Do you own an annuity and want a second opinion on it? Thousands of annuities are available today, but not every annuity is an equal fit for different situations. Here is the top question to answer this. Does the annuity solve a defined problem in your financial plan and solve those gaps with its contractual guarantees?
If you are looking for an objective take on your annuity, consider our complimentary annuity review service here at SafeMoney.com. As income for life contracts, annuities can be quite complex. An experienced annuity expert will understand their many moving parts and know how to dissect them so that they can tell you if you have a good deal for your money.
As a professional courtesy to you, we will look for the following criteria and, if optimal, present some alternative annuity options that might fit your goals:
- Deep dive into your annuity and its inner-workings
- Evaluation of the reason why you bought the annuity (ex: income, growth, legacy, etc.)
- Our judgment call on where your annuity fits into your financial picture
- Whether your annuity is right for your age and risk tolerance
- If your annuity has extra, unnecessary add-on benefits
- Any excessive annuity fees or charges
- If appropriate for your situation, alternative options that might appeal to you
Contact us now to take advantage of our annuity review service. Get a second opinion of what you currently have and see what options you might have (if that makes sense), or if an annuity might not be for you after all.
What Is the Purpose of Your Annuity Review?
The goal of this no-cost annuity review is to help you have a better understanding of the annuity you own. You will have us as a third-party consultant and annuity expert. We will thoroughly review your contract and then give you a report of its contract structure, features, benefits, fees/charges (if any), and our opinion of it for your needs.
Whether you are working with us or an experienced financial professional who acts in your interest, it’s good to have a second look at what you own. Sometimes annuities are sold with a misunderstanding or, unfortunately, at times with a misrepresentation of what the annuity will do.
How the Annuity Review Helps Bring Clarity
One thing that comes up is how people understand their annuity (or how it was explained to them). An objective annuity review helps clarify any misconceptions or confusion, leaving annuity owners with a better idea of what they have.
People have told us that they think their annuity is guaranteed to grow at 6-8% per year, for instance. But that isn’t their account value growing at 6-8% annually – it’s an income account value, which is used to calculate payments from an income rider. That has nothing to do with the actual value of their money in the contract.
You can think of this annuity review as a third-party consultant giving you a “peek behind the curtain” of what your annuity does and doesn’t do. It’s an opportunity to see if you have received the best deal for your money and if it will help you reach a specific financial goal (which is often a certain amount of income paid from the annuity).
Questions Covered by the Annuity Review
These questions are intended to give an idea of what a SafeMoney.com financial representative will cover. They aren’t comprehensive and while we don’t ask them per-se, they serve as a guide for what your annuity review will look at:
- Can you tell us whether you are happy or unhappy with the annuity that you own?
- What type of annuity do you own?
- What would you say that your annuity is doing for you in your current financial plan?
- What reason did you start your annuity for (e.g., income, protection, legacy, growth, long-term care)?
- What, if anything, do you wish that you could change about your annuity?
- Do you feel confident in the insurance company’s ability to keep its obligations to you?
- Do you plan to use your annuity for income in the near future or later down the road?
- How much guaranteed income will your annuity pay you?
- Can you turn the income from your annuity off and on when you need it?
- How much are you paying in fees in your annuity?
- Can you explain to me how the fees on your annuity money are calculated?
- How much risk does your current annuity hold?
- How long is the surrender period on your annuity?
- How much has your money grown?
- Did your annuity come with a bonus? How does the bonus work?
- Do you have to wait for a certain amount of time before your annuity can start paying you income?
- How much money does your annuity contract let you withdraw without penalty?
- Would you receive any enhanced income from your annuity if you were confined to a nursing home?
Ready for an independent and complimentary look at your annuity? Give our annuity specialists a shot by calling us at 877.476.9723 and letting us know how we can help you. Our SafeMoney.com platform has helped hundreds of thousands of visitors find retirement, annuity, and inc0me planning information for their financial security since 2012. We are glad to be of service!