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 the Q3 edition of our annuity update! While the MYGA market continues its steady streak, the real story this quarter is our competitive edge in FIAs and the smart moves carriers are making.
As we head into late summer, I'm here to guide you through the latest market developments and share some exciting wins we've been seeing with competitive cases.
The MYGA market continues to show remarkable stability. We haven't seen much movement across carriers over the past few months, with only minor basis point adjustments from 2-3 carriers on shorter-term products.
The good news? Heartland's 5-year MYGA remains steady at 5.45% – a rate that's been consistent and competitive in today's market. The 5-year term continues to be the sweet spot, with most carriers hovering around the 5% range, making Heartland's offering particularly attractive.
This stability provides a solid foundation for your MYGA sales without the uncertainty of constantly changing rates.
The FIA market continues to be really strong for us, with SILAC still leading the way.
But here's what's exciting: when we encounter competitive situations, we're winning cases we might not have been able to secure in the past.
Don't go it alone when facing competition. Give us the specs and let us find what's best for your client. We recently worked with an agent in Florida whose clients – a savvy couple with Wall Street experience – had received five proposals from an investment planner.
By leveraging our partnership with Brokers International (an Integrity partner) and utilizing case design across our stable of carriers, we won the case with American Equity by finding exactly what fit their needs.
SILAC has made some smart changes to their product lineup that are paying off big time:
This restructuring makes perfect sense – each product now has a clear purpose without compromises. Agent feedback has been outstanding so far, and SILAC continues to win a significant number of cases.
The annuity space has picked up on what the Med Supp market has been doing with agent incentives.
SILAC leads with a great bonus program, and others including Liberty, Lincoln, Athene, and Equitrust are following suit. These incentives add even more value to your annuity sales efforts.
These programs typically offer additional compensation ranging from 0.25% to 1.5% on qualifying premium, with higher producers earning significantly more.
Most carriers structure their incentives in tiers – for example, you might earn an extra 0.5% on your first $1-5 million in production, then 1.0% on the next tier, and up to 1.5% for top producers hitting $10+ million annually. Some programs pay retroactively to dollar-one once you hit a tier, while others offer quarterly bonuses.
Beyond just basis points, many carriers are adding perks like priority customer service, dedicated case managers, exclusive events, and even travel incentives for top performers. These incentives add significant value to your annuity sales efforts and can meaningfully impact your bottom line.
Don't Miss the Annuity Mentorship Program
With the Annuity Mentorship Program, we'll write the annuity for you while you maintain your client relationship and receive a 50/50 commission split.
How it works:
This program is perfect for agents new to annuities or those who prefer to focus on their core business.
You can participate once to learn the process or make it an ongoing arrangement – the choice is yours. Get paid while you learn, and turn interested clients into satisfied customers without having to become an annuity expert yourself.
Interested in the Annuity Mentorship Program? Call our office at 888-780-7676 and ask for Kirk!
I strongly recommend utilizing our desk display featuring current competitive rates.
Focus on Heartland's 5-year MYGA at 5.45% – they're offering one of the highest rates available.
The display is a template that's easily customizable, so when rates change, you can quickly change it and print off a new copy. It also makes a great leave-behind for clients to review or share with their spouse.
The desk display is an excellent passive marketing tool that generates client inquiries. Simply place this eye-catching flyer on your desk, and you'll find clients asking you about fixed annuities rather than the other way around.
While summer tends to be a bit slower (as it always is), we're positioned for things to ramp up shortly. The market stability in MYGAs combined with the competitive advantages we're seeing in FIAs makes this an excellent time to focus on annuity sales.
If you're already selling annuities, now's the time to leverage our competitive case design capabilities. If you're just getting started, don't worry – begin with one or two carriers, get comfortable, and then expand from there. Or take advantage of our Annuity Mentorship Program to learn while you earn!
As always, I'm here to help. When you're facing competition or need case design assistance, reach out – let's make the most of these opportunities together.