Disclaimer: Interest rates change often. This article will be updated on a quarterly basis, but rates may change between those updates. At any time, you can review current annuity rates here.
Welcome to our latest quarterly update, created to equip you with fresh insights and developments in the senior annuity market.
As we head into the third quarter, I’m here to guide you through the annuity landscape as we've observed it in recent months.
Rates Are Holding Strong
The market really hasn't changed much at all since the last quarter!
Overall, MYGA (Multi-Year Guaranteed Annuity) rates have shown exceptional stability. We've even seen a few carriers increase their rates by a few basis points.
The 3-year contracts are especially great right now.
Some 5-years have dropped down a few basis points, but that could be because those carriers want to slow down the flow of new business.
Heartland Spotlight
We featured Heartland last quarter, and boy, I'd love to shine some light on them again.
Their service has been outstanding, and their rates have not moved a bit.
They are great communicators and keep the ball moving. When you work with transfers, it can be challenging, and their service department is very good about friendly reminders to the agent, who then has to get the client involved.
This carrier is very efficient. I've had nothing but agents saying positive things about them, and their rates, of course.
Consistent Performers
A couple of other annuity carriers that always deserve some attention include Atlantic Coast Life (ACL) and Liberty Bankers Life (LBL). Their MYGAs continue to align seamlessly with client needs, and their rates are really great.
LBL also has an outstanding SPIA, as well, which is our go-to.
And when it comes to Fixed Index Annuities (FIAs), SILAC is still leading the way. We've also seen a little traction with LBL's FIA, which is worth taking a look at if you haven't already.
We have lots of other offerings from other carriers, but the integrity of SILAC's renewals combined with the nice gains clients are seeing is hard to beat.
Business Builder
Are you using Business Builder? We have this great technology but not a lot of agents are utilizing it yet. It's a fantastic platform!
This platform provides:
- Insightful business tracking
- Comprehensive comparisons
- Marketing resources
- Educational materials
- Training videos
It’s an invaluable resource for those committed to excelling in annuity sales.
Curious to learn more? Reach out—I'm here to facilitate your path to expertise.
Election Year Effect
Over the years, I have noticed that in an election year, people who have money want to get it out of the market because of the unknown.
That makes this a good time for us to talk about putting that money into a fixed annuity, such as a MYGA or FIA.
As far as carrier rates go, the honest answer is I don't know what will happen! We'll continue to monitor the market and update you along the way.
Conclusion
There has truly never been a better time to start selling annuities. Start with one or two carriers, get very comfortable with them, and go from there.
You can set up a call with me by clicking on the banner below, and I'll help you get started:
Here's to making the most of the annuity market this fall, which is full of unlimited potential.
