FANOFJESUS
Thinks s/he gets paid by the post
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?
Local credit union annuity?
- Thread starter FANOFJESUS
- Start date
kumquat
Thinks s/he gets paid by the post
There are too many types of annuities to count. Which kind? After that, I'll let the rest of the group go for it.
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.
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.
rescueme
Thinks s/he gets paid by the post
Something dosen't sound right. Do U have a link to the product?
FANOFJESUS
Thinks s/he gets paid by the post
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%
FinanceDude
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Aug 3, 2006
- Messages
- 12,483
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........
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.
FANOFJESUS
Thinks s/he gets paid by the post
dgoldenz can you give a link?
I believe we've asked the same of you as well...
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.
FANOFJESUS
Thinks s/he gets paid by the post
It is my first time at the site but it is somewhere in here
https://www.westernsouthernlife.com/products/overview_an.asp
FANOFJESUS
Thinks s/he gets paid by the post
W&S is an insurance company, not a credit union....probably just the credit union selling the insurance company's products.
FANOFJESUS
Thinks s/he gets paid by the post
You are right.
Yes, that would be it. I must have missed the agent section of the website.
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.
FANOFJESUS
Thinks s/he gets paid by the post
What is the standard rated? I think W&S is rated A.
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.
FANOFJESUS
Thinks s/he gets paid by the post
Thanks everybody. I am guessing that many of you given a choice go ahead and buy a cd instead.
Similar threads
