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Annuities are contracts.  Just like when you buy your house or a car, there is a bunch of paperwork that you will have to sign in order to own an annuity (regardless of type).  When you open a bank or brokerage account, the same type of paperwork is required.

Annuities are the only financial product on the planet that allows you to get your money back after the policy has been issued.  It's called the "free look" provision.

The "free look" provision is regulated at the state level and allows you to get your money back without question or explanation after the policy has been issued, as long as you make your request within a certain time period dictated by your state of residence.  You can find out that free look time period this site.

When applying for an annuity, you will have to confidentially give your personal financial information to the carrier.  This is required so that the annuity company can determine if the proposed annuity is suitable and appropriate for your specific situation.  In addition, the annuity company wants to make sure you are not putting too much of your money into annuities, and guarantee that you have sufficient liquidity after the purchase.

Carriers are in your corner, and looking out for your best interests.  They are not in the agent's corner.  You the consumer always come first when carriers are issuing annuities.

In this episode, The Annuity Man discusses:

  • Step by step application process to own an annuity
  • Fixed annuities are regulated at the state level
  • Specific time frames with the paperwork process
  • Key rules and procedures that you need to be aware of

Key Takeaways:

  • Your information is kept fully confidential and is never shared
  • You make your decision on your term and on your time frame
  • All questions on the annuity application must be answered
  • How the paperwork process works from application to policy issued

Fun with Annuities Podcast is hosted by America’s Annuity Agent, Stan Haithcock, The Annuity Man. Hear brutal annuity facts with no sales pitches from the top independent agent in the country, licensed in all 50 states. Author of 7 books, Stan dives deep on all annuity types and strategies. It’s fun, learning the contractual truths on how annuities actually work and if they’ll fit your personal retirement lifestyle. Listen in on how you can be livin’ the reality, not the dream.

Listen on Stitcher, Apple Podcasts, and Spotify. Get the best and highest confinement care and enhanced benefit quotes using Stan's proprietary annuity calculators. You can also receive all 6 of The Annuity Man Owner's Manuals for free and under no obligation and see a live feed of the best fixed rates for your specific state of residence.