How The Annuity Buying Process Works With The Annuity Man

0:00
People always ask me all the time. They say, "Stan the Annuity Man, America's annuity agent,

0:04
licensed in all 50 states. If I decided to purchase an annuity with the Annuity Man,

0:09
how does that work? Do you do everything, Stan the Annuity Man? Do you do all the paperwork?"

0:20
Tell you what about three decades ago, I probably did, but it's been a while. I have a very,

0:25
very good group of people. They're the team, team TAM, Team Annuity Man in my Las Vegas,

0:32
Nevada office. So we have no agents that work outside of the Las Vegas office. Everybody in that

0:39
Las Vegas office, except for my chief marketing officer, they are all licensed in all 50 states.

0:47
But here's the key, they're not on commission. They're not hammers looking for nails. So we are

0:52
going to advise you on what's right for you. If we think an annuity doesn't fit your situation,

0:57
we'll tell you. If we think that you're putting too much money in, we'll tell you. And then we

1:01
hopefully can guide you to the right annuity type because annuities, there's many types, you know,

1:06
we're going to guide you to that and then quote the highest contractual guarantees in the country,

1:11
quoting all carriers for your specific situation. Now, we do have some rules. We'll go over that in

1:16
just a minute, but let me just go through the process. On the site, if you go to the site,

1:19
you'll see where you can schedule a call. It's a free consultation. That's with my client

1:23
solutionist team, and they have been trained by me. They talk a lot slower and not in a

1:28
southern accent, but they know what they're doing. Once again, all licensed in all 50 states, but not

1:33
on commission. You can schedule a call, and we can go through the process of finding out if an

1:38
annuity fits for you, and then we will run the quotes, send the quotes, and if you want to lock

1:42
in that quote, we can. If you know what you want and you've gone to my site and you've run quotes

1:48
and you've looked at the MYGA feed and you can do that 24/7, 365 at your leisure, no one's going to

1:53
pick up the phone and call you. No one's going to bug you. You can hit what's called the buy

1:56
now button, and buy now is just scheduling a time for us to get the application process started. So,

2:02
let's talk about the application process. Now, in the annuity industry, at the time of this taping,

2:07
artificial intelligence means actual individuals. There has to be a licensed agent on the phone

2:14
with you, licensed in your state. That's the reason everyone's licensed in all 50

2:18
states. That's the legal way to do it. But it's interesting because the life insurance business.

2:24
So life insurance companies issue annuities, but life insurance, you can pretty much use AI tools

2:29
to get to the finish line and apply and all that stuff. Currently, not with annuities. I mean,

2:34
we can get you as far as we can get you. And then at the end, a licensed agent has to be

2:39
on that line with you and make sure that it's suitable and appropriate for you. And in addition,

2:44
after the application process, the receiving carrier of the money, they're going to do a

2:48
suitability review as well. Very highly regulated industry. But the process works like this.

2:56
We have what's called in my world, in the Annuity Man world underneath that large office in

3:03
Las Vegas, we have a client solutions team, which is the people that will be talking with

3:08
you about strategies, running quotes, giving you their opinion and their ideas based upon my

3:14
tried-and-true strategies I've been using for three decades. If you decide to move forward,

3:18
then my policy delivery and applications team will be involved. That's all they do. So you will have

3:24
to get on a phone call with them. Typically, it's a Zoom call because they need to see your face

3:29
and you need to see our face, and we will ask confidential questions. We do not keep, share,

3:34
sell any of that stuff with your information. We're putting it in the application to then

3:39
forward to the carrier. Okay? So, that's how, that's what my policy delivery applications team,

3:45
they do. They send that to the carrier. And then during the process, whether it's you're writing a

3:50
check to send to the carrier, the annuity company, or if you're transferring from IRA to IRA or a

3:56
1035 transfer from an annuity to an annuity. My team, my policy delivery and applications team,

4:02
they're going to be involved all the complete way from start to finish. They're just going to

4:08
keep you updated on the process and proactively email and call you just to let you know on how

4:13
that works. Sometimes that process goes quickly. Sometimes it's 7 days or less. Sometimes it's

4:19
2 weeks or 3 weeks, and we'll let you know. Now, the key here is don't say,

4:22
"Wait a minute, that's a long time." Well, there's suitability. There's movement of money,

4:26
etc. But what we do when you decide to purchase an annuity regardless of type, MYGA, SPIA, DIA,

4:33
QLAC, Income Rider, we lock in that quote. So, we lock in that quote. The number that you want to

4:39
see contractually happen. We lock that in, and then we push the paper through, in essence. So

4:45
remember this for lifetime income. We always say it's A+ or better because you're going to marry

4:49
that carrier. MYGA is a little different. You know, we're dating that carrier. So it could be B plus,

4:55
it could be A minus, could be A, could be A+. But we also look at carriers a little bit differently

4:59
than most. Obviously, we look at the ratings. There's four rating services we look at. AM Best,

5:04
Standard & Poor's, Moody's, and Fitch. And then I personally, with a couple of my cohort friends

5:09
from back in the day when I worked on Wall Street, we look underneath the hood at the financials just

5:13
to make sure that they're solid. But what we do that no one else really does is we look at how

5:18
this carrier that you're looking at or that we're recommending, how do they handle the paperwork?

5:24
Are they easy to work with with my team? Will they be easy to work with in case you decide to call?

5:29
You don't have to. We can always work on your behalf, but are they easy to work with? In a lot

5:34
of cases, really high-rated companies, we decide to not recommend them until they clean up their

5:40
administrative side. And we get on the phone with them. I have a person that handles that,

5:44
and they call up and say, "You know what? The annuity man's not going to recommend you until you

5:47
get some things cleared up on your administrative side." We just had to pull an A-rated carrier from

5:52
our recommendation list for MYGAs because of that specific situation. So, the process is handled

5:58
by us. So, if you make a decision to purchase, we're going to handle that from start to finish,

6:03
soup to nuts. You're not going to be involved. If you do have to get on the phone, it's going

6:06
to be because my policy delivery and applications team is on a conference call with you for whatever

6:11
reason. Also, understand this. The money that's going to the carrier never touches our

6:17
hands. It's going to go from your checking account or IRA or annuity to the carrier. Okay? We're just

6:23
the facilitators of that process. Now, because of that, we do get paid a commission. It's built into

6:28
the annuity structure. Life insurance and annuity commissions are built in and I guess hidden

6:33
from the consumer, but it's a net transaction to you. They're paying us commissions from

6:38
their heat, that account that they pay their heat, light, water bill from, they're paying

6:42
that commission to us. Just remember, the simpler the product, and that's pretty much what we sell

6:47
simple products, the lower the commission. When you hear complicated products at the Bad

6:52
Chicken Dinner seminar with Johnny AppleSeed Agent, that's a high commission product.

6:56
Doesn't mean it's bad, but, you know, we're going to be looking at what you are trying to

7:01
accomplish and asking two questions. What do you want the money to contractually do? When do you

7:05
want those contractual guarantees to start? And we're going to also remind you that annuities

7:10
solve for four primary things. That acronym is PILL. P stands for principal protection. I

7:15
stands for income for life. L stands for legacy. And the other L stands for long-term care. Under

7:19
no circumstance. Do not buy an annuity for market growth or potential market growth or hypothetical

7:25
market growth or unicorns chasing the butterfly back-tested numbers. Do not do that. And never,

7:31
ever, ever, ever buy an annuity for an upfront bonus. That's like buying the car for the stereo

7:36
system. And I came up with a saying which is annuity upfront bonuses are really like candy

7:40
for the stupid. Don't take that wrong if you bought one for the bonus. But it's like going

7:44
to the car dealership and say, I don't really care about the transmission or the engine. I

7:47
just want to hear the stereo. Okay? The upfront bonus is nothing more than part of the overall

7:53
contractual guarantee. Do we quote that when we're quoting Income Riders? Absolutely we do, but we

7:58
don't care about it. All we care about is the number, the rating of the company, and the risk

8:02
mitigation that we look at that company to make sure it's the company that's right for you. So,

8:07
I guess in conclusion, we'd love to have you as a client. Okay? We really would. But the process

8:12
we're going to handle from start to finish. It's not something you're going to have to handle. And

8:16
then after the policy is delivered, you know, we're going to handle all the administrative

8:20
issues. You can, if you want to, you can call the 800 number on the statement or you can have

8:24
us handle it for you. Also remember too, part of that buying process, the annuity industry is the

8:29
only industry in the financial services business that you can test drive the car and give it back

8:33
to the dealership. In other words, there's a free look policy, meaning that each state says you have

8:39
the policy. The policy has been delivered to you. But in this certain amount of time, you have the

8:43
right to give it back to the annuity company. You don't have to give them any reason why,

8:48
and they will send your money back to you. We just had a situation where a gentleman bought a

8:54
large single premium immediate annuity, multiple millions of dollars, things changed in his life,

8:59
and he wanted the money back. They sent the money back, sent the check back. They will do

9:02
that without hesitation. They will not try to call you and cross-sell you. It's law. And so

9:07
understand that one of the good things about us, we're not high pressure, okay? But if you've been

9:12
high-pressured into buying something from someone else, unfortunately, you can get out of it with

9:16
that free look time period. So in closing, there's never an urgency to buy an annuity. Annuities are

9:22
contractual guarantees. You should always own them for what they will do, not what they might

9:26
do. Okay? But the urgency is for you to fully understand the product. If you can't explain it

9:31
to a 9-year-old, don't buy it. No offense to 9-year-olds. You have to fully understand

9:36
what you're buying. Not the 30,000 foot view, the granular, the good, the bad, the limitations, and

9:42
the benefits of every single strategy, so you know exactly what it's going to do contractually. So,

9:48
that's how the application process works with the Annuity Man. What I'd encourage you to do

9:52
is go to my site, theannuityman.com, run quotes, look at the MYGA rates, watch the videos, download

10:00
my free owners manuals. I've done owners manuals on all types. MYGAs, SPIAs, DIAs, QLACs, and Income

10:07
Riders. Those are free. You can download them. You can read them. You can also go to my YouTube

10:11
channel and say, "Okay, I want to learn about QLACs." There's playlists for every specific type

10:16
of annuity and strategy. I've done a few thousand and going to continue to do that. Bottom line,

10:21
educate yourself. Educate yourself before you make any decision. My name is Stan the Annuity Man. We

10:28
hope that you give us a shot for your business. We'd love for you to be a client. See you next time.