Pacific Life variable annuities

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Sep 8, 2006 1:03 am

I'm relatively inexperienced in the annuity side of the biz (see my slightly outdated name).  Before I had only a few choices, all of them A share.


Pac Life seems a good product, the asset allocation models have good funds (and the commission is better than I'm used to).  Anyone have any thoughts good/bad/otherwise on doing biz with Pac Life?  They have a 3 yr surrender product that pays a 1% trail, which I like the sound of.


Also, I'm not looking for a debate on funds vs. annuities, or the benefits of EIA's.  I'm more of a fund guy personally, but am just trying to add a couple of arrows to my quiver.


Thanks.

Sep 8, 2006 7:31 am

Insurance products are contracts.  I don't know the ins and outs of Pac Life but their reputation is fine.  Before you sell their annuity or anyone else's read the contract.  Ignore the marketing materially.  Very few agents read the actual contract.


You are making a mistake by being a "fund guy".  First of all, as you have already admitted, you don't have the experience on the annuity side to have enough knowledge.   Also, don't be an "annuity guy".  Simply be the guy who always does what is in the client's best interest.

Sep 8, 2006 8:38 am

They have decent VA's.  Also take a look at TransAmerica's VA and John Hancock's.  Both have competitive living benefit riders to Pac Life's.

Sep 8, 2006 9:35 am

I second John Hancock.  Inexpensive, good guarantee, and good performance in the models.

Sep 8, 2006 10:12 am
anonymous:

Insurance products are contracts.  I don't know the ins and outs of Pac Life but their reputation is fine.  Before you sell their annuity or anyone else's read the contract.  Ignore the marketing materially.  Very few agents read the actual contract.


You are making a mistake by being a "fund guy".  First of all, as you have already admitted, you don't have the experience on the annuity side to have enough knowledge.   Also, don't be an "annuity guy".  Simply be the guy who always does what is in the client's best interest.



I respectfully disagree. Become the _______ guy for whatever you like to do. You will have more fun and make more money if you are focussed and REALLY good at only one thing. That means that there are some people who you will have to turn away. People here can't appreciate the guts it takes to take a stand. They THINK that annuity guys, like me, will make an unsuitable sale. It couldn't be further from the truth. The FACT is that if someone doesn't need an annuity, they don't get one. Why would I want an unhappy client? Why would I want to feel guilty?


When I do the right thing, God finds me the business. When you specialize, you get more business. Who makes more money...the guy who does heart surgery or the guy who treats your sniffles, blood pressure, diabetes, acne, and jock itch?

Sep 8, 2006 10:26 am

I seriously doubt you "turn away" business.  Unless you only consider those that refuse to buy an annuity from you as "those that don't need one."  

Sep 8, 2006 10:40 am

Knucklehead,


For the record, I don't disagree with you.  Becoming an absolute expert in one are probably is the best way to make lots of money.

Sep 8, 2006 10:40 am
BankFC:

I seriously doubt you "turn away" business.  Unless you only consider those that refuse to buy an annuity from you as "those that don't need one."  



Like I said...it takes guts. Lacking that, I believe that you doubt it. I do, however, try to hook people up with one of my buddies in the office who does other stuff and share the revenue. In kind, I've done a lot of annuity business for brokers because I do a good job and I can close the deals. With a 90% payout and NO haircut (ask your bank boss what that means), there's plenty of money for everyone.

Sep 8, 2006 10:42 am
anonymous:

Knucklehead,


For the record, I don't disagree with you.  Becoming an absolute expert in one are probably is the best way to make lots of money.



If you don't disagree with me then you disagree with yourself.

Sep 8, 2006 10:44 am
knucklehead:
BankFC:

I seriously doubt you "turn away" business.  Unless you only consider those that refuse to buy an annuity from you as "those that don't need one."  



Like I said...it takes guts. Lacking that, I believe that you doubt it. I do, however, try to hook people up with one of my buddies in the office who does other stuff and share the revenue. In kind, I've done a lot of annuity business for brokers because I do a good job and I can close the deals. With a 90% payout and NO haircut (ask your bank boss what that means), there's plenty of money for everyone.



No haircuts here.  VA's pay me 7% gross...care to differ? 

Sep 8, 2006 10:57 am
BankFC:
knucklehead:
BankFC:

I seriously doubt you "turn away" business.  Unless you only consider those that refuse to buy an annuity from you as "those that don't need one."  



Like I said...it takes guts. Lacking that, I believe that you doubt it. I do, however, try to hook people up with one of my buddies in the office who does other stuff and share the revenue. In kind, I've done a lot of annuity business for brokers because I do a good job and I can close the deals. With a 90% payout and NO haircut (ask your bank boss what that means), there's plenty of money for everyone.



No haircuts here.  VA's pay me 7% gross...care to differ? 



I never said you get haircuts. Care to read my posts more carefully? Care to return to the topic?

Sep 8, 2006 3:23 pm
knucklehead:
BankFC:

I seriously doubt you "turn away" business.  Unless you only consider those that refuse to buy an annuity from you as "those that don't need one."  



Like I said...it takes guts. Lacking that, I believe that you doubt it. I do, however, try to hook people up with one of my buddies in the office who does other stuff and share the revenue. In kind, I've done a lot of annuity business for brokers because I do a good job and I can close the deals. With a 90% payout and NO haircut (ask your bank boss what that means), there's plenty of money for everyone.



Oh really?

Sep 8, 2006 6:52 pm
BankFC:
knucklehead:
BankFC:

I seriously doubt you "turn away" business.  Unless you only consider those that refuse to buy an annuity from you as "those that don't need one."  



Like I said...it takes guts. Lacking that, I believe that you doubt it. I do, however, try to hook people up with one of my buddies in the office who does other stuff and share the revenue. In kind, I've done a lot of annuity business for brokers because I do a good job and I can close the deals. With a 90% payout and NO haircut (ask your bank boss what that means), there's plenty of money for everyone.



Oh really?



I'm sorry your mind never developed enough for the capacity to engage in independent, abstract thought. Did you mom have any other abortions that lived?

Sep 8, 2006 6:58 pm

Again for any new people.  Do anything within your power to not become a financial industry whore like this Knucklehead bozo.


Flagrant disregard for the client is not a characteristic you should seek to develop.

Sep 8, 2006 6:58 pm

My Lord........putrid, tastless trash is about the best description for that last comment. 


Wouldn't expect any less from ya' Dirk KnuckleDiggler.


Sep 8, 2006 7:00 pm

It's no wonder you don't care what others think of you Dirk Head.  You'd probably kill yourself.

Sep 10, 2006 11:52 pm

Yeah, that's about what I figured.  4 or 5 post in, and we get into the usual my d*ck is bigger than your d*ck argument.


Bringing the focus back to where it started, I have gotten recommendations to check out TransAmerica and John Hancock.  Someone also pm'ed me to check out Jackson National.  Anyone have thoughts on others they like or positive/negative on the above companies and Pac Life?  Looking for service issues, good riders/lack of good riders, comparatively good/bad commission, comparatively high/low M&E, etc.  Basically what do you like and why. 


Thanks for the comments so far.

Sep 11, 2006 6:31 am

I'm going to repeat my first comment in this thread because this almost never gets done.  Read the actual contract for each annuity.  Understand the contract before listening to people on a message board and before looking at the marketing material.


For instance, only people who don't read the actual contract will think that a 7% GMIB is better than a 5% GMIB.

Sep 11, 2006 12:25 pm

EDJ4NOW,<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />


I use ING because their GMIB rider offers the highest annuization income payouts compared to all other VA contracts with a similar rider.  I also like their subaccounts.


I also use Jackson National Life because of their unique UIT subaccounts.  Furthermore, JNL offers the best guaranteed withdrawal benefit for life on the market.


I don't like Pacific Life because of those forced asset allocation models which have had pretty mediocre results.


Sep 12, 2006 1:49 am
Mike Damone:

EDJ4NOW,<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />


I use ING because their GMIB rider offers the highest annuization income payouts compared to all other VA contracts with a similar rider.  I also like their subaccounts.


I also use Jackson National Life because of their unique UIT subaccounts.  Furthermore, JNL offers the best guaranteed withdrawal benefit for life on the market.


I don't like Pacific Life because of those forced asset allocation models which have had pretty mediocre results.




Although I don't use it, I believe Ohio National has some UIT subaccounts available.


I actually don't mind the VA's that force clients into asset allocation models if they want the income riders.  Long term, I think it's best for them as it will take some of the emotion out of picking their subaccount investments and constantly tracking them and wanting to switch around.


Pac Life's models have done pretty well though, I wouldn't say that they're mediocre.  Same with TransAmerica's IDEX models inside their VA.  For clients that want to keep it simple and buy into asset allocation, I like it.


If you want a VA that you can sorta back into from a mutual fund presentation (ie. their biggest objection is risk to principle, etc), take a look at Hartford Leaders (which has a wide variety of top mutual funds from American Funds, Franklin, AIM, and MFS).  Instead of having to shift gears into different investment options, you can basically show them the exact same mutual funds you may have been presenting on their own (assuming you sell American, Franklin, etc) but instead invest in those funds inside of a VA w/ the ability to add some protection to the principle and income (at a higher cost of course).