Single Life Annuity Vs. Joint Survivor Annuity

Annuity Choices

In this section, Stan the annuity man discusses the differences between single life and joint and survivor life annuities. He explains how to customize quotes to meet specific goals.

Single Life vs Joint Life

• Single life pays higher than joint life because it involves covering and guaranteeing for one life while joint life covers and guarantees for two.

• There is no perfect answer as to which is better. It comes down to what you want to contractually solve for when setting up a lifetime income stream.

• Joint life with 100% means that if you die, 100% of the income stream goes uninterrupted and unchanged for the surviving spouse's life. You can also customize it by choosing a lower percentage guarantee.

Customizing Quotes

• Lifetime income quotes expire quickly like a gallon of milk, so it's important to shop through all carriers as many as possible.

• When getting an immediate annuity or deferred income annuity quote, think of it like buying a plane ticket. Punch in exactly what you want and then find the best contractual guarantees for your specific situation.

• The more backstop or percentage guarantee, the lower the payments will be.

Lifetime Income Quotes

• Stan is licensed in all 50 states and knows about immediate annuity and deferred income annuity structuring choices.

• Any type of lifetime income quotes where you're getting immediate annuity, deferred income annuity, qualified longevity annuity contracts or lifetime benefit income riders are like a gallon of milk; they expire every 7 to 10 days.

Structuring Annuities

• An annuity can be structured in a myriad of ways, including single life only or joint life only, with cash refund, installment refund or period certain attached to it.

• Regardless of how an annuity is structured, if it's a lifetime guarantee, it will cover for as long as you live. The way that the backend is structured is the backstop in case you die early in the policy.

Conclusion

In this section, Stan concludes his discussion on single life and joint and survivor life annuities.

Final Thoughts

• There is no perfect answer when choosing between single life and joint and survivor life annuities. It comes down to what you want to contractually solve for when setting up a lifetime income stream.

• When shopping for quotes, it's important to shop through all carriers as many as possible because sometimes one carrier may finish number 1 this week but 8th two weeks from now.

Structuring Annuities for Income Gap

In this section, the speaker discusses how to structure annuities to fill an income gap. The speaker explains that joint life with 100% is not the only option and that there are other ways to structure annuities based on specific goals and situations.

Designing Joint and Survivor Annuities

• Joint life with 50% survivor may be a better option if the surviving spouse has other sources of income.

• Annuities are customizable commodity products, so it's important to communicate specific goals and situations to get the best structure.

• Advisors may suggest different options, but it's important to think about how you want the annuity to work for both your partner and beneficiaries.

Why Choose One Option Over Another?

In this section, the speaker explains why someone might choose one annuity option over another.

Choosing Joint Life with 50% Survivor

• A story is shared about a man who wanted a specific monthly amount for his spouse but had life insurance in place as well.

• The man chose joint life with 50% survivor because he had other money coming in.

• It's important to remember that annuities are contracts and can be customized based on individual needs.

Customizing Annuity Products

In this section, the speaker emphasizes that annuities are customizable products and encourages viewers to communicate their specific goals when structuring an annuity.

Getting Quotes for Customized Structures

• Theannuityman.com represents every carrier and can provide contractual guarantees for individual situations.

• Viewers should subscribe to the YouTube channel for more educational videos on annuities.

• It's important to own annuities for what they will do, not what they might do.

Annuity Types and Education

In this section, the speaker discusses different types of annuities and encourages viewers to educate themselves before making a decision.

Types of Annuities

• Theannuityman.com offers books on different types of annuities, including immediate annuities, deferred income annuities, QLACs, income riders, index annuities, and multi-year guarantee annuities.

• The books provide information on benefits, limitations, and details needed to make an informed decision.

• Viewers should check out the video on how Single Premium Immediate Annuity (SPIA) works.