GMAB Annuity

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Feb 19, 2010 6:05 pm

Anyone use Prudential's GRO II variable annuity?  It's a GMAB contract, just looking for some info on it as it is about to be available in my state.


Thanks.
Feb 19, 2010 9:55 pm
snaggletooth:

Anyone use Prudential's GRO II variable annuity?  It's a GMAB contract, just looking for some info on it as it is about to be available in my state.


Thanks.



Don't know anything about it, but will check - Mass's new VA has a GMAB benefit and it's pretty sweet for the right person.

Feb 20, 2010 2:45 pm
iceco1d:

Snags,

 
The Pru contract is OK, but they still reserve the right to move the client's money to bonds or cash when that stupid algorithm says so.  And I think they have a few different flavors of that GMAB...
 
JNL has a 10 year GMAB; simple walk-away; 50 bps a year; 1.25% M&E + Admin; NO INVESTMENT RESTRICTIONS.
 
 



By JNL you mean Jackson?
If so, their investment selections are intrigueing. They have what they call 'alternative assets' available -- private equity, global real estate, emerging markets, etc. You can put more than half your money in those.
Has anybody looked at them? Any opinion?



Feb 20, 2010 5:37 pm
iceco1d:

Yep, I mean Jackson.  I've heard the shpeal about the alternative model, but I don't use it.  



Also interesting are the various other index models. Some of them are pretty esoteric -- the Value Line 30 (I think) is one of them.

Feb 20, 2010 9:35 pm

Interesting.  The Mass GMAB has a 10 and 20 year option.  They don't move it back and forth like the Pru, but they have certain allocations to pick from if you select it...

Feb 20, 2010 10:10 pm
iceco1d:

Snags,

 
The Pru contract is OK, but they still reserve the right to move the client's money to bonds or cash when that stupid algorithm says so.  And I think they have a few different flavors of that GMAB...
 
JNL has a 10 year GMAB; simple walk-away; 50 bps a year; 1.25% M&E + Admin; NO INVESTMENT RESTRICTIONS.
 
 

 
Ice,
 
Are the M&E fees for JNL's product locked in? I.E are those the current charges and the insurance company reserves to raise the fees? If it's locked in, I might take a look at their product.
 
Up to this point, I have always though Mass Mutual's VAs were competitive. 1.15% M&E fees, .45% for the GMAB rider with no investment restrictions. However they reserve the right to raise the M&E fees up to 1.95% which makes no sense to me.
Feb 22, 2010 9:53 pm

Nationwide does not offer GMAB anymore. Also Jackson makes you keep 50% in fixed bucket, however you can use etf's to lower cost.

Feb 23, 2010 7:08 am

I'll double check today, but thats why I called him yesterday. I am looking for a 7 or 10 year GMAB w/little restrictions (ie I could live w/ 70/30 allocation, not w/them changing to fixed income as market goes down).

Feb 23, 2010 12:57 pm
fredsac:

I'll double check today, but thats why I called him yesterday. I am looking for a 7 or 10 year GMAB w/little restrictions (ie I could live w/ 70/30 allocation, not w/them changing to fixed income as market goes down).


 
Have you taken a hard look at how they actually move the money to bonds and then move it back?  It's really not that bad.
Feb 23, 2010 3:24 pm
iceco1d:

Jackson wholesaler told me no investment restrictions...

 
Yes, you can invest in anything you want but you have to keep either 30% or 50% in the 3% fixed bucket.
Aug 21, 2010 8:15 pm

JNL does not have ANY fund restrictions.  Best GMAB period!