It would be safe to say that I love annuities. I own them and I sell them. When it comes to suggesting a product for my new prospects, I look at the features of the annuity in relation to the prospect’s needs.
Actual product may vary based on state of residence and type of product. Many fixed-rate annuities and some stock-linked annuities are not available in all areas. By focusing on the benefits of the annuity, you have less influence on the actual product than on the needs of the potential customer.
Generally, I sell a 10-year EIA that does not hold the beneficiary to the contract and an EIA that pays full value as a death benefit. I go to an A rated company and I always make sure the prospect knows the ratings. I use AM Best and get the info from their internet site. www.ambest.com
Many brokers begin the sales process by explaining the annuity features and potential returns. Often the explanation of the annuity is explained before the need for the annuity is even established. By focusing on the “hottest” product, the agent becomes a buyer. By being an order taker, the agent becomes the next biggest product pusher. This category of brokers will only be interested in continuously replacing one business annuity with another.
I never dwell on the actual product unless I associate a specific feature that would benefit a specific prospect’s need.
Keep it simple.