Rich won’t chime in because I know it’s prohibited by his compliance department. You might want his opinion or another local independent advisor. My only opinion here is to be wary of advisors selling proprietary products.
Don’t take anything I’ve said as gospel or advice. 🙂 Just trying to help with my limited knowledge.
October 21, 2009 at 9:10 PM #472624Participant^
magsbag, I want to clear up a few more things. I agree with most of ucodegen’s post with a few exceptions; and before I go on, I have to say that you’re not doing your profession any favors by over reacting and chupee or taking on a condescending tone.
2) I have not seen any recent variable annuities with ridiculously high surrender charges like 25%. 10% at a maximum and usually only with bonus products. They typically start at 8% and slowly decrease. The products with obscene CDSC schedules are the EIAs (equity indexed annuities).
3) The 7% growth is guaranteed in this Allianz VA as other VAs from other insurance company. This is growth before expenses from my understanding without reading the prospectus; it’s typical. Again, the important part here is that the growth is to the BENEFIT BASE, NOT YOUR ACCOUNT VALUE. Because of, and if you choose, this guarantee, they’ll usually restrict your subaccount selection.1) Principal is guaranteed while you’re alive usually only if you select what’s called a GMAB rider (and there are terms and stipulations with this). Otherwise, principal is only guaranteed as a death benefit to your beneficiaries. Again, I’m only speaking about VAs here since that’s your question.
2) If you choose one of these relatively new GWLB riders, you will have level payments. For instance, 5% of the BENEFIT BASE for life. There’s that term again.I pretty much agree with the rest of ucodegen’s post. The product and guarantees are too complicated for a message board. You need to read the prospectus, see various illustrations, talk to several advisors, etc. Every one of the insurance companies named in this topic has some sort of GMAB, GMIB, GMWB, GWLB rider if you’re looking for guaranteed growth, income, principal protection etc, but each have their own calculations, stipulations, advantages, and drawbacks.
Rich won’t chime in because I know it’s prohibited by his compliance department. You might want his opinion or another local independent advisor. My only opinion here is to be wary of advisors selling proprietary products.
Don’t take anything I’ve said as gospel or advice. 🙂 Just trying to help with my limited knowledge.
October 21, 2009 at 9:10 PM #472701Participant^
magsbag, I want to clear up a few more things. I agree with most of ucodegen’s post with a few exceptions; and before I go on, I have to say that you’re not doing your profession any favors by over reacting and chupee or taking on a condescending tone.
2) I have not seen any recent variable annuities with ridiculously high surrender charges like 25%. 10% at a maximum and usually only with bonus products. They typically start at 8% and slowly decrease. The products with obscene CDSC schedules are the EIAs (equity indexed annuities).
3) The 7% growth is guaranteed in this Allianz VA as other VAs from other insurance company. This is growth before expenses from my understanding without reading the prospectus; it’s typical. Again, the important part here is that the growth is to the BENEFIT BASE, NOT YOUR ACCOUNT VALUE. Because of, and if you choose, this guarantee, they’ll usually restrict your subaccount selection.1) Principal is guaranteed while you’re alive usually only if you select what’s called a GMAB rider (and there are terms and stipulations with this). Otherwise, principal is only guaranteed as a death benefit to your beneficiaries. Again, I’m only speaking about VAs here since that’s your question.
2) If you choose one of these relatively new GWLB riders, you will have level payments. For instance, 5% of the BENEFIT BASE for life. There’s that term again.I pretty much agree with the rest of ucodegen’s post. The product and guarantees are too complicated for a message board. You need to read the prospectus, see various illustrations, talk to several advisors, etc. Every one of the insurance companies named in this topic has some sort of GMAB, GMIB, GMWB, GWLB rider if you’re looking for guaranteed growth, income, principal protection etc, but each have their own calculations, stipulations, advantages, and drawbacks.
Rich won’t chime in because I know it’s prohibited by his compliance department. You might want his opinion or another local independent advisor. My only opinion here is to be wary of advisors selling proprietary products.
Don’t take anything I’ve said as gospel or advice. 🙂 Just trying to help with my limited knowledge.
October 21, 2009 at 9:10 PM #472919Participant^
magsbag, I want to clear up a few more things. I agree with most of ucodegen’s post with a few exceptions; and before I go on, I have to say that you’re not doing your profession any favors by over reacting and chupee or taking on a condescending tone.
2) I have not seen any recent variable annuities with ridiculously high surrender charges like 25%. 10% at a maximum and usually only with bonus products. They typically start at 8% and slowly decrease. The products with obscene CDSC schedules are the EIAs (equity indexed annuities).
3) The 7% growth is guaranteed in this Allianz VA as other VAs from other insurance company. This is growth before expenses from my understanding without reading the prospectus; it’s typical. Again, the important part here is that the growth is to the BENEFIT BASE, NOT YOUR ACCOUNT VALUE. Because of, and if you choose, this guarantee, they’ll usually restrict your subaccount selection.1) Principal is guaranteed while you’re alive usually only if you select what’s called a GMAB rider (and there are terms and stipulations with this). Otherwise, principal is only guaranteed as a death benefit to your beneficiaries. Again, I’m only speaking about VAs here since that’s your question.
2) If you choose one of these relatively new GWLB riders, you will have level payments. For instance, 5% of the BENEFIT BASE for life. There’s that term again.I pretty much agree with the rest of ucodegen’s post. The product and guarantees are too complicated for a message board. You need to read the prospectus, see various illustrations, talk to several advisors, etc. Every one of the insurance companies named in this topic has some sort of GMAB, GMIB, GMWB, GWLB rider if you’re looking for guaranteed growth, income, principal protection etc, but each have their own calculations, stipulations, advantages, and drawbacks.
Rich won’t chime in because I know it’s prohibited by his compliance department. You might want his opinion or another local independent advisor. My only opinion here is to be wary of advisors selling proprietary products.
Don’t take anything I’ve said as gospel or advice. 🙂 Just trying to help with my limited knowledge.
October 21, 2009 at 9:17 PM #472095ParticipantBTW, do you have a thing for Allianz? Is that all your professional is offering because you seem to have asked this question before more than two years ago:
http://piggington.com/allianz_variable_annuity_again
My friend, you’ve had quite awhile to research this and other products! Okay, good night all, last post in this thread.
October 21, 2009 at 9:17 PM #472277ParticipantBTW, do you have a thing for Allianz? Is that all your professional is offering because you seem to have asked this question before more than two years ago:
http://piggington.com/allianz_variable_annuity_again
My friend, you’ve had quite awhile to research this and other products! Okay, good night all, last post in this thread.
October 21, 2009 at 9:17 PM #472634ParticipantBTW, do you have a thing for Allianz? Is that all your professional is offering because you seem to have asked this question before more than two years ago:
http://piggington.com/allianz_variable_annuity_again
My friend, you’ve had quite awhile to research this and other products! Okay, good night all, last post in this thread.
October 21, 2009 at 9:17 PM #472711ParticipantBTW, do you have a thing for Allianz? Is that all your professional is offering because you seem to have asked this question before more than two years ago:
http://piggington.com/allianz_variable_annuity_again
My friend, you’ve had quite awhile to research this and other products! Okay, good night all, last post in this thread.
October 21, 2009 at 9:17 PM #472928ParticipantBTW, do you have a thing for Allianz? Is that all your professional is offering because you seem to have asked this question before more than two years ago:
http://piggington.com/allianz_variable_annuity_again
My friend, you’ve had quite awhile to research this and other products! Okay, good night all, last post in this thread.
October 22, 2009 at 9:23 PM #472508chupee
Participant[quote=DriveByLurker][quote=chupee, an undercover Dale Canegie instructor]Hi there Truly sad how many morons their are on this ite. after 23 years in the fincancial industry im still amazd at the stupidity i see everyday. First off NO ONE HAS EVER LOST A PENNY IN AN INDEXED ANNUITY OR A FIXED .. FACT That did not violate the terms of the contract . so for all you know it all show me a statement where anybody lost a penny in the last year or in 2000 or in any year abd I buy you dinner anywhere in the country.(…)[/quote]
Umm, not to get all fact based on you, but didn’t folks who held long term insurance contracts written by Executive Life Insurance (California) take a HUGE haircut in the 1989 when the company invested heavily in junk bonds?
.[/quote]
State insurance funds, which depend on premiums paid by individual insurers, will be called on to make up any shortfalls in policyholder payments by Executive Life’s new buyer.
Forgive me I just get tired of know it alls trying to sell Variable annuities which are a reue nightmare to seniors .. and in the same breath i am exhasted from brokers which i was one for many mnay years still pushin mutual funds and other equity postions .. Let me know when the REal get toether is in person and we can all lay down our statements .. Thats what stops the bullshit . i am solution driven NOT product and NOT comission driven. if its loca l to la I would love to meet some of you guys otherwise its just poinyess to talk about symantics when we all know that the brightest of the bunch GOT KILLED in the last 18 months My accounts are STILL a t the highs end of story .. sorry if this pisses you guys off
October 22, 2009 at 9:23 PM #472688Participant[quote=DriveByLurker][quote=chupee, an undercover Dale Canegie instructor]Hi there Truly sad how many morons their are on this ite. after 23 years in the fincancial industry im still amazd at the stupidity i see everyday. First off NO ONE HAS EVER LOST A PENNY IN AN INDEXED ANNUITY OR A FIXED .. FACT That did not violate the terms of the contract . so for all you know it all show me a statement where anybody lost a penny in the last year or in 2000 or in any year abd I buy you dinner anywhere in the country.(…)[/quote]
Umm, not to get all fact based on you, but didn’t folks who held long term insurance contracts written by Executive Life Insurance (California) take a HUGE haircut in the 1989 when the company invested heavily in junk bonds?
.[/quote]
State insurance funds, which depend on premiums paid by individual insurers, will be called on to make up any shortfalls in policyholder payments by Executive Life’s new buyer.
Forgive me I just get tired of know it alls trying to sell Variable annuities which are a reue nightmare to seniors .. and in the same breath i am exhasted from brokers which i was one for many mnay years still pushin mutual funds and other equity postions .. Let me know when the REal get toether is in person and we can all lay down our statements .. Thats what stops the bullshit . i am solution driven NOT product and NOT comission driven. if its loca l to la I would love to meet some of you guys otherwise its just poinyess to talk about symantics when we all know that the brightest of the bunch GOT KILLED in the last 18 months My accounts are STILL a t the highs end of story .. sorry if this pisses you guys off
October 22, 2009 at 9:23 PM #473043Participant[quote=DriveByLurker][quote=chupee, an undercover Dale Canegie instructor]Hi there Truly sad how many morons their are on this ite. after 23 years in the fincancial industry im still amazd at the stupidity i see everyday. First off NO ONE HAS EVER LOST A PENNY IN AN INDEXED ANNUITY OR A FIXED .. FACT That did not violate the terms of the contract . so for all you know it all show me a statement where anybody lost a penny in the last year or in 2000 or in any year abd I buy you dinner anywhere in the country.(…)[/quote]
Umm, not to get all fact based on you, but didn’t folks who held long term insurance contracts written by Executive Life Insurance (California) take a HUGE haircut in the 1989 when the company invested heavily in junk bonds?
.[/quote]
State insurance funds, which depend on premiums paid by individual insurers, will be called on to make up any shortfalls in policyholder payments by Executive Life’s new buyer.
Forgive me I just get tired of know it alls trying to sell Variable annuities which are a reue nightmare to seniors .. and in the same breath i am exhasted from brokers which i was one for many mnay years still pushin mutual funds and other equity postions .. Let me know when the REal get toether is in person and we can all lay down our statements .. Thats what stops the bullshit . i am solution driven NOT product and NOT comission driven. if its loca l to la I would love to meet some of you guys otherwise its just poinyess to talk about symantics when we all know that the brightest of the bunch GOT KILLED in the last 18 months My accounts are STILL a t the highs end of story .. sorry if this pisses you guys off
October 22, 2009 at 9:23 PM #473121Participant[quote=DriveByLurker][quote=chupee, an undercover Dale Canegie instructor]Hi there Truly sad how many morons their are on this ite. after 23 years in the fincancial industry im still amazd at the stupidity i see everyday. First off NO ONE HAS EVER LOST A PENNY IN AN INDEXED ANNUITY OR A FIXED .. FACT That did not violate the terms of the contract . so for all you know it all show me a statement where anybody lost a penny in the last year or in 2000 or in any year abd I buy you dinner anywhere in the country.(…)[/quote]
Umm, not to get all fact based on you, but didn’t folks who held long term insurance contracts written by Executive Life Insurance (California) take a HUGE haircut in the 1989 when the company invested heavily in junk bonds?
.[/quote]
State insurance funds, which depend on premiums paid by individual insurers, will be called on to make up any shortfalls in policyholder payments by Executive Life’s new buyer.
Forgive me I just get tired of know it alls trying to sell Variable annuities which are a reue nightmare to seniors .. and in the same breath i am exhasted from brokers which i was one for many mnay years still pushin mutual funds and other equity postions .. Let me know when the REal get toether is in person and we can all lay down our statements .. Thats what stops the bullshit . i am solution driven NOT product and NOT comission driven. if its loca l to la I would love to meet some of you guys otherwise its just poinyess to talk about symantics when we all know that the brightest of the bunch GOT KILLED in the last 18 months My accounts are STILL a t the highs end of story .. sorry if this pisses you guys off
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