Can I Get A Better Annuity Rate?
Can I Get A Better Annuity Rate? The best way to guarantee the best rate on your annuity is to know how rates are set, and try these ideas.
Annuity Rates -
An annuity rate defines how much (percentage) you will earn on your investment. An annuity payout is rather like a loan payment in that part of the payment is based on the principal (the money you invested) and part of the payment is the interest earned on that principal.
How The Rates are Set -
Interest rates can change from time to time during the period of accumulation. It is up to the insurance company to determine what these rates will be. The lowest rate that your annuity can earn is the guaranteed minimum interest rate, and that rate will be included in your contract.
Finding the Best Annuity Rate -
It is easier than you think answer the question “Can I Get A Better Annuity Rate?” and find the best annuity rate. It is a good idea to shop around for competitive rates before taking the first offer you get. Here are a few ideas to get you started.
1. Look at a website such as annuityfyi.com to see what rates they are offering. These kinds of sites take a lot of the work out of tracking rates, and they list specials available daily. This site also has a check list to help you navigate annuity purchases.
2. Ensure that the annuities you are comparing have similar rates and terms.
3. Consult your broker or agent to find out which, if any, carriers are running specials, and what those specials are.
Listed below are some annuity rate tools:
* The Hypothetical Fixed Index Annuity Illustration System
* The Universal SPIA Quoting Tool
You can enter these terms into your search engine for more information on these tools and answer the question “Can I get a better Annuity Rate?”.
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