Did You Receive Your Annuity Quotes?

I emailed your quotes to you yesterday and wanted to be sure you received them. If you haven't, please reply to this message and I'll email them again. Or, if you'd like to receive your quotes in writing, reply with your street address and I'll send them by US mail.

As you review your quotes, you may have some questions. I’ll try to answer some of the more common ones below.

In future emails, I'll tell you more about how these annuities work and how to select the best one from among the many available. Also, I'd be happy to answer any questions you have - just send me an email.

1. When do my quotes expire?

Most insurance companies hold their quotes "open" or "good for purchase" for a limited period of time, say, 1 to 2 weeks. In fact, a few companies only hold their quotes open for the one day they are calculated.

To lock in a quote, the company needs to receive a signed annuity application while the quote is "good for purchase." When you tell us that you're ready to buy your annuity we'll send you updated quotes and a pre-filled application for the company you choose (more about this later).

2. How often do these quotes change?

Insurance company actuaries typically adjust their annuity prices when there's been an increase or decrease in bond market interest rates. However, there is no set practice they all follow. Some companies monitor the daily fluctuations in rates and adjust their prices frequently. Others, change their rates weekly or on the first day of the month.

If you're not planning to buy your annuity for a while, it’s a good idea to periodically request quote updates so you can see the direction in which rates are trending. You can also follow annuity trends here. (It's a good idea to bookmark this page so you can easily come back to it.)

3. I'd like to apply for my annuity but my money won't be available for a month. Can I lock in my quote without sending any premium?

Yes, many of our companies will lock in your quote without receiving any premium, as long as you send them an annuity application while the quote is "good for purchase." This gives you a lot of wiggle room, if, for example, you are buying an annuity through a transfer from an IRA, 401k, from another annuity, or from a maturing certificate of deposit.

We call this a "rate lock" and it's similar to locking in a mortgage rate with a bank 30 days before you close on a new home. Typically, an insurance company will give you 30 to 60 days to transfer your money to it.

During that time, your quote is protected. So even if the company lowered its rates to other annuity buyers who applied after you, your locked in higher quote would be honored. Some companies will even give you a better payment, if during the time it took to transfer your money the company announced a rate improvement. So you get the best of both worlds: at least the payment amount promised when you applied or a better rate if the company changed its rates in your favor! If you have any questions about how a rate lock might work for you call 800-872-6684 or email me.

4. How do I apply for my annuity?

We offer you the easiest way to apply for your annuity. When you're ready, just call us at 800-872-6684 and we’ll send you a pre-filled application ready to review and sign.

We’ll also include a pre-paid FedEx envelope so you can mail your signed application and check (or transfer form) directly to the insurance company, for maximum security and speed. We track your application with the insurance company through the underwriting process and insure that your policy is issued promptly and correctly.

5. Are taxes deducted from my monthly payments?

It's up to you, whether or not the company withholds any income taxes from your payments. On the annuity application you can check the box indicating that the company "should withhold" and you determine the dollar amount, or, you can check the box indicating “do not withhold”. We’ll go over this and similar questions when you call us to request your annuity application.

6. Are there any fees or costs to using your services?

No. There are no deductions from your quotes for front-end loads or sales fees or commissions or annual expenses or account maintenance fees. The quotes you received from us are net of all costs so "what you see is literally what you get" :)

Our service is free to you. We are paid a commission by the insurance companies to represent them. You can read a detailed report on insurance agents' commissions here.

7. If I apply for my annuity and then change my mind can I get all my money back?

Yes, you can get all your money back, but only for a limited time. When you receive your annuity contract ("policy") from the insurance company you have 10 to 30 days to reconsider your decision and send the contract back for a full 100% refund, no questions asked! This is called the "free look" period.

If you decide to keep your annuity, you sign a delivery receipt and the annuity becomes fully effective. Once the free look period has passed, the company is not obligated to return your premium except as provided for in the contract.

Depending on the type of annuity you buy there may be options to receive some or all of your premium back under early surrender provisions, accelerated payment, or limited liquidity options, if applicable.

It's important to remember that these cash-out options vary by the type of annuity you have: an immediate or deferred income annuity cannot usually be surrendered once the free look period has passed. An index or multiyear deferred annuity can be surrendered but fees and penalties will usually apply. If this is confusing call 800-872-6684 and we'd be happy to answer all your questions.

8. Tell me about your company.

Since our company's founding in 1983, we've helped tens of thousands of consumers, like yourself, to choose the right annuity for their retirement in the easiest and most convenient way possible, by phone, mail, and, since 1994, via our website online. Our service is highly-acclaimed by the editors of Kiplinger's, Money magazine, and the Wall Street Journal. We've been their go-to source for annuities for more than 30 years.

Our service is rated 9.7 (out of 10.0) by Trustpilot and A+ by the Better Business Bureau. You can read actual customer reviews, audited by Google, on Google's Sellers' Rating Site, where we are rated 5.0 (out of 5.0).

Simply put, we help you find the best-priced annuity that meets your needs and then we help you apply for it easily, at your convenience.

I hope I've answered these questions to your satisfaction. If you have others, please call me or request a callback, I’d be happy to speak with you about your retirement plans. I promise they’ll be no sales talk!

I look forward to hearing from you.

Hersh