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Exchange Your Income Rider for a SPIA: Shootin' It Straight With Stan
Manage episode 399678872 series 2798004
In this episode, The Annuity Man discussed:
The Income Rider and the accumulation value
Two numbers you need before you transfer to SPIA
Calculating a SPIA quote
When you should transfer to a SPIA
Key Takeaways:
The Income Rider is an attachment to a policy that guarantees a lifetime income stream but it’s a separate calculation from the accumulation value. The accumulation value in simple terms is the real money.
Take the accumulation value of the policy and ask the company to give you two guaranteed contractual numbers: first is the Income Rider number of what the lifetime income stream would be, and second, the annuitization number if you took that accumulation value and converted it to a SPIA.
After requesting those two numbers, you can run a SPIA quote using the calculator found at this link: https://www.stantheannuityman.com/annuity-calculators
You must only transfer from an Income Rider to a SPIA if you will be given a higher contractually guaranteed amount. Do a comparison first before transferring. Stay with your current policy if a transfer wouldn’t provide a higher contractual guarantee.
"Stay where you are and turn on the Income Rider when you need income. But there are going to be situations like what John Lenz ran into where we can beat the Income Rider using the accumulation value in a SPIA, quoting all carriers." — Stan The Annuity Man.
Connect with The Annuity Man:
Website: http://theannuityman.com/
Email: Stan@TheAnnuityMan.com
Book: Owner’s Manuals: https://www.stantheannuityman.com/how-do-annuities-work
YouTube: https://www.youtube.com/channel/UCCXKKxvVslbeGAlEc5sra2g
Get a Quote Today: https://www.stantheannuityman.com/annuity-calculator!
306 episodes
Manage episode 399678872 series 2798004
In this episode, The Annuity Man discussed:
The Income Rider and the accumulation value
Two numbers you need before you transfer to SPIA
Calculating a SPIA quote
When you should transfer to a SPIA
Key Takeaways:
The Income Rider is an attachment to a policy that guarantees a lifetime income stream but it’s a separate calculation from the accumulation value. The accumulation value in simple terms is the real money.
Take the accumulation value of the policy and ask the company to give you two guaranteed contractual numbers: first is the Income Rider number of what the lifetime income stream would be, and second, the annuitization number if you took that accumulation value and converted it to a SPIA.
After requesting those two numbers, you can run a SPIA quote using the calculator found at this link: https://www.stantheannuityman.com/annuity-calculators
You must only transfer from an Income Rider to a SPIA if you will be given a higher contractually guaranteed amount. Do a comparison first before transferring. Stay with your current policy if a transfer wouldn’t provide a higher contractual guarantee.
"Stay where you are and turn on the Income Rider when you need income. But there are going to be situations like what John Lenz ran into where we can beat the Income Rider using the accumulation value in a SPIA, quoting all carriers." — Stan The Annuity Man.
Connect with The Annuity Man:
Website: http://theannuityman.com/
Email: Stan@TheAnnuityMan.com
Book: Owner’s Manuals: https://www.stantheannuityman.com/how-do-annuities-work
YouTube: https://www.youtube.com/channel/UCCXKKxvVslbeGAlEc5sra2g
Get a Quote Today: https://www.stantheannuityman.com/annuity-calculator!
306 episodes
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