Know Your Annuity Needs

Posted by Ray on July 21, 2006 under Main | Be the First to Comment

You need to understand your variable annuity. It makes no sense to invest a large sum of money into a product you do not understand. Different actions, such as withdrawals and additions, can impact your annuity benefits.

This is what I am trying to help the public understand. The better you understand your variable annuity; the better off you will be in the future. Making an informed decision will, literally, save you thousands of dollars in the future.

You need to know what contracts are the cheapest and that offer you the best guarantees. Beware though you may get what you pay for. Just looking at cost alone makes no sense. You must examine how the actual benefit works. Some benefits will go away if you take out more than a specific amount of money. That is not a good thing; after all, you bought the annuity for the guarantee.

You need to identify what your ultimate goal for your annuity is. If your goal is to generate income from your Annuity then forget about death benefits. All but a few death benefits are hurt by withdrawals from your annuity. If you are looking for death benefits then for get about living benefits, why pay the extra cost.

If you are looking for both, then you will need to get “The annuity Report” to find out which are the best. Like I said, there are only a few contracts that offer good living benefits that will not impact your death benefit when you make withdrawals. Although these contracts are not the cheapest out there, they will meet those goals.

What about Medicaid friendly contracts, do they exist? No they don’t. In a few areas some annuities are not classified as assets under the Medicaid rules. These are mostly immediate annuities and even there you have to be careful. The language in the contract has to be specific. If the language is too generic it will do you no good. In any event do not fall for that sales pitch, it is generally not accurate.

Like I always say there are many ok annuities being sold, but don’t you want a great annuity, right? Of course you do. That is my goal behind my book, to help you find great annuities for your needs. Why believe someone who just wants to sell you a variable annuity? They maybe offering you the best product for you, but don’t you want to be sure?

When you make other decisions don’t you like a third, unbiased, opinion? This is why I am here, to give you a third party evaluation. I do not care if you buy an annuity or not, I want you to get the facts. There is only one way to get the facts, “The Annuity Report”.

Research, compare and evaluate variable annuities, without the pressure of a sales person. Get the facts; don’t get taken for a ride.