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What You Want To Know About Your Variable Annuity

Do you or anyone you know own a variable annuity (VA) that was purchased prior to June 21, 1988? If so, they may own a grandfathered Variable Annuity Contract. These special contracts fit squarely into the category of “Not too Good to be True – Just too Good to Last.” These contracts are no longer available to purchase nor have they been for years.

If you purchased your VA prior to 2010, your annuity may have been issued using a life expectancy as projected by a 1983 mortality table.

  • What this means to you is that your guaranteed lifetime benefit may guarantee you as much as 8% to 10% income or more for life as a percent of your account value. (Annuity guarantees rely on the financial strength and claims-paying ability of the insurance company that issued them.)
  • You may have no fund restrictions in regard to where you can invest among the approved funds. Insurance companies do not offer this benefit any more.
  • You may be able to invest wherever you want inside of your contract and provide your family not one, but two, death benefits with a value that grows by 6.5%, compounded, per year.
  • Liquidating or cashing out such an annuity means that you’ll potentially be giving up hundreds of thousands of dollars in benefits to yourself and your heirs. Insurance companies are carrying a larger liability with these contracts than with newer ones, but will still live up to the guaranteed benefits these contracts provide.
  • You may want to find an advocate, someone who thoroughly understands the contract, who can help you determine what may be your best next step.
  • You may be able to “commute” the value of your contract and still be guaranteed lifetime income!
  • You may be able to “commute” the value of your contract and still be guaranteed lifetime income!
  • You may be able to exercise your benefit on a variable annuitization basis with unlimited upside market potential and no downside risk to your initial income! (Over time, your income may be reduced if your investment selections underperform.)
  • Excess withdrawals can impact the value of your income stream and the amount of death benefit your heirs received. All earnings and the death benefit will be taxed upon distribution.

The insurance company and financial advisors have a vested interest in encouraging you to liquidate these contracts.

We encourage you to be vigilant about protecting what is rightfully yours and make sure that whatever steps you take, they will be in your best interest. The annuity specialists at Annuity FYI are leaders in this industry, have sold hundreds of millions of dollars of these contracts, have helped to design many of the initial ones and are quoted by major financial publications on a frequent basis. And most importantly, they are scrupulous, honest, ethical, and put your financial interests first.

Contact Annuity FYI at 866 223-2121 to learn ways you may be able to maximize your variable annuity contract.


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