Compare a contractual lifetime income floor and a multi-year guaranteed rate in Quote & Apply, then clear training before the application goes to the carrier.
▶ Watch: BackNine in 5: Annuities (5 min)
Retirement conversations usually come down to one of two questions. “How do I create income I can’t outlive?” or “I have money I don’t need right now. Can I lock in a rate for a set number of years?” Quote & Apply has a path for each. Start with the question, not the product.
Path 1: Lifetime income
What you need: either the amount the client wants to allocate or the annual income they want (the system solves either way), plus their state, the age income should start, and whether a spouse is covered.
How to frame it: this isn’t about which annuity to pitch. It’s: “If we turn a defined portion of the portfolio into a contractual income floor, what does that floor look like?” The income is backed by the issuing carrier’s claims-paying ability, and the rest of the plan stays under your management.
Why the start age matters: income starting at 65 is a very different case from income starting next year. Use the date the client actually needs.
Path 2: Multi-year guaranteed annuity (MYGA)
What you need: state, deposit amount, and guarantee period. Terms in the walkthrough range from two to ten years.
What you compare: guaranteed rate, guarantee period, and how much the client can withdraw without a surrender charge. Rates change frequently, so use what’s on screen the day you run it.
What to say: a MYGA is an insurance contract, not a bank CD. The rate is guaranteed by the issuing carrier’s claims-paying ability. Withdrawing more than the contract allows during the term can trigger surrender charges. Ask when the client will need the money before you choose the term.
Complete training before you submit
Annuity continuing education, anti-money-laundering training, and any product-specific training must be complete, or the carrier will reject the application as not in good order. The screen shows what’s outstanding. Annuity applications are completed in FireLight.
Help with your first case
The annuity desk, wealth desk, or your marketing manager can walk through your first annuity case with you.
Ready to run one? Click Launch Quote & Apply at the top of BOSS. Or send us the client’s objective, state, amount, and income start age, and we’ll compare options together.