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1 This is an introduction to the benefits of selling annuities. If you are an experienced annuity seller, then this class may not be the one for you. If you are not used to selling annuities, hang on and we will help you make that first annuity sale. What we hope that you come to understand today, is that whether your clients are still accumulating money, or whether they need a guaranteed source of lifetime income RIGHT NOW, annuities can strengthen their retirement. 1

2 I thought we would start out with the basics. What is an annuity and what are the different ones you might run across. After covering those two topics, I want to help you identify who might be a good candidate for an annuity and we ll look at a few case studies to see how an annuity could help some clients. Make a note of the disclaimer on the bottom of the slide it may come in to play as you are prospecting for clients. Annuities are not insured by the FDIC or any other federal agency. All guarantees are therefore reliant on the claims-paying ability of the insurer. Before we begin, do you have any questions? 2

3 The definition of an annuity, per a dictionary, reads something like this: A contract between you and an insurance company, under which you make a lumpsum payment or series of payments. In return, the insurer agrees to make periodic payments to you beginning immediately or at some future date. Now, I know that this is a little basic for some of you, but it does form the foundation for our discussion today. 3

4 To put it in a little more plain English, here s the who and what of an annuity. It s a contract between an Insurance company and a contract owner (for instance, your client) The insurance company accepts the client s premium and issues him or her an annuity contract. Then, the insurance company credits interest per the terms of contract to your client s contract s annuity value. This interest crediting cycle continues until the contract owner does one of the following things: Withdraws all of his funds and his annuity value goes to zero Receives a death benefit due to his passing away Or, converts his annuity value into a stream of income payments Depending on the return desired and the timing of the payout will determine which type of annuity to purchase. 4

5 While there are many more reasons people purchase annuities, here are the most basic ones Annuities have competed well against other options used to accumulate or payout funds. We will get into this a little later. Annuities provide a means to accumulate assets on a tax deferred basis. As long as the money is inside an annuity, you do not have to pay any taxes on its growth. Per IRS regulations, clients withdraw all interest first, and then the principal. You only pay taxes when you withdraw the money from the annuity. An annuity also provides clients the ability to create a guaranteed income stream for themselves es and by doing so they can create a tax advantage. antage When a client annuitizes, the payment he receives are part interest and part return of principal hence he s created a tax advantage. As more and more company pensions are becoming a thing of the past, and as people continue to live longer and longer, you ll see this income creation feature of annuities becoming more and more popular. Talking with your current clients about income is VERY important. The reality is that if you don t talk with your clients about creating guaranteed income, SOMEONE ELSE WILL. 5

6 There are 2 different types of annuities-deferred and immediate income. Deferred annuities are available in three categories Traditional Fixed, Fixed Index, and Variable. Deferred annuities are used when clients want to accumulate money, but want to Defer paying taxes on the growth; one day, most likely far into the future, they might want to create a stream of income out of the monies they have accumulated. The immediate income annuity is used by clients who want to create a guaranteed stream of income NOW. They need to start receiving the income very soon, OR at the latest a year from now.. 6

7 Let s take a closer look at deferred annuities. They have two phases: the accumulation phase and the payout phase. Deferred annuities, whether they are fixed or variable, have many similarities; however, variable differs from fixed in a significant way. Variable annuities do not contain guarantees. At AG we only sell the guarantee products, so for the balance of this discussion we will only talk about traditional fixed and fixed index contract provisions. As you ll see on the next slides, the difference occurs primarily in the accumulation phase, where your client picks their preferred method of growing their account value. 7

8 During the annuity s accumulation phase funds are paid into the contract by the owner and interest is credited. d How that t interest t is credited d can vary by the kind of deferred d annuity. In a traditional fixed annuity, the owner is given a fixed rate of return that can change annually or after a longer period of time, depending on what your client desires. These contracts most often have guaranteed minimum returns that assure the owner of making something each year. Index annuities are similar to traditional fixed annuities except they offer a return that is linked to a specific index, for example the S&P 500. In this product type, your client may be guaranteed a minimum return but also has the opportunity to make more money if the underlying index performs well. Said another way, they can share in the upside of the market yet maintain a sense of comfort by knowing they have a minimum guarantee as well. In variable annuities, the funds are invested in sub accounts, which are like mutual funds and the account value can increase or decrease depending on the performance of the sub accounts. It is possible for a variable annuity to out earn a traditional or index annuity. However, with a variable annuity you also run the risk of losing money. This risk/reward decision must be evaluated and decided on by your clients before purchasing an annuity product. Now that we ve talked about the accumulation or growth phase, let s talk about the payout phase. 8

9 During the payout phase funds are distributed from the annuity based on the payout option selected by the owner. Payments can be distributed over a certain period of time. This certain period payout option provides the owner great flexibility by allowing him to determine the frequency and amount of each withdrawal. Payments can also be distributed over an annuitant's lifetime allowing your client to guarantee that they will never be without a source of income. With this distribution method, clients can plan for, and be assured that, t the payments will last as long as they are alive. Payments can also be made for a combination of lifetime and certain period. For instance, payments can be guaranteed to occur as long as your client is alive, or for 10 years, whichever is a longer time period. Finally, some annuities have living benefit riders that provide the annuity owners with another way of guaranteed income for the owner s life. There are many different versions of lifetime income riders, so it s difficult to make general statements about them all. Each contract functions in a different way and therefore has different rules. So, make sure you fully understand the particular living benefit you re recommending to a client. 9

10 Now that we ve discussed the 2 phases of an annuity, accumulation and pay out, let s take a closer look at common features in traditional i fixed and index annuities. i The features of these types of Annuities can vary greatly from one company to the next and from product to product. Probably the most important features to take note of are: the minimum guaranteed interest rate which is especially important to market-wary clients there are no contract fees or product charges when the contract is held to term Commonly, the maximum premium allowed without home office approval, is one million dollars. Issue ages vary by carrier, product and plan type. Often there will be limits at extreme ends of the age spectrum, old and young. In addition, if the contract is funded with Qualified money, for instance, a 401k rollover, there will likely be age constraints. Always, always, read the product specs. And all fixed annuities, whether traditional or index, must provide a minimum guaranteed withdrawal value that clients will receive upon surrender. This provides an underlying safety net for clients. 10

11 Deferred annuities can either be single premium or flexible premium. They have account options that pay either a declared dfixed interest t rate, or, they calculate l interest tbased din part on the return of a specific, index such as the S&P 500 Index. Terms or withdrawal periods of deferred annuities can vary greatly as well. I ve seen as short as 3 years and as long as 14 or more. Lately short terms have been very popular, but as the yield curve returns to normal and longer term products start paying more than shorter term products, people are becoming more willing to put money into longer term products again. Deferred annuities usually offer some sort of penalty-free distribution or liquidity feature as well. Some products offer the client the ability to withdraw interest earned each year, others offer the client the ability to withdraw up to 10% of their annuity value. It s common for contracts to have a market value adjustment that is applied on early withdrawals; the MVA, as it is known, adjusts the amount the client is withdrawing by a factor that reflects how the interest rate market has changed since the client s annuity contract was issued. If interest rates have gone up, the MVA will be a negative adjustment to the amount withdrawn; if interest rates have gone down, as they have in the last few years, the MVA can be positive and may increase the amount withdrawn. Another big feature of an annuity is its death benefit. Newer products almost always waive withdrawal charges and MVA when paying death benefits. Knowing the benefits of a product is key to any sales situation. Be sure to familiarize yourself with the design of all products you present to your clients. [Additional support, if client has questions about MVAs. This is optional script.] By including Surrender charges and MVAs in deferred annuities the Insurance 11

12 By that we mean. Safety The underlying annuity is safe from stock market risk and backed by the insurance company that guarantees it. Your client can be confident about future growth. Tax Deferral Under current tax law, Federal and State taxes on earned interest do not have to be paid until the client withdraws the earnings. If the client is under 59 ½, they may incur a tax penalty and should consult with their tax advisor for details. Yield Provides a certain return to your client that is equal to or better than many other safe places. As the indices do well, so will the annuity. And if they perform poorly, then the annuity will have insulated them from market losses. Liquidity Your clients have the ability to withdraw a percentage of their contract at any time, subject to the rules of the annuity contracts. Traditionally, this allows them to take up to 10% out in any given year. Estate Planning The accumulated value of an annuity is paid directly to the beneficiary and usually without the expense, delay and frustration of probate. So remember, STYLE should be part of every fixed deferred annuity conversation. 12

13 Now we are switching focus to Immediate Income Annuities which convert a single premium or a lump-sum into a stream of income payments. Contracts are based on the age and the interest rate at the time of purchase. Contracts can also be based upon the life or lives of one or two people. Payments generally start about a month after the contract is issued. Immediate annuities can guarantee an income source for a certain period of time or for the life of the owner or owners or for a combination of life and certain period of time. Once payments begin they will not fluctuate up or down regardless of market conditions, unless your client has chosen one with an inflation rider to help protect against inflation. Does this sound a lot like the payout phase we discussed earlier? Well it IS! The main difference being that with an immediate income annuity, at the purchase of the contract, they can IMMEDIATELY start the payout or annuitization phase. The immediate income annuity offers financial security in the form of income payments for the rest of your life. In other words, you cannot outlive it. Now that we ve discussed the different types of annuities, let s look at who in your book is a good prospect and how they might want to use an annuity. 13

14 Your typical deferred annuity prospect is likely to be currently saving in CDs, Money Markets, EE Series Bonds or Traditional Fixed Annuities. They prefer to avoid paying taxes on the interest in the near term, are concerned about market risk, and want protection of their principle. The clients view on the market and market risk will help you determine if they are a candidate for a traditional or index deferred annuity. Someone who seeks guarantees, wants to know exactly how their money will grow, are not huge risk takers and want to know what they can access for withdrawals is a prospect for a traditional fixed annuity. Someone who wants to try to get a higher return rn than traditional fixed products are offering someone who is looking for more opportunity for growth this person would be an ideal prospect for a fixed index annuity. And the person who needs a guaranteed income stream NOW AND has assets to convert, they would be a good income annuity prospect. Now let s look at WHY people want an annuity. What questions should you ask and be listening to hear 14

15 There are many reasons to purchase an annuity. Here are a few uses: The first two are the primary uses a means to accumulate assets or to Supplement income To save for Long Term Care expenses or create a payment source for the expenses Estate planning- the funds in an annuity can often avoid probate Some client want tax deferred alternative to a CD. They aren t using the money, so they don t want to pay taxes on the interest. When you are talking with clients, always be sure to emphasize the insurance features of annuities: The Death benefit And the Lifetime income options Now let s look at some case studies and see if you can identify what type of annuity would suit these hypothetical clients needs. 15

16 Do you recognize this client? He s a 64 year old male with no market experience. His wife is now deceased, so he s looking for a safe place to put the life insurance money. He is used to saving in CDs, does not want a long term commitment, and plans to leave the money to his children. A traditional deferred annuity might make sense for him since he doesn t need the income, is used to CD investments and plans to leave the money to his children. Additionally the notion of a guaranteed interest rate, that could be higher than a CD when coupled with tax deferral, will leave a larger amount for his heirs. 16

17 Do you recognize this client? She s a 68 year old retired woman with a moderate investment portfolio and a large amount of equity investments. Not needing immediate income. Needing diversification and protection of principle. In this case, the client has the investment background to understand the risk/rewards of an index annuity. She can get the market linked return opportunity but get principal protection at the same time. Additionally, because there are so many index annuities in the marketplace that are tied to a wide variety of indices, she can balance out her investment portfolio and potentially reduce her overall investment risk. 17

18 If you look through your entire book of life insurance clients, you will most likely find many opportunities for annuities. Life insurance clients are very comfortable with non-fdic insured products as well as insurance company backed solutions. The opportunity to provide a savings solution for them is as simple as asking. So, do you have an idea of what product might be helpful for this couple? They re about 70, own life insurance and have assets but they need more income. Yes, an income annuity! Now how do you get started selling annuities? 18

19 Start talking with your existing clients. Here are some easy ways to start the conversation. Beneficiary reviews. Meet with your clients to keep up to date and ask them how they are saving for their retirements or meeting their financial requirements now. Using a deferred or immediate income annuity to supplement their needs might be a perfect fit Prospecting letter. A simple letter informing your clients that you specialize in helping them meet their retirement needs might create interest. At American General we can help supply you with these types of letters if you are interested Client Appreciation events. Conduct a small gathering of your clients to discuss the current economic situation and let them know that you are making annuities a core part of your business because of the enhanced interest rates available, relative to FDIC insured products. Now that we ve discussed what annuities are, the types of them, how they can be used, how to prospect for them, I want to spend a minute showing you the American General fixed annuity line-up 19

20 To help you meet your client s needs, we have created a diverse portfolio of traditional fixed and index products. [The Overview of Annuities piece included in your kit provides the basic information on each product.] Please know that our portfolio covers a wide spectrum of client needs and we look forward to showing you greater detail, at your convenience. We are available to meet in person or via webex or conference call to provide additional training and point of sale help. 20

21 Are there any questions? Thank you for your participation today. As we close, remember Annuities Strengthen Retirement. Call us anytime to help you through the annuity sales process. 21

22 Disclaimers. Leave slide up for 5 seconds. 22

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