11 Tips Americans Should Know Before Buying An Annuity. Educate Yourself.
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10. Don't pay for features you don't need. You should never pay for riders you won't use because the fees come directly from your balance. Don't pay 2-3% in fees when many annuities don't charge any! Some companies add income riders when you don't need the income. Educate yourself.
4. Ignore the misleading radio/TV and internet ads. The media is loaded with misleading advertisements promising you unrealistic rates of return. Companies that promise you 7-15% guaranteed returns should be avoided at all cost.
5. Study the history of the company. How long have they held their AM Best rating? Are they conservative? Have they changed names? How long have they been operating under their current name? Did you know start-ups buy shell companies formed 75+ years ago to advertise they have been around since then? Do your research!
2. Explore long-term care riders. Some annuities offer 200-300% of your initial deposit in long-term care benefits with an optional rider. There is no cost and every qualified regardless of their health.
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9. Don't ignore renewal rate risk. Did you know that insurance companies can change the renewal rates for index annuities every 12-24 months? Some companies offer HUGE incentives in the first year, knowing they can screw you in the later years of the contract. Select a company known for having excellent renewal rates.
6. Explore new features and products. Did you know that 99% of index annuities don't include dividends? Or that 99% of index annuities only lock in the rates for 1-2 years? New products are available that include dividends and lock the rates for the duration of the term. Request our free report, and we'll send you what we feel are the best annuities on the market.
3. Be careful of the fees on variable annuities. Variable annuities have many different layers of fees. Get an itemized breakdown of all of the fees. If your variable annuity earns 7-9% gross and you pay 3-4% in fees, you may be better off in fixed products.
11. Get third-party verification. Talk is cheap. Don't trust companies who tell you their product is the best. Look for independent third-party research. Request our free report, and we'll compare 1,500 annuities from America's largest annuity databases to help you shop around.
7. Don't blindly trust hypothetical illustrations. A friend of mine is an expert in the annuity industry who regularly says these don't come true. Hypothetical illustrations are often best-case scenarios. Find out what assumptions were built into the illustration.
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8. Ask the right questions before buying! What type of annuity? Are there any fees? Is there an MVA? What free riders are included? What is the AM Best rating? Comdex rating? How long is the rate guaranteed? How much can you take out penalty-free? How is the gain calculated for index annuities? Is there a surrender charge assessed if I die? How long is the contract term? Is it RMD-friendly? How is their service? That's just some of what you should be asking.
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- Bonus Tips: Invest in annuities for what they will do, not what they might do. Compare their contractual guarantees. Avoid annuities with terms over ten years. Diversify and don't invest all of your savings in one company. Shop wisely. Look for stable, highly-rated companies. Take action.
- Disclaimer: This website is for educational purposes only. Please consult with a qualified financial planner, advisor, tax, or legal advisor before determining if an annuity is right for you. Annuities are not offered by the US Government, are not FDIC insured, and not government-guaranteed. When you request a report on this website you will be contacted by a licensed insurance agent in your state.
If you could read just one article to avoid the costly mistakes Americans make when buying an annuity, this is it.
Because when it comes to annuities, it's not what you know that gets you into trouble. It's what you know for sure; that just isn't true.
I dare you to read the 11 tips below and not change your view of annuities. How open-minded are you?
1. Explore all of the types of annuities. Most banks only sell 5-8 annuity companies. Walk into your bank and lose out on 95% of the products available. And many insurance agents and "advisors" focus on selling a few index or variable annuities. Yep, it's true. That's why it's so important to shop around before buying.
Because most companies only provide a small fraction of the available annuities, we've released a free annual comparison report. The free report lets you compare 1,500 annuities from America's two largest annuity databases to find the best annuities available.
Did you know over 1 million Americans already own an annuity?
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