Blueprint Income: Legit website?

[Shabby]

I am about to purchase a significant amount of SPIA’s and noticed Nationwide having the highest rate at 7.06%. Instead of going through Blueprint, I called Nationwide direct. The rep said that he couldn’t match the rate Blueprint has? This seemed odd.

Has anyone purchased annuities through Blueprint?
I am also having my Merrill Lynch guy see what he can do on the rate.

Thanks,

 

[ShokWaveRider]

Yes, I have purchased 2 from them and they are the AARP recommended Annuity provider. I have found their staff to be extremely helpful and responsive. I will buy from them again.

 

[donheff]

Interesting. I bookmarked Blueprint when I was looking at current SPIA prices for my sister-in-law. I like that it shows "current" prices from a variety of companies. I didn't realize they serve as a middleman for actually buying the contracts. Since OP couldn't match the price directly with the provider, does that mean that a company like Blueprint is able to get volume discounts by bringing in buyers?

 

[MarieIG]

I have heard of Blueprint (Income) for sale of annuities.

If you have any doubts with regard to their contact information, track that down though your State's website.

EDIT - From one of their websites - they are not an insurance company "Blueprint Income is an annuity marketplace, not an insurance company. That means that we offer a curated selection of 30 top insurance companies, giving you the power to compare annuities in one place. In addition to our online experience, we have a team of annuity experts here to answer questions, process paperwork, and help you feel confident in your decision-making."

 

[teej1985]

They are merely a broker. No reason not to buy from them. The other big brokers are immediateannuities.com and stantheannuityman.com

 

[rembrandt]

I am in the midst of purchasing a Nationwide annuity with them. They seem OK so far...

 

[Shabby]

Did you give any thought to keeping each SPIA at the state maximum coverage amount in case they have issues or do you feel Nationwide is safe enough to go all in?

 

[rembrandt]

I try to spread my annuities across different companies.

 

[Shabby]

So that is what I am considering as well, but with a 7.06% rate with Nationwide as an A+ provider, it is hard to spread some to others like USAA (6.46%) and PacLife (6.82%). But you are doing it to be safe in case the company goes under?

 

[MarieIG]

Did you give any thought to keeping each SPIA at the state maximum coverage amount in case they have issues or do you feel Nationwide is safe enough to go all in?

I would keep the SPIA(s) within coverage limits.

 

[rembrandt]

The chances of Nationwide going under is very low, but you never know.

 

[jazz4cash]

I purchased 3 MYGA contracts through Blueprint income. They have the best resources on their website but I would also consider/compare Stan Annuity Man and immediateannuities.com. Blueprint Income was acquired by Mass Mutual over a year ago so that is another indication of being legit.

 

[Finance Dave]

A long time ago we wanted to put money in an online savings account at a bank. We looked at places like ING, Countrywide, etc. I called each of them and asked for annual reports to look for any obvious signs. A person from Countrywide called me to make a pitch, and I said I was concerned about them based on some things I saw in their financial statements. She laughed and said "We are one of the largest banks in the country, there's nothing to worry about".

Well, we all know what happened to Countrywide about 15 years ago.

 

[flatrock]

I bought two thru them. Only issue I ran into was one of the carriers was overloaded with purchase applications and it took a bit longer than I wanted to receive my contract. Blueprint later dropped that carrier from their lineup temporarily for that reason I believe. As far as Blueprint I found them excellent to deal with and would use them again.

 

[jazz4cash]

Well, we all know what happened to Countrywide about 15 years ago.

I know there was some angst due to the mortgage fiasco but I thought they were acquired by BofA and everyone got their money back.

 

[rembrandt]

I am currently in the process of using Blueprint to purchase a Nationwide SPIA. Nationwide just requested financial statements from me. This is the first time this ever happened to me. Usually they just take your word for it, in my experience in purchasing many SPIA's.

 

[Sunset]

I am currently in the process of using Blueprint to purchase a Nationwide SPIA. Nationwide just requested financial statements from me. This is the first time this ever happened to me. Usually they just take your word for it, in my experience in purchasing many SPIA's.

So a check is not good enough

 

[rembrandt]

So a check is not good enough

Apparently not. They requested the documents AFTER they cashed the check.

 

[teej1985]

Apparently not. They requested the documents AFTER they cashed the check.

What exactly did they request? And did you provide them?

 

[rembrandt]

What exactly did they request? And did you provide them?

They wanted a copy of the statement of the account showing the source of the funds going into my checking account. I provided it to them with the account number blocked out.

 

[jazz4cash]

My experience buying 3 MYGA contracts through Blueprint Income is that annuity providers want details of your savings and expenses to establish “suitability”. I don’t recall having to prove the figures but if you want to put all your money into an annuity they would likely deny. I don’t know if it’s different for SPIA but I would push Blueprint to advocate for me or just ask them what’s up.

 

[rembrandt]

I applied for a $500/month SPIA payout with Nationwide. I sent the check with the application. I just received the first payment, but it was for $498.85. I received this email from Blueprint "Insurance carriers will accept the payout rate (or pricing model) that is in effect at the time of your illustration but, the actual payout will depend on the exact date that your fund is received. This can result in a slightly lower payout than what is included on your illustration in some instances." I sent an email to Blueprint to explain this. It is not a big deal but it left me feeling a little disappointed.

 

[Joylush]

So that is what I am considering as well, but with a 7.06% rate with Nationwide as an A+ provider, it is hard to spread some to others like USAA (6.46%) and PacLife (6.82%). But you are doing it to be safe in case the company goes under?

Can you explain how you calculated those rates?

I have a deferred annuity that just matured. I need to either lock it in to another term or annuitize it. If I leave it alone it only pays the minimum guaranteed rate of 1%. This is with USAA. I’ve used their calculator to determine the amount of income I’d receive if I turn it into an immediate annuity but how do you covert that number to determine what the rate is? I just don’t know what to do with it.

 

[Shabby]

Rembrandt,
I just had the same thing with Blueprint. The Nationwide one was small like yours and after calling Nationwide I kinda understand it. Basically if we waited a month to get the first payment it would be at the rate quoted but financially we would rather get the extra payment even though lower for life. Now….the PacLife they did is wayyy off and I’m trying to get to the bottom of it. Not impressed with Blueprint so far. We shall see how it shakes out.

 

[Shabby]

Can you explain how you calculated those rates?

I have a deferred annuity that just matured. I need to either lock it in to another term or annuitize it. If I leave it alone it only pays the minimum guaranteed rate of 1%. This is with USAA. I’ve used their calculator to determine the amount of income I’d receive if I turn it into an immediate annuity but how do you covert that number to determine what the rate is? I just don’t know what to do with it.

These are fixed immediate annuities that pay monthly for life. I simply take the amount they guarantee me monthly and X 12 months and divide by the amount I have to give them.

$750,000 given to them
$4,415.92 a month they give me
X12= 52,991
$52,991/750,000=7.065%

Sure beats the 4% rule but leaves no money to your heirs when you die unless you don’t get all your principal back. Then the heirs get the balance.