028: Annuity Death Benefits: How they work & the choices offered

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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

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start right now

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[Music]

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welcome to fun with annuities the number

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one annuity podcast on the

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planet with me your host stan the

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annuity man yeah i've got logos on you

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can see the logos logo on the hat

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logos everywhere i'm really glad you

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joined me for the people that

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are listening to this podcast you can

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also see the uh

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the video version on the fun with

1:00
annuities youtube channel

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and i have a couple youtube channels but

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that's the one that that cut that

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handles the uh the podcast you can go

1:08
there

1:09
so for all the people watching on the

1:11
cam the uh

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i call it the annuity fun cam and the

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will do not might do studios which is

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what you're looking at here all of the

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all of the stuff behind me that that

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muffles the sound because

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you know stan the annuity man has a

1:24
tendency to start yelling

1:27
i'm pretty intense about annuities i do

1:29
think that they can be fun because

1:30
contractual guarantees can be fun

1:32
lifetime income can be fun

1:34
um i know that sounds crazy but i i

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really believe that annuities are

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lifestyle enhancers now i am known as

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america's annuity agent i'm licensed in

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all 50 states that's including yours the

1:46
one you're sitting in

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i do represent pretty much every single

1:50
carrier out there and my whole mantra is

1:52
you own an annuity for what it will do

1:54
not what it might do and the will do or

1:56
the contractual guarantees i never

1:58
ever ever ever ever focus on the might

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do what's the might do it's the

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hypothetical theoretical back test to

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project it hopeful

2:06
agent unicorn chasing the butterfly

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scenario if the planet's all the line

2:10
themselves you're gonna get this

2:11
if you owned it ten years ago you're

2:12
gonna get this i never do that

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and you should never do that annuities

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are contracts they're not investments

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they're contracts

2:19
so you buy them for the contractual

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guarantees

2:22
kind of makes sense so with that being

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said i do encourage you to go to my site

2:26
at theannuityman.com you can run your

2:28
own quotes you can

2:29
order my books i've written seven of

2:30
them i'll send them to you for free

2:32
you can schedule a call with me which is

2:33
very important because one-on-one

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we'll have a 30-minute conversation that

2:37
i'm going to answer all your questions

2:38
listen to you

2:39
and then put together a customized plan

2:41
for your specific situation or

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i will tell you that you might not need

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an annuity

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and that's okay too annuities are not

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for everyone okay so with that being

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said

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what are we talking about today we're

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talking about annuity death benefits

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and the choices that they offer

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now annuities

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it's kind of the financial curse word of

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of the of

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the financial business and i've been

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with all the major firms morgan stanley

3:09
dean witter payne webber

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ubs i've done that been there done that

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but in those worlds

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um annuities kind of are yeah i don't

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want to do an annuity annuities are bad

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and a lot of people out there go well

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i'd never own an annuity stand because

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if i died the annuity company keeps the

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money why would i do that well

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unfortunately the annuity industry has

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done a horrific job

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of teaching people that that's only one

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way to structure a product and a

3:35
specific annuitized product like a

3:37
qualified longevity annuity contract

3:39
immediate annuity or deferred income

3:40
annuity

3:41
you can have what's called life only

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life only means when your learjet hits

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the mountain money goes poof

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and the evil annuity company keeps the

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money but you do not have to structure

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it that way

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you can structure your lifetime income

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payment so that 100

3:55
of any unused money goes to the

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beneficiary and the evil annuity company

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never keeps a penny are we clear on that

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are we please nod your head because i

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have so many people call me and

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they're under the misconception i guess

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their advisors tell them or whatever

4:12
they see an ad well

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don't buy an annuity because the

4:14
insurance company keeps the money that's

4:15
only one

4:16
way of approv if you want to go through

4:19
it's probably 40 ways to structure

4:21
and customize an annuity payout for

4:22
lifetime income

4:24
um that's one for whatever reason

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um you know the annuity industry has

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been pigeonholed

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to to that so um when we talk about

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death benefit i have a good friend in

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the life insurance business and

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i do not sell life insurance i have a

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ton of life insurance on me because

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you know when stan the annuity men's

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allergies hits the mountain my family is

4:44
going to be taking care of life

4:45
insurance

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from a death benefit standpoint life

4:48
insurance is still the best

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death benefit strategy on the planet and

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i do not sell it

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okay i have a lot on myself but i'm

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staying the annuity man not staying the

4:58
life insurance man all right

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maybe in another life but i don't think

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so stan the annuity man only

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works with fixed annuities but life

5:05
insurance is the best

5:06
product on the planet for what i call

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legacy you know there's four things that

5:10
you solve for with an annuity there's

5:12
acronym is pill p stands for principal

5:15
protection i stands for income for life

5:16
l stands for legacy

5:17
and then the other l is for long term

5:19
care confinement care

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so in looking at it from that standpoint

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okay the l is the legacy that's what

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we're talking about today now

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there's a little bit of confusion

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because a lot of people say well stan

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life insurance companies issue annuities

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which is true but the death benefit on

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annuities is not tax-free but life

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insurance is tax free to the

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beneficiaries

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exactly that is true so let's go through

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that again slowly

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when you die the life insurance death

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benefit to your beneficiaries goes tax

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free lump sum

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it's beautiful it's the best return on

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investment you're never going to see

5:55
because you're dead

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but annuities okay you don't have to go

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through any underwriting process with

6:02
the vast majority of them they're

6:04
guaranteed issue

6:05
but the death benefit is taxable as i

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tell a lot of my clients

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who cares you're dead but um

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you know so that's that's one of the big

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keys is

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life insurance is is underwritten and

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annuities

6:20
are are not underwritten they're

6:21
guaranteed issue and then life insurance

6:23
is tax-free the beneficiaries and

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annuities

6:25
are taxable the benefits are death

6:28
benefits are taxable to the

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beneficiaries so

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that doesn't mean one's better than the

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other i will say this even though i

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don't sell life insurance but i'm a big

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believer in it personally i have tons on

6:37
myself

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if you can qualify for life insurance

6:41
then buy life insurance but don't get

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sucked into all these

6:45
there's a lot of different life

6:46
insurance type products out there a lot

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of them have high fees a lot of them are

6:49
based upon

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indexes and this and that in my opinion

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and i know what i'm talking about here

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if you're going to buy life insurance by

6:57
level term meaning that the the premium

7:00
is not going to change

7:03
over that term that you choose and like

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a 30-year level term

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so and it's really an efficient way to

7:08
buy as much death benefit for as little

7:10
amount of money

7:11
possible i take the same approach with

7:12
annuities i say okay

7:14
let's solve for the contractual

7:16
guarantee using

7:17
as little amount of money as we possibly

7:20
can

7:21
so you know that same that goes for

7:24
death benefits as well people call up

7:25
and say you know stan i'm drinking

7:27
you know 12 i'm drinking 12 glasses of

7:30
scotch every day and smoking two packs

7:32
of cigarettes you're probably not going

7:34
to

7:35
qualify for life insurance and that's

7:37
not a bad thing but you can qualify

7:39
for you know a death benefit type

7:41
strategy with an annuity

7:43
is it better than life insurance

7:44
probably not but it's all you got you're

7:46
drinking the scotch and you're smoking

7:48
the cigarettes every day which doesn't

7:49
make you a bad person but it is what it

7:50
is so

7:51
um once again remember that

7:54
annuities from the death benefit

7:56
standpoint they're customizable

7:58
a lot of the annuitization type products

8:00
are we're going to go through each

8:02
type of annuity and the death benefits

8:04
involved just to kind of give you a

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brief overview of all of that

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so you'll have a good foundation before

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you give me a call or you or you

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schedule a call for me and you to go

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over everything now when

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when we talk i'm going to run quotes

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with all carriers

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that offer death benefits for the for

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the best death benefit for you and

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remember fixed annuities are regulated

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at the state level not the federal level

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so each state is different so it's going

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to be

8:28
you know what's approved in your state

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i'm licensed in all 50 states so i can

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you know i can do that so let's let's

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let's go over some of the common death

8:36
benefit choices i'm going to cover these

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again at the end of the uh of the

8:41
podcast

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but let's kind of go over them and

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annuities in general

8:46
okay and there's just a few number one

8:48
you can take the lump sum

8:50
so you're the so the benefit you're you

8:52
own the policy you have beneficiaries

8:54
the beneficiaries can take the lump sum

8:56
okay they

8:57
also can choose instead of taking the

9:00
lump sum to take a five year payout

9:02
on that lump sum meaning that they're

9:04
going to kind of stretch out the tax

9:06
liability

9:07
with some policies not all but with some

9:09
policies

9:11
and we're talking primarily the deferred

9:13
type of annuities

9:16
your beneficiaries can choose to take

9:18
the death benefit over their lifetime

9:21
all right they can do that just recently

9:25
legislation has come through a secure

9:28
retirement act that said

9:29
with iras the beneficiaries can can

9:33
stretch that over a 10-year time period

9:35
used to be

9:36
they could do it over life but it's over

9:38
a 10-year

9:39
time period so let's kind of go over

9:42
that

9:43
again the one that i did leave out

9:46
that's very important if you are a

9:48
spouse

9:49
and a beneficiary so in other words if

9:51
the husband owns the policy

9:52
and the spouse is the beneficiary the

9:54
spouse can continue the policy

9:56
so let's do them in order that's the

9:58
first one so husband owns the policy

10:00
your wife owns the policy and the the

10:02
spouse is the beneficiary and that

10:04
the husband dies then the spouse can

10:06
continue the policy

10:08
the second way is they can just take the

10:11
lump sum

10:11
third way is they can take those

10:14
payments over a five-year time period

10:16
that lump sum and break it

10:17
over five years and then the next one is

10:20
they could

10:20
with some policies you can take a

10:21
lifetime income stream

10:23
and then the last is in inside of an ira

10:26
if the annuities inside of an ira

10:28
then you can stretch out those payments

10:30
up to 10 years

10:31
and those are in essence the the i think

10:34
there's five primary choices there

10:36
that's pretty much it but i would

10:38
encourage you if you're buying an

10:40
annuity

10:41
from me staying the annuity man we need

10:43
to talk about that and we need to talk

10:44
about the death benefit if death benefit

10:46
is the strategy that you're looking to

10:48
achieve contractually

10:49
then i need to go shop all of those uh

10:52
companies that offer that like for

10:54
instance in the income writer deferred

10:56
annuity like an indexed annuity with an

10:58
income writer that has a death benefit

11:00
attached

11:01
currently at the time of this taping i'd

11:03
say there's less than 25 carriers that

11:05
even offer that

11:06
but we're going to shop every single one

11:08
of them

11:09
for the highest contractual guarantee

11:11
for your specific situation

11:12
so a couple things kind of going

11:15
backwards

11:16
if you've listened to any my podcast or

11:17
read any of my books i would encourage

11:19
you to get my books

11:20
at my site you can do that by just going

11:22
to the annuitymen.com signing up i'll

11:24
ship them to you but in my books you

11:25
know i go through the two things that i

11:27
that i kind of strip down for people to

11:29
see if they even need an annuity number

11:31
one is that pill acronym

11:32
p stands for principal protection i

11:34
stands for income for life l stands for

11:36
legacy which is what we're talking about

11:37
today

11:38
and the other l stands for long-term

11:40
care and then i asked two questions what

11:42
do you want the money to contractually

11:44
do

11:44
and when do you want those contractual

11:46
guarantees to start now from those two

11:48
little things

11:49
i can determine if you need an annuity

11:51
at all and sometimes you don't

11:52
and then if you if you do then what type

11:55
of annuity

11:56
would provide the highest contractual

11:58
guarantee so with that being said

12:00
let's go over the types of annuities

12:03
and some of the death benefits that you

12:05
can structure with them

12:06
so let's let's go over the annuitization

12:08
type products like single premium

12:10
immediate annuities

12:12
deferred income annuities qualified

12:14
longevity annuity contracts these are

12:15
the ones that

12:16
in the south i would say you go to the

12:18
outside water water faucet and you rip

12:20
the

12:21
the knob off the spigot as they said

12:23
back then

12:24
and then you know the water just flows

12:27
meaning the income is going to flow

12:28
these are

12:28
irrevocable lifetime income stream

12:31
contracts you can also set them up to

12:33
pay for a period certain as well if you

12:35
want to but in this case let's talk

12:37
about it from a legacy standpoint

12:39
with annuitization products immediate

12:42
annuities

12:42
deferred income annuities which are

12:44
immediate annuities that you defer and

12:45
qualified longevity annuity contracts

12:47
which are in essence deferred income

12:49
annuities that you use in your ira

12:52
you can structure it so that

12:55
there can be whatever money is goes

12:57
unused will go to the beneficiary now

12:59
remember with all lifetime income

13:01
streams it's a combination of return of

13:02
principal plus interest

13:04
so you're getting your money back with

13:05
interest the transfer of risk

13:07
and the benefit proposition is if you

13:09
draw that account down to zero

13:11
then the annuity company is on the hook

13:12
to pay you for the rest of your life

13:14
regardless of how long you live

13:15
even if the account is zero i have

13:17
thousands of clients where the accounts

13:18
at zero they're still getting paid

13:20
that's the reason i always tell people

13:21
there's no roi until you die up until

13:23
then it's a transfer of risk

13:25
at your funeral i can tell your i can

13:27
tell your family

13:29
what the roi is in fact i can come to

13:30
your funeral and sing that

13:32
in kind of a like a song format it's

13:35
called the roi

13:35
no i didn't forget that long story short

13:38
it's a transfer risk because people say

13:40
well what's the return on those

13:41
down i don't know that chester until you

13:44
die

13:44
with these with these type of products

13:46
okay so with annuitization products you

13:49
can

13:50
you can set it up say life with cash

13:52
refund

13:53
what's that mean i mean it's going to

13:54
pay you for the rest of your life

13:55
regardless how long you live but when

13:57
you die whatever's left in the account

13:59
goes lump sum to the beneficiaries joint

14:02
uh

14:02
say let's do joint life with installment

14:04
refund what's that mean that means it's

14:06
going to pay for you and your spouse's

14:07
life regardless of how long you live

14:09
but the installment refund means that

14:11
when you die whatever's

14:12
when the second spouse dies whatever

14:14
money is left in the

14:16
account will be paid in payment form

14:18
same payment until the money is

14:20
exhausted

14:21
so you can choose cash refund or

14:23
installment refund installment refund is

14:24
going to have a higher

14:25
lifetime income guarantee because the

14:27
annuity company doesn't have to come up

14:29
with all of that money

14:30
lump sum the other ways you can do it is

14:32
what's called a period

14:33
certain um you can say i want a life

14:37
lifetime life with 20 year period

14:39
certain or life with 30 year period

14:41
certain or life with 10 years certain

14:43
what that means is it's going to pay you

14:45
for life you can set up joint you can

14:46
pay for both lives

14:48
but at a minimum minimum minimum there's

14:50
going to be 20 or 10 or 30 years of

14:52
payments whatever you say so let's take

14:54
an example

14:55
life with 20 years certain what does

14:57
that mean it's going to pay you for life

14:58
but let's just say you died year two

15:00
there's 18 more years of payments if you

15:03
died year five there's 15

15:05
more years of payments so you understand

15:07
what i'm talking about you can structure

15:09
these

15:10
exactly how you want one of the reasons

15:12
that that you know i'm the top agent in

15:13
the country is i know how to structure

15:15
these things

15:16
to your benefit and how to maximize and

15:17
squeeze every contractual penny out

15:20
of that policy even though you're on a

15:22
lifetime income

15:23
guarantee and you've transferred that

15:24
risk so just to understand with the

15:27
annuitized products like immediate

15:28
annuities deferred income annuities

15:30
qualified longevity annuity contracts

15:32
you can structure the death benefit part

15:37
how you want to leave the money and you

15:39
can customize that you can say you know

15:41
what stan i want a

15:42
joint life me and the spouse in an

15:43
18-year period certain okay

15:45
what does that mean that means both

15:47
you're going to get paid for the rest of

15:48
your life

15:49
when the second spouse dies you know if

15:51
they die and say

15:52
you're 13 there's five more years of

15:54
payments because there's

15:55
18 minimum payments guaranteed even

15:58
though they're guaranteed for life so

15:59
just remember with the annuitized

16:01
products you can structure the death

16:03
benefit how you want to structure it

16:05
but it doesn't have to be life only

16:07
people think that that's the only choice

16:08
it's not

16:09
there's 35 40 choices and that's

16:12
something that we need to talk about

16:13
let's talk about the next type of

16:15
annuity it's a multi-year guarantee

16:17
annuity

16:17
it's a cd type annuity um

16:21
just this if you think of a cd you put

16:22
money with the bank and then they pay an

16:24
interest rate every year

16:25
and at the end of the term you get all

16:27
your money back with interest

16:28
that's a multi-year guarantee annuity

16:30
that's a fixed rate annuity now the

16:32
death benefits on fixed rate annuities

16:34
multi-year guarantee annuities are

16:36
they can be different varying from

16:37
company to company some companies

16:40
offer a very high interest rate but if

16:43
you want to put a death benefit

16:45
if you die early in the contract that

16:47
that will lessen the yield

16:49
some companies will just pay you the

16:50
yield and if you die you get the

16:52
the principal plus the accrued interest

16:54
etc just like you would a cd

16:56
bottom line is if you go to my site at

16:58
the annuityman.com there's a live feed

17:00
of these myga rates

17:02
on the best fix race and if you see one

17:04
you like and death benefit's important

17:05
then

17:06
contact me set a time with me and we'll

17:08
talk about

17:09
how the death benefit works because with

17:11
multi-year guarantee annuities

17:13
there's not they don't all work the same

17:15
some

17:16
work just like you think they should

17:17
work which is you know if i die i get

17:19
the principal plus whatever accrued

17:20
interest

17:21
bingo bango bongo you get it back right

17:23
um and then some

17:25
have a little you know moving parts

17:27
where you you know if you want a death

17:28
benefit you have to pay

17:30
say 50 basis points rider to have that

17:32
death benefit in case you die

17:34
before the surrender charge period so

17:36
understand with with multi-year

17:38
guarantee annuities

17:39
there are currently there is it's the

17:41
shortest duration is around two years

17:43
and the longest we allow people right

17:45
now to go is around seven

17:47
we really like for you to stay between

17:49
that two and five year time period but

17:51
death benefits i mean it's a principal

17:52
protection product

17:54
um but the death benefits vary between

17:57
the multi-year guarantee annuities but

17:58
the bottom line is

18:00
whatever however you want it to work we

18:03
can find that product for you because we

18:04
represent

18:05
every single carrier we'll find the

18:06
highest contractual guarantee so let's

18:08
go to the next one which is indexed

18:09
annuities indexed annuities

18:12
are really complicated they shouldn't be

18:15
but they're sold

18:16
as market upside with no down said

18:18
that's not true they're

18:19
they're fixed products their cd type

18:22
products

18:22
but the death benefit if you bought an

18:24
index annuity without an income rider

18:26
the death benefit is that accumulation

18:28
value that index option strategy which

18:30
is a cd strategy

18:32
index annuities were put on the planet

18:34
in 1995 to compete with cd returns

18:35
that's exactly what they do

18:37
okay but if it's just the accumulation

18:40
value is going to be whatever

18:42
that index option gain is remember with

18:44
index annuities that gain is locked in

18:46
contract anniversary date depending on

18:48
the type of indexed annuity you have

18:50
most are lock in every year some lock in

18:52
every two years but most lock in every

18:53
year

18:54
but with indexed annuities you can also

18:56
attach what's called an income rider

18:58
and an income rider is an attached

18:59
benefit for lifetime income at a future

19:02
date that you choose

19:04
but some income riders less than 25

19:06
right now in the country

19:08
offer a death benefit as well so instead

19:10
of taking income

19:11
you can let it grow for death benefit

19:13
let me do a visual draw a line down a

19:14
blank sheet of paper

19:15
stay with me here accumulation value on

19:18
this side and then the income rider on

19:20
this side

19:20
and for the people listening you know

19:22
left hand side is the accumulation

19:24
value and right hand side is the income

19:25
rider side and i just drew a line down a

19:27
blank sheet of paper

19:29
the right hand side is that income rider

19:30
side it's also can be a death benefit

19:33
side and it grows by a specific

19:34
percentage

19:35
and that's a very efficient way for

19:37
people that can't get life insurance and

19:39
can't qualify for the underwriting

19:41
to get a death benefit that's guaranteed

19:42
so in other words she said stan

19:44
i really don't need the money i want to

19:46
leave the money as a death benefit to my

19:48
beneficiaries and i can't qualify for

19:50
life insurance

19:51
we can shop these companies and i can

19:53
tell you what that death benefit

19:56
will be 7 10 15 years down the road

19:59
which is

20:00
i think is great and the same thing

20:02
applies with variable annuity death

20:03
benefits i don't sell variable annuities

20:05
because i don't sell anything that has

20:06
the potential to go down on myself fixed

20:08
but variable annuities can have those

20:10
riders on them as well that have the

20:12
death benefit

20:12
attached to them so those are the kind

20:15
of the primary

20:17
annuity types you know for you looking

20:20
out at

20:21
for death benefits it's either going to

20:23
come down to

20:24
um you know the annuitization products

20:26
which is

20:27
immediate annuities deferred income

20:29
annuities qualified longevity and duty

20:31
contracts then you have the your

20:32
deferred annuities

20:33
like multi-year guarantee annuities

20:35
fixed index duties variable annuities

20:37
but understand that income riders can be

20:39
attached to

20:40
typically variable and indexed annuities

20:43
and they can provide that death benefit

20:45
that's a guaranteed issue death benefit

20:46
now

20:47
your your beneficiaries have to pay

20:49
taxes on that on that money

20:51
but if you can't qualify for life

20:53
insurance you know it's not a bad deal

20:56
so let's talk about the beneficiary set

20:58
up again

20:59
um with benefit at the time of

21:01
application let's just say you went

21:02
through the process

21:04
with me we talked we ran quotes we went

21:06
over everything i sent you my books you

21:07
watch the videos you listen to the

21:08
podcast you're very educated on what you

21:10
bought

21:11
you can explain it to me you can explain

21:13
it to your family which is by the way

21:14
what you what you have to do i need to

21:16
understand that you fully

21:18
know what you're buying but what during

21:20
the application process you can list the

21:22
beneficiaries you can list a primary

21:24
beneficiary and then a secondary

21:25
beneficiary etc

21:27
and those can be changed you can you

21:30
know

21:30
it's not an irrevocable choice you can

21:32
if someone makes you mad and pisses you

21:34
off no

21:35
excuse my french you can remove them as

21:37
the beneficiary i see that happening

21:39
all the time but you can also as the

21:41
beneficiary you can list a trust as the

21:43
beneficiary

21:44
you can list a charity as the

21:46
beneficiary remember annuities are

21:47
contracts so it's up to you how you want

21:49
to structure it

21:50
so you could have um you know you could

21:53
have the wife

21:54
let's just say it's you chester out

21:55
there i'll call everybody chester but

21:57
it's you out there that has the annuity

21:58
and the wife is 100

22:00
primary beneficiary which means she can

22:02
take over the policy or she can take the

22:03
lump sum

22:04
and then the kids let's just say you

22:07
have two kids

22:08
they could be secondary beneficiaries

22:09
split 50 50. so something happens to the

22:12
wife then they move up

22:13
and rank in the beneficiary so you know

22:16
understand that you can control the

22:18
beneficiaries

22:20
you can make sure that you want you can

22:22
have the money going the right

22:23
exactly how you want it to go you can

22:25
have the trust get the money and the

22:26
money you get

22:27
you know dispersed the way you want to

22:29
but what i want you to understand when

22:31
you're looking for death benefits

22:33
uh through annuities is it's

22:35
customizable i i

22:36
encourage you to schedule a call with me

22:39
let's talk

22:40
i do not pitch and i i will never call

22:43
you

22:44
unless you schedule a call i'm never

22:45
just going to pick up the phone and go

22:46
hey you've been thinking about that

22:48
no i'm not going to do that i'm going to

22:49
treat you like a professional so there

22:51
should be no hesitation for us to have

22:53
that

22:53
consultation and conversation so that we

22:56
you can understand if an annuity is

22:57
right for you

22:58
and i'll respect whatever decision you

23:00
have and you've got to make the decision

23:02
on your terms and

23:03
your time frame there's no urgency to

23:05
buy

23:06
an annuity so um you know conclusion

23:09
about annuity death benefits i mean

23:11
remember

23:12
just kind of the choices number one if

23:13
you're a spouse you can take it over

23:15
the policy if you're a beneficiary you

23:17
can take over the policy so if

23:19
if jim has the policy and janet's the

23:20
beneficiary if jim dies

23:22
janet can take over the policy the other

23:24
one is beneficiaries can take a

23:26
instead of the lump they can take the

23:28
lump sum if they want to they can also

23:30
have that lump sum be paid out over a

23:32
five year time period

23:34
okay i mean or with some policies

23:36
instead of taking the lump sum

23:38
or the five year payout some policies

23:40
will allow you to take that death

23:41
benefit paid out over your life

23:43
and then if if the annuity is inside of

23:45
an ira you can stretch those payments

23:48
out

23:48
to a maximum of 10 years on recent

23:51
legislation

23:52
changes that just happened i think it

23:54
was a secure retirement act

23:55
so with all of that i know i've thrown a

23:57
lot at you

23:59
um and that's okay you know because

24:03
death is a tough one to talk about i

24:05
know that the covet thing has really

24:07
made me

24:08
in my family think about it a little bit

24:11
i've had some people

24:12
um get it i've had a couple of people i

24:15
know pass away

24:16
um it's it's i think it's made us all

24:19
think a little bit

24:20
more about um our life expectancy and

24:23
just

24:23
kind of what we're doing and how we're

24:24
planning i know it has for me

24:26
and i talk to my clients all the time

24:28
about hey let's let's plan a little bit

24:30
more

24:31
um because you know there's no u-hauls

24:34
behind hearses

24:35
you know as my good friend in the life

24:36
insurance business he he just sells life

24:38
insurance and he goes you know one out

24:40
of one of us is going to die and i'm

24:41
like man

24:42
are you a motivational speaker but he's

24:44
right

24:46
and you know there's just no perfect

24:50
answers to this

24:51
what you need to do is you know you

24:54
can't really have your cake and eat it

24:55
too you can get a lifetime income stream

24:57
it'll pay for life

24:59
and it's going to draw down the account

25:00
but you can make sure that whatever

25:02
unused money

25:04
will is there will go to your list of

25:06
beneficiaries of the policy

25:08
if you don't want lifetime income and

25:09
you just want a death benefit

25:11
then you can buy what's called an income

25:12
rider that has a death benefit

25:15
attachment in addition to the income

25:17
guarantee

25:18
and you can just have that grow and use

25:20
that as a death benefit the bottom line

25:22
is you know you need to schedule a call

25:25
with me you know

25:26
can annuities be fun yeah can

25:27
contractual guarantees be fun

25:29
yeah can death be fun

25:32
no but you know with the contractual

25:36
guarantees of annuities

25:38
we can make sure that it is

25:41
as enjoyable for your beneficiaries as

25:44
humanly possible

25:45
if that's a way to put it but um you

25:48
know i hope this helps i hope that

25:50
you know i've clarified some things for

25:52
you on the annuities i hope that you

25:53
remember that

25:54
annuities are customizable from the

25:56
standpoint of how you structure them and

25:58
death benefit and all that stuff

26:01
and i hope that i've encouraged you to

26:03
schedule a time to talk with me because

26:05
you know having that one-on-one

26:06
conversation me listening to your

26:08
specific situation

26:10
and having been to those rodeos before

26:11
i've been doing this for decades

26:13
and i am the top agent out here for a

26:15
reason because i use my mouth and ears

26:17
in proportion

26:17
two to one i'm going to listen to you

26:20
and i'm going to put together

26:22
a customized plan for you or tell you

26:24
you don't need one

26:25
so um i appreciate you joining me

26:28
fun with annuities don't forget that

26:31
we're going to try to put these podcasts

26:32
out every single week

26:34
you know hopefully if we keep if we

26:36
remain healthy and happy and things are

26:38
things are going good for us we're going

26:40
to put them out every single week

26:42
and we're going to cover these types of

26:43
topics um i do encourage you to go to my

26:46
site at theannuityman.com

26:48
there's all things there's these podcast

26:50
replays

26:51
there's videos there's all kinds of

26:53
stuff that will educate you i'll send

26:54
you my books and

26:55
of course you can schedule a call with

26:57
me but i think that's about it i

26:59
appreciate you joining me and i hope to

27:01
see you again

27:02
and interact with you again on the next

27:05
fun with annuities

27:07
podcast

27:12
thanks for listening to fun with

27:14
annuities please hit the subscribe

27:15
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27:18
at the annuityman.com where you can run

27:21
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27:22
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27:25
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27:31
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27:34
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27:36
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27:38
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27:40
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27:42
stan the annuity man so we can have a

27:44
full discussion

27:45
of your specific situation it will be

27:48
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27:48
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27:52
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you