In this episode, The Annuity Man discussed:
- A plain annuity biscuit
- Biscuits for the weekend
- An annuity biscuit with a little bit of jelly and butter
- The Annuity version of a CD
Key Takeaways:
- A plain biscuit without anything on it would be a single-premium immediate annuity or a deferred-income annuity. You get lifetime income with no annual fees and no market attachments. It’s a straight transfer of risk based on your life expectancy.
- If you’re cooking biscuits for the weekend, your qualified longevity annuity contract would be. It can be used inside of your IRA for future lifetime income needs.
- Biscuits with a little bit of jelly and a little bit of butter would be an income rider. It’s attached typically to an index annuity at the time of application; it’s an attached benefit for future lifetime income. It comes with a fee for the policy’s life that’s taken out of the accumulation value.
- The biscuit for accumulation would be a Multi-Year Guaranteed Annuity. It’s the annuity world’s version of a CD. It’s not a CD, but it functions like it. It will give you a guaranteed interest rate annually for a specific period of time that you choose. It could be one year in length, two years in length, three years in length - up to 10 years in length.
"Understand that with biscuits, you’re looking for the simple buttermilk biscuits that grandma made you love. You want a simple biscuit that you understand. You want a biscuit and an annuity that a nine-year-old would like and be able to explain." — Stan The Annuity Man.
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Email: Stan@TheAnnuityMan.com
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