Annuity Constraints Can Be the Client’s Friend
September 19, 2023 by Allison Bell
Keeping something like the current annuity surrender charge system could work better for many clients than trying to develop new contracts without any restrictions on what clients do with their money.
Mike Reidy, head of RIA distribution at Security Benefit, included that suggestion in a recent email interview.
One question was about the ultimate outcome of current efforts to develop contracts that lock up clients’ assets for shorter and shorter periods.
Reidy rejected the idea that the outcome would automatically mean an end to restrictions of any kind.
Wink’s Moore on the Market: I couldn’t agree with Michael Reidy more-
“Marketing simple and easy to understand offerings that provide competitive rates, caps and spreads for new money and renewals is the best course of action.”
It seems everyone is marketing competitive rates.
Not everyone is marketing competitive inforce renewal rates though.
Let’s sound off on the companies that we know, who have published their inforce renewal rates.
I’ll go first:
– American Equity
– Eagle Life® Insurance Company
– EquiTrust Life Insurance Company
– Forethought (Global Atlantic Financial Group)
– Life Insurance Company of the Southwest
– Lincoln Financial Group
– MassMutual Ascend
– Reliance Standard Life Insurance
– The Standard
Who did I forget? -sjm