Some exciting news from the #1 fixed annuity company in the country (by sales), AIG/Corebridge. They are increasing their “rollup” on their GLWB to 10% simple from the current 8.5%. Furthermore, they are increasing their payout factors per the chart in her email below. For example, a 6.5% payout factor for a 65 year old!!! Or 6.10% for a 65 year old JOINT PAYOUT!!! They were toward the top of the payout chart prior to this change. Now, it will get even better. With a 7% (street level) commission on their 10-year!!!
By reading the transition rules, it appears that they will likely decrease the “caps” on these products in order to make room for the higher levels of guaranteed income. So be aware that the accumulation potential may be watered down a little but the guaranteed income will be greater. Furthermore, they have their separate Accumulation product that currently has a 12% cap on the plain vanilla S&P 500!!!
Lastly, AIG does dual appoint. So, if you are with another IMO with AIG, you can get an additional appointment with CG Financial Group. Let us know if you want me to run you some numbers on specific scenarios.
Click Here to see the announcement and details.