Types of Annuities

MYGA's
Multi-Year Guaranteed Annuities

THINK:  CD's with potentially higher guaranteed rates

A type of annuity that guarantees a fixed rate for a specified duration.  i.e. a product that guarantees 3.5% annually for 5-years. Many firms use 'teaser' rates, which advertise a higher 1st year rate, to then decrease that rate in subsequent years

SPIA's
Single Premium Immediate Annuities

THINK:  Pension type payments for fixed period of time

A type of annuity that guarantees an income stream at a specified date, typically within one-year.  Many lifetime income options are available that will 'guarantee' the highest possible income but will most likely eliminate or reduce your liquidity. Best income with best carrier 'wins', not best commission.

FIA's
Fixed Indexed Annuities

THINK:  MYGA's with more complex upside 'potential'

A type of annuity that is designed to generate more growth than a MYGA.  The interest is credited on a specific index performance, with the principle guaranteed at maturity.  Much more complex products with their design so clients must be wary of deceptive sales tactics.

GMWB's
Guaranteed Minimum Withdrawal Benefits

THINK:  Pension type payment with control of your account value

A rider (annual fee) that can be purchased within an Indexed Annuity or Variable Annuity.  The goal is to maximize your income and to outlive your contract value, simply called longevity insurance.  Too often, deceptive practices are used to market/sell these riders.  Very few products should be purchased (based on guarantees and unique features), but dozens are 'sold' for advisor friendly reasons.

The Annuity Guru®

 

The Annuity Guru's® team provides years of experience within the annuity & financial consulting industries. We are viewed by financial representatives as their resource for annuity product review, due diligence and education on how to incorporate specific annuities within a clients financial plan. Our primary focus is make sure an annuity is suitable and if so, find the most appropriate product for your specific financial situation. With thousands of annuity products available in an ever-changing industry, the only way to find a product in the clients best interest is to ONLY support annuities. We understand that the industry lacks transparency AND full disclosure, which is why we encourage you to shop our recommendations and try to find a more suitable product!

 

In our experience, there are 2 types of financial representatives:

  • Independent Insurance Agents - representatives that do not hold a securities license and primarily sell traditional insurance products; life insurance, P&C and health insurance.  In our experiences, these agents don't have the vast majority of products available to them and have faced criticism for selling high commissioned products that have longer surrender charges. We highly encourage you that any recommendation from insurance agents, be reviewed by The Annuity Guru's® team!

  • Full-Service Financial Advisors - representatives whom are securities licensed and can offer virtually every type of investment industry-wide.  Most of these advisors have their clients best interest in mind but have limitations, since their firm typically has an 'approved' product list.  These limitations could result in a sub-par product being recommended.  The Annuity Guru's® team would love the opportunity to review any recommendation prior to signing on the dotted line!

Our mission is to provide unbiased advice, through full disclosure and transparency!  With each recommendation, the Annuity Guru's® team voluntarily discloses the commissions and competitive analysis.  We work solely on guaranteed numbers, because we feel this is the only way to market annuities, therefore eliminating the 'deceptive' salesman tactics, so often used.  We always encourage individuals to compare our recommendations to your current representatives because we only recommend the strongest products available that have your best interests in mind, not ours.

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Disclaimer: Rates are based on current interest rates and are subject to change at any time. Some first year yields/rates reflect the fixed rate plus a premium bonus or interest rate enhancement. Not all annuities are available in all states. Surrender charges may apply to withdrawals during the surrender period. A 10% IRS penalty may apply to withdrawals prior to age 59 ½. Annuity product guarantees rely on the financial strength and claims-paying ability of the issuing insurer. Annuities are not guaranteed by any bank or credit union and are not insured by the FDIC or any other federal government agency. Information presented on this website is not intended as tax or legal advice. You are encouraged to seek tax or legal advice from a qualified professional.  The Annuity Guru® agents' are licensed to sell Annuities; The Annuity Guru agents are not required to be FINRA registered representatives or a Broker Dealer.