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Local credit union annuity?
04-22-2011, 08:52 PM
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#1
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Location: St. Louis
Posts: 1,563
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Local credit union annuity?
It is a two year fixed annuity the first year at 4.4% and the second year at 2.4% does this sound good and would you do it?
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04-22-2011, 10:40 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Nov 2005
Location: North of Montana
Posts: 2,769
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There are too many types of annuities to count. Which kind? After that, I'll let the rest of the group go for it.
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There are two kinds of people in the world: those who can extrapolate conclusions from insufficient data and ..
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04-22-2011, 11:07 PM
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#3
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,860
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 Quote:
Originally Posted by rec7
It is a two year fixed annuity the first year at 4.4% and the second year at 2.4% does this sound good and would you do it?
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1. It sounds too good to be true.
2. No.
But if we were able to read the details on a website then we might be able to give you a better reasoning behind the "No" part.
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Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
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04-22-2011, 11:54 PM
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#4
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Full time employment: Posting here.
Join Date: Nov 2009
Location: VA
Posts: 923
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Quote:
Originally Posted by Nords
1. It sounds too good to be true.
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I agree, those rates sound really high compared to what else is out there. What's the catch? If by some chance there is none, those rates are hard to argue with.
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Disclaimer - I am an independent insurance agent. If the above message contains insurance-related content, it is NOT intended as advice, and may not be accurate, applicable or sufficient depending on specific circumstances. Don't rely on it for any purpose. I do encourage you to consult an independent agent for insurance-related advice if you have a question that is specific in nature.
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04-23-2011, 05:26 AM
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#5
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gone traveling
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
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Something dosen't sound right. Do U have a link to the product?
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04-25-2011, 10:05 AM
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#6
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Location: St. Louis
Posts: 1,563
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Sorry everybody for the wait the credit union was closed for the weekend. It is a 6 year annunity. 4.4% the first year 2.4% the second year saleman's said they have a good record of raising rates when they rise. But this is not guaranteed. Years 3,4,5,6 they set each year with a floor of 2%
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04-25-2011, 10:22 AM
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#7
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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6 years is a LONG time. Also, fixed annuities are typically the FIRST to DROP their rates when rates go down, and the LAST to raise their rates when rates go UP..YMMV........ 
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04-25-2011, 10:23 AM
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#8
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Full time employment: Posting here.
Join Date: Nov 2009
Location: VA
Posts: 923
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Quote:
Originally Posted by rec7
Sorry everybody for the wait the credit union was closed for the weekend. It is a 6 year annunity. 4.4% the first year 2.4% the second year saleman's said they have a good record of raising rates when they rise. But this is not guaranteed. Years 3,4,5,6 they set each year with a floor of 2%
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That's not as attractive as a 2-year with those rates. If you are locking in for six years, you can get 3.4% with a full six-year guarantee for $100k+ in premium. 3.3% for less than $100k. 2.9% if you want an A+ rated company instead of A.
__________________
Disclaimer - I am an independent insurance agent. If the above message contains insurance-related content, it is NOT intended as advice, and may not be accurate, applicable or sufficient depending on specific circumstances. Don't rely on it for any purpose. I do encourage you to consult an independent agent for insurance-related advice if you have a question that is specific in nature.
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04-25-2011, 11:09 AM
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#9
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Location: St. Louis
Posts: 1,563
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dgoldenz can you give a link?
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04-25-2011, 11:52 AM
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#10
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,860
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Quote:
Originally Posted by rec7
dgoldenz can you give a link?
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I believe we've asked the same of you as well...
__________________
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Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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04-25-2011, 12:07 PM
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#11
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Full time employment: Posting here.
Join Date: Nov 2009
Location: VA
Posts: 923
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Quote:
Originally Posted by rec7
dgoldenz can you give a link?
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I can't post a link because there's no product-specific information on their website. It's the Focused Growth 6 annuity with The Standard. I can e-mail you a copy of the brochure if you want to send me a PM or post your e-mail address. The current rates won't be stated anywhere though unless you have an illustration run.
__________________
Disclaimer - I am an independent insurance agent. If the above message contains insurance-related content, it is NOT intended as advice, and may not be accurate, applicable or sufficient depending on specific circumstances. Don't rely on it for any purpose. I do encourage you to consult an independent agent for insurance-related advice if you have a question that is specific in nature.
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04-25-2011, 02:26 PM
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#12
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Location: St. Louis
Posts: 1,563
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Quote:
Originally Posted by Nords
I believe we've asked the same of you as well...
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It is my first time at the site but it is somewhere in here
https://www.westernsouthernlife.com/...verview_an.asp
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04-25-2011, 02:28 PM
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#13
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Location: St. Louis
Posts: 1,563
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Quote:
Originally Posted by dgoldenz
I can't post a link because there's no product-specific information on their website. It's the Focused Growth 6 annuity with The Standard. I can e-mail you a copy of the brochure if you want to send me a PM or post your e-mail address. The current rates won't be stated anywhere though unless you have an illustration run.
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I think I found it
The Standard - Related Information
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04-25-2011, 02:30 PM
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#14
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Full time employment: Posting here.
Join Date: Nov 2009
Location: VA
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Quote:
Originally Posted by rec7
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W&S is an insurance company, not a credit union....probably just the credit union selling the insurance company's products.
__________________
Disclaimer - I am an independent insurance agent. If the above message contains insurance-related content, it is NOT intended as advice, and may not be accurate, applicable or sufficient depending on specific circumstances. Don't rely on it for any purpose. I do encourage you to consult an independent agent for insurance-related advice if you have a question that is specific in nature.
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04-25-2011, 02:31 PM
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#15
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Location: St. Louis
Posts: 1,563
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You are right.
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04-25-2011, 02:32 PM
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#16
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Full time employment: Posting here.
Join Date: Nov 2009
Location: VA
Posts: 923
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Quote:
Originally Posted by rec7
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Yes, that would be it. I must have missed the agent section of the website.
Quote:
Originally Posted by rec7
You are right.
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I have never found the products offered by banks to be the best rates available....ever? Bank reps usually have no idea what they're selling either.
__________________
Disclaimer - I am an independent insurance agent. If the above message contains insurance-related content, it is NOT intended as advice, and may not be accurate, applicable or sufficient depending on specific circumstances. Don't rely on it for any purpose. I do encourage you to consult an independent agent for insurance-related advice if you have a question that is specific in nature.
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04-25-2011, 02:33 PM
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#17
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Location: St. Louis
Posts: 1,563
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What is the standard rated? I think W&S is rated A.
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04-25-2011, 02:35 PM
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#18
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Full time employment: Posting here.
Join Date: Nov 2009
Location: VA
Posts: 923
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Quote:
Originally Posted by rec7
What is the standard rated? I think W&S is rated A.
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A rated with AM Best. Lincoln National is A+ and is at 2.9% for 6 years...that's the highest I know of for an A+ company.
__________________
Disclaimer - I am an independent insurance agent. If the above message contains insurance-related content, it is NOT intended as advice, and may not be accurate, applicable or sufficient depending on specific circumstances. Don't rely on it for any purpose. I do encourage you to consult an independent agent for insurance-related advice if you have a question that is specific in nature.
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04-25-2011, 04:16 PM
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#19
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Location: St. Louis
Posts: 1,563
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Thanks everybody. I am guessing that many of you given a choice go ahead and buy a cd instead.
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