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Annuity Question
Old 02-07-2021, 06:52 AM   #1
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Annuity Question

I reworded this question because I think people thought it was an ad. Is anyone familiar with American Equity Investment Life Insurance Company? They are listed on Immediate Annuities.com and their payout rate is about 1% higher than the other insurance companies. They have an A- rating with AM Best and S&P. It is tempting to buy an immediate annuity from them but I am not sure if it is too risky. Any thoughts? Thanks.
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Old 02-07-2021, 07:21 AM   #2
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I'm familiar with them but my experience was over 10 years ago. They're ok but I'm not a fan. Not sure if I would do business with them or not. Sorry I can't be of much more help.
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Old 02-07-2021, 08:22 AM   #3
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GF has 2 fixed indexed annuities with them. Those are high expense low return products that she needs to unwind, but I am waiting for her to realize how much it is costing her. A Single Premium Immediate Annuity (SPIA) is much simpler product. Their rating Should be listed on Immediateannuity.com
along with the quote. I can't give you personal experience, but they are the best bet for a Multi Year Guaranteed Annuity(MYGA) according to interest being paid.
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Old 02-07-2021, 09:07 AM   #4
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In the unlikely event that an insurance company goes under each state has a guaranty association that will cover loses up to a certain amount. The amount differs by state, you should be safe as long as you stay under the amount your state covers.
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Old 02-07-2021, 09:41 AM   #5
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Vanguard used to offer SPIA's and retain 1% less, thereby increasing your monthly payout by that amount. They worked with Hueler Investments and Income Solutions (maybe the same?) so if you are checking the monthly payout on immediate annuities, you might as well check these out as well and see if they 'paying' 1% more:

https://retirementincomejournal.com/...w-open-to-all/
https://www.incomesolutions.com/users/login

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Old 02-07-2021, 10:48 AM   #6
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I just purchased a 3 yr MYGA @ 2.4% with American Equity last December. Everything is pretty much straight forward. Be aware of surrender charges that are somewhat steep but pretty much same as other companies that I researched.

Guess I'll see how it works out in December 2023.
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Old 02-07-2021, 10:59 AM   #7
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I have 3 MYGAs with other companies and if that is the product you are looking at especially only a 3 year period than I would be comfortable using them.
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Old 02-07-2021, 12:10 PM   #8
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I think the OP is buying a SPIA, not a MYGA or SPDA.
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