How To Find The Best Rates For Fixed Annuities
The Annuity Man
When you say "fixed annuity," that encompasses many types. Single Premium Immediate Annuities (SPIAs), Deferred Income Annuities (DIAs), Qualified Longevity Annuity Contracts (QLACs), Multi-Year Guaranteed Annuities (MYGAs), and Fixed Index Annuities (FIAs) are all classified as fixed annuities.
Each one of these types has their own unique benefits and limitations, so there is no one size fits all approach. In fact, all annuity types are commodities and have to be shopped with all carriers in order to find the highest contractual guarantee for your specific situation. Annuity quotes are like a gallon of milk because most expire every 7 to 10 days and need to be re-quoted unless you lock them in during the application process.
Annuities are contracts between you and the issuing life insurance company. You should always base your buying decision solely on the contractual guarantees of the policy. Never buy an annuity on a hypothetical, theoretical, back-tested, hopeful agent return scenario. Don't buy the dream because you are going to own the contractual reality.
Annuities are transfer of risk strategies that primarily solve for 4 things. That acronym is P.I.L.L. P stands for principal protection. I stands for income for life. L stands for legacy. And the other L stands for long term care/confinement care. If you don't need to contractually solve for one or more of those items in the P.I.L.L., then you do not need an annuity.
Contact Stan The Annuity Man to get specific annuity quotes for your situation, and to see a live feed of the best MYGA fixed rates for your state of residence.