Annuities

All Services

Get a Quote

    Downloads

    Help Protect What Matters Most

    BROCHURE

    FAQ's

    To set an appointment use the Schedule an Appointment button or Contact us.

    Most of our appointments are scheduled via zoom or by phone for the security and safety of our clients and agents for privacy and to guard against Covid. We can schedule a personal meeting if necessary.

    Yes, for fraud and security purposes you will need to provide ID at your scheduled appointment if you are providing sensitive information and your agent as well.

    The agent will have provided the information necessary for you to verify licensure prior to your appointment.

    Most of our companies will send you a copy by email and then a hard copy by mail within 48 hours of the date your policy was issued.

    Those that buy want to do so in case of death, disability, or critical illness. Secondly, to cover final expenses, pay off debt or leave a legacy. Thirdly, to protect their retirement income or provide an income stream. Those who benefit from buying include head of household, parents of a minor or special needs child, stay-at-home parents, divorced parents, homeowners with a mortgage, co-signer on a debt, wealthy individuals, business owners and those who want to leave a legacy or inheritance.

    First consider why you are buying life insurance is the financial strength of a company, what policies, riders and how much coverage you want. Next decide what company will best help you meet those goals and which companies offer those products. Do your research. Educate to empower yourself as much as possible. We can help you narrow those options since we represent 14 carriers. We are sure to find the right policy and coverage. Contact us or Schedule an Appointment for a free consultation.

    Financial Strength: Consider the company's financial rating. A number of rating agencies, such as AM Best, provide a credit rating score which indicates whether the company is likely to default on its debts. Policies: Not all companies offer all types of insurance.

    Coverage: Think about how much coverage you will need. As a rule, it is suggested that you buy 10 x your annual income. For example, if you make 50,000 a year, then you should buy a $500,000 life insurance plan. The amount of coverage is going to be based on a number of things such as age, medical history, marital status and dependents. Perhaps even, you have a spouse that works at home, or you may want to have a plan for college. to consider are debts, such as a mortgage, retirement or leaving a legacy for your family.

    Riders: Life insurance riders are typically add-ons that help you customize a standard policy to better meet your goals. There are so many more to choose from. Listed below are some common ones. We have policies where riders come with the policy at no additional.

    • Accelerated death benefit is a common rider that allows you to access the money in your death benefit before you die, typically in the case of a terminal illness, critical illness, or injury.
    • Term conversion rider — This lets you convert your term type policy to a permanent type of life insurance.
    • Accidental death and dismemberment — Pays a set amount of money for accidental death in addition to the regular death benefit.
    • Waiver of premium rider — If you become disabled this rider lets you waive the premiums for your policy.
    According to LIMBRA 83% of consumers state burial costs as a reason for purchasing life insurance. A 2021 National Funeral Direct Association (NFD) study indicates the average cost of a funeral, including a viewing and burial is $7,848. Adding a burial vault raises the cost to $9500. The U.S. Bureau of Labor and Statistics data show a 227.1% increase between 1987 and 2017.
    The beneficiary is who or what you select to receive the money from your life insurance money. This could be a person or an organization.

    The policyholder is the person who purchases the life insurance policy. This may be the same person who is being insured, the beneficiary, or someone else like a spouse.

    The death benefit is the money paid to the beneficiary after the person insured has passed away. The death benefit is usually paid only when the policy is paid up. It passes directly to the beneficiary, usually not subject to creditors or probate. It is generally tax free if passed in one lump sum.

    The cash value is the portion of your premium that is set aside in a separate account in your permanent life insurance policy. The cash value can earn interest or be invested. You can borrow from it, pay your premiums at some stage, or use it as an income stream.
    Some whole life policies pay dividends which are usually stock owned companies or mutual companies. This will depend on your policy, and you should check with your insurance company or agent to see if your current policy or the policy you are considering pays dividends.
    Life insurance companies must adhere to state laws on how long a beneficiary has to claim insurance benefits.
    Some companies will pay the death benefit for death by suicide. There are sometimes clauses or waiting periods within a life insurance policy, which generally expire two to three years after the policy was purchased. If you or anyone you know is contemplating suicide, call the National Suicide Prevention Lifeline at 800-273-8255. They are available 24 hours of the day and operate 150 crisis centers that offer encouragement and local resources.

    There are companies that offer cancer insurance but the terms will depend on both the insurance company, the type of cancer, treatment and whether or not you are in recovery.

    Didn't find the answer? Contact us or Schedule an Appointment for a free consultation.

    Annuities
    Annuities

    An Annuity’s basic purpose is to:

    • Provide a series of payments or stream of income
    • For a fixed or contingent period of time often over the recipient’s life. An annuity can be paid
    • Paid either in prior installment payments or in a single payment
    Annuities are designed so that the recipient, called the annuitant or person receiving the payments named in the policy, cannot outlive the income being paid back.
    This is a unique feature and is not found in any other investment or accumulation vehicle. This lifetime guarantee of income is also unique in that it promises to continue payments even after all of the annuitant’s accumulated contributions and earnings are used up.
    Schedule an Appointment button or Contact us for a free consultation for more information to see how an annuity can be a valuable investment.
    Image

    Advantages of an Annuity

    Lifetime Guaranteed Rate - The minimum interest rate that is guaranteed for the life of the annuity is known as the lifetime guaranteed rate. Also called the nonforfeiture rate.
    Money Back Guarantee - Here, the contract owner is protected and the insurer assumes the risks involved. If the contract owner is not satisfied with their annuity, money paid can be refunded, provided that they act within the timeframe specified in the contract. The insurer may also provide a guarantee that surrender charges will not affect the principal, allowing the contract owner to get back their entire initial premium.
    Bailout Clause or Escape Clause - The bailout clause, or escape clause, is another protection for the contract owner. Most insurers will waive surrender charges under certain circumstances (i.e., nursing home confinement, terminal illness diagnosis, death, or disability). In addition, the agreement between the insurer and the contract owner can be voided if the interest rate decreases below a certain level, called the bailout rate. Check for the specific language in the annuity contract.
    Maximum Ages for Issue and Benefits - Typically, most companies allow for annuities to be purchased and issued to contract owners and annuitants until these persons reach their late 80’s.
    Annuity Maturation - An annuity policy does not "mature" like a bond or certificate of deposit. Both principal and interest will automatically continue to earn interest until withdrawn or the annuitant reaches the contract‑specified age. Money invested can continue to grow, be withdrawn, or begin to be received as income at any time.
    No Investment Risk - Once the contract is issued, annuity owners can expect their payments not to change in amount or frequency. They can enjoy the financial security of a guaranteed income with no investment risk. Economic conditions or investment returns may change, but their payment is guaranteed to remain the same.
    Safety Reserves - A tax-deferred annuity is safe. A qualified legal reserve life insurance company is required to meet its contractual obligations to the owner through reserves. These reserves must, at all times, be equal to the actuarially computed net withdrawal value of their annuity policies issued to a particular risk pool. In addition to reserves, state law also requires certain levels of capital and surplus to further increase policyholder protection.
    Avoiding Probate: All Annuities Avoid Probate - Properly executed and maintained annuities also avoid probate. The typical annuity account will not go through probate since it has a named beneficiary. Assets with a named beneficiary typically bypass probate and the beneficiary receives the assets directly.
    Withdrawals - Many annuities allow their annuity holders to withdraw up to 10% of their account value each year without the surrender charges applying to these withdrawals. Similarly other companies allow for withdrawals of either the interest in the account or 10%, whichever is greater. And, still others allow the 10% withdrawal amounts to accumulate each year to allow for accumulated withdrawals of 20%, 30%, 40%, etc., as time passes. Withdrawals are taxed at ordinary income.
    Annuities have many advantages. Schedule an Appointment button or Contact us for a free consultation for more information to see how annuities can be the investment tool for you.

    Types of Annuities

    Fixed Indexed Annuities premiums are tied to an index and credited similar to IULs. As with IULs, Fixed Indexed Annuities offer principal protection and a death benefit, with gains contingent upon market performance.
    Variable Annuities - A variable annuity is a tax deferred insurance product that offers a wider range of investment options and the contract owner chooses those investment options. The fluctuation of the annuity’s cash value and monthly income is the main difference between variable and fixed annuities in this regard.

    A variable annuity fluctuates in value according to the performance of its underlying investments (i.e., “subaccounts”), which are held by the company in a separate account outside the insurer’s general account. All variable annuities must be registered with the SEC (Securities and Exchange Commission).

    Qualified Annuity is a part of an employee benefit plan that has met certain requirements, or becomes “qualified” under the Internal Revenue code, such as an IRA (Individual Retirement Account) or a TSA (Tax Sheltered Annuity). A qualified annuity is one that is used in connection with a qualified retirement plan. Simply put, a qualified retirement plan differs from a nonqualified arrangement in that contributions made into the qualified annuity are income tax deductible to the employer and to the account holder in the case of an IRA and TSA.
    Non-Qualified Annuity may be purchased by any individual and is not associated with an employer-sponsored retirement plan or an IRA or TSA. The contributions to a nonqualified annuity are not tax deductible. While “nonqualified” may sound like a negative, it has nothing to do with the qualifications of the policy or the company issuing the annuity.
    It is impossible to give an exhaustive list of all the characteristics and value of an annuity on any website. That is why it is important to Schedule an Appointment or Contact us for a free consultation for more information to see how annuities can be the investment tool for you.