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Canada Monday, August 21, 2017

poops! mistake

Don't make this common annuity mistake

 

On June 11th, 2012 we sent a client and his wife life annuity quotes from the 7 major annuity companies quoting on the case. These were the results.

 

annuity mistake #1

 

Click the link for the complete annuity illustration.

 

As you will see from the image, BMO Insurance made the best offer at $484.61. However the clients they decided to wait, believing the rates would improve.

 

Assuming his capital of $100K made 5% interest, I ran a quote exactly a year later. Using this new assumed capital of $105K, we find that BMO will now pay them $489.08.

 

annuity mistake #2

 

Click the link for the complete annuity illustration.

 

While it is difficult to make an exact comparison, I'm sure you get the point. They have missed out on $484 x12 or $5800 and will have to outlive Methuselah to receive an equivalent amount of dollars.

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