008: How do I choose the right annuity type?

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welcome to

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fun with annuities with your host me

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stan

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the annuity man america's annuity agent

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can annuities be fun

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can contractual guarantees be fun

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absolutely they can find out the brutal

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facts about annuities

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with no sales pitches or high pressure

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nonsense

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just the brutal and factual annuity

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truth which is all you need to hear

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let's have some fun with annuities and

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let's have that fun start

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right now

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hey this is stan the annuity man and

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welcome to fun

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with annuities today's topic is a really

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good one how do i choose the right

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annuity type

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there's many types out there you just

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can't say i hate all annuities it's like

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saying i hate all restaurants or i hate

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old socks or i hate old shoes

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there's different types they have

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different limitations and benefits and

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benefit propositions

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so you can't say i hate all i guess if

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you want to say hey all annuities just

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say i hate all mutual funds or i hate

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all stocks because it makes as much

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sense

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so you know you might not even need an

1:09
annuity that's okay too

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but let's go through some easy ways to

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find

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out if you do need an annuity type

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if you do need to transfer some risk to

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solve for something specific how do you

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go about doing that

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i've come up with a very easy to

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remember acronym

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to even find out if if you need an

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annuity

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and the acronym is pill p-i-l-l

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the p stands for principal protection

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i stands for income for life

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l stands for legacy and the other

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l stands for long-term care confinement

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care type benefits so

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principal protection income for life

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legacy and long-term care

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notice there's no g for growth and

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there's no

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m for market there's no s for stock

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market

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there's no b for bitcoin okay it's pill

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principal protection income for life

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legacy long-term care confinement care

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if you do not need to suffer one or more

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of those

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of the pill you do

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not need an annuity of any type it's

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that simple

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pill just remember that now if you say

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yeah there's one of those that i kind of

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need whether it's income for life or

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i want to protect my principal or i kind

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of need some confinement care

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or long-term care or legacy you know

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legacy's leaving money to your

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beneficiaries and

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even though annuities are issued by life

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insurance companies

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you can structure some annuity types for

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legacy

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now with that being said the best legacy

2:47
product

2:48
on the planet is life insurance i don't

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sell life insurance i have tons of it on

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stand the annuity man because i'm

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staying the annuity man

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and i want to take care of my family and

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life insurance is the best return on

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investment you'll never see why because

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you're dead but with that being said

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there's a lot of people that can't

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qualify

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medically and can't pass the

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underwriting for life insurance you're

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out there smoking 12 packs of cigarettes

3:12
a day with no filter and drinking a

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bottle of jack

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and if you're doing that that's okay go

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for it

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but you're not going to be able to get

3:19
life insurance you can do legacy

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with annuities the difference with life

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insurance the benefit that that lump sum

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your beneficiaries get is tax-free

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probate free

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with annuities they're gonna have to pay

3:32
taxes on that death benefit but hey

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you know you're you can't qualify for

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life insurance anyway so it's not a bad

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plan b

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so with that being said you got pill

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principal protection income for life

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legacy and long-term care confinement

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care and then it comes down to two

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questions what do you want the money to

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contractually do

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and when do you want those contractual

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guarantees to start

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so if you just remember those two things

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pill and the two questions

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you're not going to fall for some sales

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pitch or bad chicken dinner seminar if

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you go to the bad chicken dinner seminar

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swallow the food not the pitch and a lot

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of these indexed annuity

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seminars they're serving steak i mean

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they're they're taking it to some really

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nice steakhouse

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go get it medium rare and get the baked

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potato it's fantastic

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but just you know swallow the food not

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the pitch so

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the two questions again what i want the

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money to contractually do

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when do i want those contractual

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guarantees to start from there

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we narrow it down even further but let's

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go through the product choices

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and let's just say you you know with

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those two questions and pill you've

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narrowed it down

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so let's go through p the principal

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protection part what annuities

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solve for principal protection hey stan

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i don't want an income stream i don't

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want to

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do what's called annuitize annuitization

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means create an income stream

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i don't want to do that i just want to

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protect the principal i want to get some

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interest i don't want the money to go

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down i don't want the stock market to

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kill it

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if the stock market goes to the floor i

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don't want this

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money to be affected so to protect that

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from any market

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downfall there's two ways to do that

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the first is with a miga multi-year

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guarantee annuity is the annuity version

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of

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a cd it's a fixed rate annuity you

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give the annuity company a specific

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amount of money

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and they provide an annual interest rate

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for a specific period of time just like

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a cd the difference between

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a miga multi-year guarantee annuity

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fixed rate annuity and a cd

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is that in a non-ira account

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the multi-year guarantee annuity

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interest grows tax deferred whereas with

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a cd you'd have to pay taxes on the

5:33
interest every year that does not make

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it better

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that's just the difference so that's the

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first way to protect

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principal with an annuity the other way

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is with a fixed indexed annuity that's

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also a cd product i know that's

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surprising to a lot of you out there

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because you're hearing market upside

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with no downside and all these great

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things

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sounds too good to be true because it is

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on indexed annuities

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indexed annuities is that it's a fixed

5:58
price it's a life insurance product you

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do not need a securities license to sell

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it

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you need a life insurance license to

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sell it and because

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of that it's a fixed annuity and it was

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designed and introduced in 1995

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to compete with cd returned and guess

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what it's done since then

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it's competed with cd returns and that's

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fine

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but don't go into buying an indexed

6:20
annuity thinking that

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you know you're going to be gordon gekko

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with a parachute you're not

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do do some years with indexed annuities

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do better than others

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yes because the return is based upon

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an index typically the s p 500 not

6:36
including dividends and it's a one year

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call option meaning

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from one year to the next year the the

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same day point to point in most cases

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some some

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there's machinations of these index

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options that we can get into later

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but the bottom line is you're going to

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probably get a little bit more than cd

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returns over time but if the markets go

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into the toilet

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you don't lose a penny so principal

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protection is is my multi-year guarantee

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annuity

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and fixed indexed annuities both are

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going to provide

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cd type returns the other way to protect

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principle would be with

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with products like immediate annuities

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deferred income annuities and culax

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where you structure them so that 100 of

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the money

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goes to either you your spouse or the

7:20
beneficiaries of the policy

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even though you're getting the lifetime

7:24
income stream so 100 of that

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principle is protected and will go

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either to you you know whoever you're

7:31
set if you set it up joint with your

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spouse or partner

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and if you die early and the spouse dies

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early whatever's left in the account

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goes to the beneficiaries you can

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structure it like that so

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there's an argument for you know

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immediate annuities deferred income

7:42
annuities and culax

7:44
being principal protected as well so

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that covers the p

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on the pill principal protection income

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for life legacy

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and long-term care confinement care so

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let's talk about the i part income for

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life

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annuities were put on the planet

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primarily for

7:58
income they were introduced in the roman

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times

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to pay a lifetime income stream to the

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roman soldiers and their families they

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were sold

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really the only annuity sold up until

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the mid 1950s in this country

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i guess you know everything's gone

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downhill since then you know

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kind of a joke but actually i love the

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simplicity of an immediate annuity

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and that's the reason it still is the

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granddaddy of all annuities

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so income for life you can transfer the

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risk to have the annuity company pay you

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or you and your spouse have set up joint

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for the rest of your life or lives

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regardless how long you live

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you can either get income now or income

8:32
later that's the quotes you could get on

8:34
on my site at the annuityman.com income

8:37
now is an immediate annuity quote with

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income

8:39
starting as soon as 30 days from the

8:41
issue date of the policy

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up to as far out as 13 months so that's

8:46
with an immediate annuity so an

8:48
immediate annuity solves for

8:49
income now income later is solved with

8:52
products like deferred income annuities

8:54
or fixed indexed annuities with a income

8:57
writer income writers and attached

8:58
benefit to a policy that has a

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contractual guarantee for future income

9:03
that you know exactly to the penny what

9:04
it's going to be

9:06
all right and those can be used in

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non-qualified non-ira accounts

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a deferred income annuity can be used in

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an ira account

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if you defer it up to 70 years old

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income riders actually can be deferred

9:17
past 70 years old

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and then with most of them and then with

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a cue lack a deferred income annuities

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also

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there's another version of that called a

9:25
cue like qualified longevity annuity

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contract

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within an ira you can defer that

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qualified longevity annuity contract

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past age 70 and a half as far out as age

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85 but you can defer it as short as

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age 71 but you can go as far out as aj

9:39
85

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so that's income later okay that's how

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that works

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so income now or income later is the in

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is the lifetime income part

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or the income for life part of pill

9:52
annuities were really put on the planet

9:53
for that

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the benefit proposition that annuities

9:56
offer that that

9:57
no other product offers on the planet

10:00
is lifetime income in other words you

10:02
can never outlive

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the income stream for whatever reason

10:06
the annuity industry has not pounded

10:08
that into the ground to where everyone

10:09
that even thinks about annuities thinks

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oh yeah that's the lifetime income

10:12
stream product

10:13
that's how it should be marketed but

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they don't do that for some reason they

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allow these pundits to

10:19
you know to frame it as i hate all

10:21
annuities and

10:22
blah blah blah all that nonsense and

10:24
you're smart enough to know better than

10:25
that

10:25
so we've gone over the p which is

10:27
principal protection we've gone over the

10:28
i which is income for life

10:30
let's talk about l which is legacy

10:33
now with that being said and i said it

10:35
earlier the best legacy product on the

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planet is life insurance i don't sell it

10:40
but it's the best all right because that

10:42
lump sum goes tax-free and probate free

10:44
to your list of beneficiaries but if you

10:45
can't qualify for it

10:47
you can use annuities for legacy

10:50
now there are some income writers

10:53
that you can also use as a death benefit

10:56
in other words they're going to grow by

10:57
a specific percentage

10:59
but you can only use that specific

11:01
percentage of growth

11:02
for a death benefit that's pretty cool i

11:04
mean if you can't qualify for life

11:06
insurance

11:07
you know you can buy a death benefit

11:09
writer attached to an

11:11
typically it's an index annuity they're

11:13
attached to variables as well

11:15
but an index annuity and you can know to

11:17
the penny

11:18
what that death benefit's going to be if

11:20
you die at a specific age

11:22
that's pretty good for people that can't

11:24
qualify you can also use

11:27
other types of annuities for legacy you

11:29
can use you know you could buy a myga

11:30
which is a cd type product

11:32
you could buy an index annuity which is

11:34
also a cd type product from a return

11:36
standpoint

11:37
and just let them grow and let them

11:38
compound and use that as a death benefit

11:41
as well

11:42
another way to do legacy and you know

11:45
i'm kind of a math guy out here and i do

11:46
things

11:47
everything i do is contractually

11:48
guaranteed no hypotheticals theoreticals

11:51
back

11:51
tested no nonsense no pie in the sky

11:54
unicorns chasing the butterfly crap

11:57
it's all contractual it's all i guess

11:59
worst case scenario if it's contractual

12:01
it's worst case scenario right

12:02
so one of the things i do from a legacy

12:05
standpoint is i talk to people about

12:07
possibly leaving a legacy of income and

12:10
when i say that

12:11
i've done a couple of more than a couple

12:14
but just couple recently

12:16
that i called the legacy income monster

12:18
where you are

12:19
a the grandfather that buys a joint life

12:23
annuity immediate annuity with your

12:25
grandson

12:26
or your great grandson now that sounds

12:29
crazy doesn't it

12:30
but think about it for a second the the

12:32
grandfather's 80 the great grand

12:34
the great grandsons 2 or 20 or whatever

12:37
it is

12:37
and you buy a joint life income annuity

12:40
now the interesting part about that and

12:42
there's a lot of tax things that we'd

12:43
have to talk about in all the

12:45
you know eyes we'd not have to dot and

12:46
t's would have to cross but just

12:48
from a 30 000 foot view what you're

12:50
doing is you're setting up a lifetime

12:51
income

12:52
stream that your grandchildren or

12:53
children can never outlive

12:55
even when you pass away because the

12:57
joint lifetime

12:58
income payment is primarily based on the

13:01
younger of the two's life expectancy so

13:03
in a joint lifetime

13:04
income scenario like this the younger of

13:07
the two

13:08
that's what it's going to be based on

13:10
and you can do it you can get pretty

13:11
creative you can attach a cola cost of

13:13
living adjustment increase

13:15
to that lifetime income stream so that

13:17
the the cost of living

13:19
it's the cola will increase that income

13:21
extreme for the for the life

13:23
of your grandson great grandson whatever

13:26
or you can do it with your spouse the

13:27
bottom line is this

13:29
think outside the box when it comes with

13:30
legacy with

13:32
with annuities and i'll help you do that

13:35
we can run quotes with you

13:36
and your spouse you and your children

13:38
you and your grandchildren

13:39
and every time that money comes into the

13:42
account of them

13:43
they're going to think about you and

13:44
it's also a way for you to somewhat

13:46
handcuff the beneficiaries i know that

13:48
sounds tough and

13:49
it's just me and you talking right here

13:51
so you know it's just me and you

13:52
but a lot of times kids and grandkids

13:55
they haven't found their groove yet

13:57
they're kind of wandering ambiguities

13:58
out there

13:59
and you don't want to hand them a lump

14:01
sum because they might go

14:03
buy a lamborghini with it which isn't

14:05
bad it's a very nice italian sports car

14:07
but you don't want them blowing that

14:09
whole pot of money on that

14:12
so what you can do is you can create a

14:14
lifetime income stream that

14:16
has that money coming in every month so

14:18
that at least they're covering the bills

14:21
so that's a i've done that for my

14:23
daughters that are both in college

14:25
and who knows what's going to happen

14:26
they could be artists they could be

14:27
anything they could be

14:28
hippies they could be anything they

14:30
could be great they could be president

14:32
but let's just say they aren't

14:34
then i've set up income streams for both

14:36
of them that's going to hit every month

14:38
at a certain when they turn a certain

14:39
age it's going to hit every month for

14:40
the rest of their life

14:42
and even though i'm you know evil evil

14:45
standing annuity man dad i mean when

14:46
your dad's known as the annuity man it's

14:48
kind of a tough

14:50
tough area to grow up in right they're

14:52
gonna say well you know he was uh he was

14:54
weird but

14:54
boy look at this income stream coming in

14:56
just think about it that's another way

14:57
to do legacy it's not just

14:59
buying a death benefit rider or you know

15:01
creating you know

15:02
or buying a myga or an index annuity and

15:04
having it grow you can also create a

15:06
legacy

15:07
with a lifetime income stream if you do

15:09
a joint with someone else

15:12
so put that in the back your head is

15:13
pretty unique way to leave a lasting

15:15
legacy

15:16
and a legacy that they can never outlive

15:20
so that's the l so we've gone through

15:22
principal protection we've gone through

15:24
income for life we've gone through

15:25
legacy let's talk about long-term care

15:27
confinement care

15:28
long-term care confinement care is a is

15:31
a big

15:32
issue right now and there's a lot of you

15:34
know the best coverage out there let's

15:36
be very let me be very very very clear

15:38
the best coverage for long-term

15:40
care is still traditional long-term care

15:43
i don't sell traditional long-term care

15:45
if you're interested in that i have the

15:47
number one guy in the country

15:48
is a very good friend of mine and i'll

15:50
give you his phone number and you can

15:51
call it

15:52
because that's all he does he just does

15:53
long-term care

15:55
but for people that don't most people

15:58
look at long-term care the traditional

15:59
time say well

16:00
stan i don't want to just put my money

16:02
in and money into money and every month

16:03
and then i'd never use it i get that i

16:05
hear you

16:06
okay i hear you with annuities there are

16:08
a couple of types of long-term care

16:11
products out there confinement care is

16:13
what it's also called

16:14
if it's a true long-term care product

16:16
it's a health insurance product and

16:18
there is a

16:18
such a thing as a long-term care annuity

16:20
of which you you put money into the

16:21
annuity

16:22
you have to answer a 20 question on the

16:24
phone interview and then they

16:26
they the annuity company applies a

16:28
multiple of what you put in

16:30
that you can use for long-term care if

16:32
you don't need the long-term care

16:33
the money that you put in you can get

16:35
back in essence are buying

16:36
a kind of a crappy cd with cd returns

16:40
but you have this long-term care benefit

16:42
that's attached to it that if you need

16:43
it you can access it

16:45
that's a way to do it it's a simplified

16:47
issue as they say you don't have to get

16:49
a nurse to come and take blood and

16:50
things like that but you have to do a 20

16:52
question

16:52
question and answer that's a very good

16:54
product and there's a couple of carriers

16:56
that do that if you're interested in

16:57
that

16:57
i can point you to those as well but the

17:00
way that a lot of people are doing it

17:01
and this is being mis-sold as well and

17:03
misrepresented

17:04
is confinement care writers

17:08
now when you go to the bad chicken

17:09
dinner seminar and the guy sitting up

17:10
there in a bad leisure suit he's saying

17:12
you can get a lifetime income stream and

17:14
when you get sick they're going to

17:15
double the income

17:17
for long-term care first of all they're

17:18
wrong about the long-term care it's

17:20
called confinement care

17:22
but i have a neat little saying about

17:24
these confinement care riders which is

17:26
when you get sicker you get your money

17:28
back quicker

17:29
that's all it is there's not great

17:32
benefit to it other than

17:33
when you can't do two of the six daily

17:35
functions of life which is

17:37
feed yourself clothe yourself bathe

17:39
yourself etc which your life stinks

17:40
anyway

17:41
they're going to enhance the payout of

17:43
that income rider which is cool if you

17:45
can't

17:46
qualify for anything other than that

17:48
that's you know it's

17:49
in a perfect world that none of us live

17:52
in but if the world was perfect then

17:53
these confinement care

17:55
benefits would be used as secondary

17:57
coverage not primary coverage

17:59
in other words don't cash in your

18:00
long-term care that you have

18:02
for these confinement care writers do

18:04
not allow anyone to to

18:05
tell you to do that and it's guaranteed

18:07
issue you don't have to go through any

18:08
testing these confinement care writers

18:10
because in essence they're giving your

18:11
money back quicker they're just

18:13
enhancing the payout remember all

18:14
income streams are a return of principal

18:16
plus interest with a confinement care

18:18
rider

18:19
and you prove you're getting sick

18:21
they're going to give your money back

18:22
quicker

18:22
that's all they're just going to enhance

18:24
that payout so

18:26
that's that's the principal protection

18:27
income for life legacy and then

18:29
long-term care confinement care

18:30
let's talk about quickly the market

18:32
growth because you really

18:34
in my opinion you should not buy any

18:36
annuity type

18:38
for market growth now i know the

18:40
variable annuity people out there are

18:41
yelling at the uh

18:43
at the at their screen right now that's

18:45
okay

18:46
but that's just my opinion stan the

18:48
annuity man licensed in all 50 states

18:50
arguably the top independent agent in

18:51
the country

18:52
and i have been in stock market world

18:55
with dean witter morgan stanley payne

18:56
webber in ubs so i do know what i'm

18:58
talking about there i understand

19:00
the markets pretty well i just

19:02
personally believe that if you're trying

19:03
to get market returns you can do better

19:06
in just buying investments because with

19:08
all variable annuities even the no load

19:10
variable annuities you're limited

19:13
with the choices they call them separate

19:15
accounts with with the variable

19:16
annuities meaning you

19:17
know them as mutual funds but you're

19:19
limited

19:20
with the mutual funds that you can use

19:22
to get the return

19:23
so anytime you're limited in a market

19:26
standpoint

19:27
my opinion is then why would you be

19:29
limited why wouldn't you just go invest

19:31
in the market why wouldn't you just go

19:32
buy any mutual fund you want why would

19:34
you buy

19:35
a variable annuity now i know there's

19:37
there's people that are going to argue

19:39
but that's just my opinion that's one

19:40
man's opinion but i think i'm right i

19:42
think

19:42
in most cases annuities truly fit when

19:45
you're transferring risk

19:47
and you're trying to solve for specific

19:48
things like the pill principal

19:50
protection income for life legacy

19:51
long-term care

19:52
if you need growth or market growth or

19:54
stock market growth

19:55
go do that i don't think that a variable

19:58
annuities needed now with that being

19:59
said

20:00
if you said stan i have to buy a

20:02
variable annuity my life depends on it

20:04
then go buy a no load variable annuity

20:07
in my opinion

20:08
that's 100 liquid that you can get tax

20:11
deferred growth because in essence they

20:12
were put on the planet in 1955

20:14
variable annuities for tax deferred

20:17
growth

20:18
so you know in a non-ira setting you

20:21
could make your investment decisions

20:23
and not think about taxes obviously you

20:24
have to pay them at the end but if

20:26
you're going to do that and you're going

20:27
to yell at me and say hey i need one

20:28
then buy a no load one go shop for the

20:30
best ones just like everything shop

20:32
with all carriers last thing i want to

20:34
cover about choosing the right annuity

20:36
type

20:36
on the income stream there is one thing

20:39
that i want you to kind of put in the

20:40
back of your head

20:41
if you're a charitable person and you

20:43
have a charity of choice or you have

20:45
good old state you that you went to that

20:47
you would love to give money to

20:49
but yet you need income so we're also

20:51
going back kind of to the income slot of

20:53
the pill

20:54
there's what's called a charitable gift

20:56
annuity and a charitable gift annuity

20:58
can work like an immediate annuity or

20:59
deferred income annuity

21:01
but when you die money goes to goodall

21:04
state you or the charity

21:05
so if you have a charity of choice they

21:08
probably have

21:09
a a charitable gift annuity agents can't

21:12
sell it

21:13
all right what i would encourage you to

21:15
do to look into it further it's

21:17
it's a market that's that's overseen by

21:20
a council called the american council

21:22
on gift annuities just google that

21:23
american council

21:25
on gift and news they're fantastic i

21:27
love those people

21:29
and they can point you in the right

21:30
direction and answer all the questions

21:32
but if you're charitable but yet need an

21:34
income stream

21:35
and you're okay with whatever unused

21:37
money that

21:38
you don't that when you die goes to the

21:40
charity or

21:42
503c or your university then maybe a

21:45
charitable gift annuity is something you

21:46
need to look at from that income

21:48
standpoint

21:49
and also too with charitable gift

21:51
annuities you get some tax benefits

21:54
for putting your money there so that

21:55
might be something as well so in

21:57
choosing the right annuity

21:59
it's pretty simple and just as a recap

22:02
remember pill

22:02
principal protection income for life

22:04
legacy and long-term care confinement

22:05
care

22:06
okay that's the pill and then the two

22:08
questions what do i want the money to

22:09
contractually do

22:11
and when do i want those contractual

22:12
guarantees to start

22:14
and from those two very simple things

22:18
you can drill down to what you need and

22:20
then you can go shop the carriers for

22:22
the best contractual guarantee

22:24
for your specific situation it's really

22:27
that simple

22:28
if you're interested in digging further

22:30
you can obviously go to my site at the

22:32
annuityman.com and schedule call with me

22:34
we can talk one-on-one but i appreciate

22:36
you joining us

22:37
my name is stan the annuity man and

22:40
you've been listening to

22:41
fun with annuity see you next time

22:44
thanks for listening to fun with

22:46
annuities please hit the subscribe

22:48
button and make sure to go to my site

22:50
at the annuityman.com where you can run

22:53
your own

22:54
spea dia and culat quotes and see a live

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22:58
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23:00
get

23:01
indexed and income rider quotes as well

23:03
you can also

23:04
sign up for my six annuity owner's

23:07
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23:09
and under no

23:10
obligation i also encourage you to

23:12
schedule a one-on-one call with me

23:15
stan the annuity man so we can have a

23:17
full discussion

23:18
of your specific situation it will be

23:20
the best

23:21
brutally factual and truthful advice you

23:24
will ever get and that's one guarantee

23:27
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23:28
so join me next time for the number one

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23:34
with annuities

23:38
[Music]