Part 2 of 3
Compare life, period certain and refund options
Compare life only, life with period certain and life with cash refund. The last two trade income for beneficiary protection.
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1.
Open a new chat. In ChatGPT Work, type @ and pick Annuities Genius first. Paste this.
Using Annuities Genius: my client is a single man in Georgia, born 1959-04-15 (67). He is retired, has $200,000 in a Traditional IRA and wants income for life starting now.
Use the name "Client GA". Quote an immediate income annuity three ways: life only, life with 10 years certain, and life with cash refund. Put them in one table with the monthly income and what his beneficiaries get under each. Look at the payout options of each product first. Do not call anything lifetime income if it pays for a set period only. Mark every figure you worked out yourself. Tell me which one you would show him first and why. I decide.
Date every figure. If you cannot reach Annuities Genius, say so and give no figure.
Select the text and copy it.
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2.
Read the beneficiary column. Installment refund returns the unpaid purchase amount in installments. The quote tool does not price it.
Life only: nothing. 10 years certain: the rest of the 10 years. Cash refund: the unpaid purchase amount.
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3.
Check the answer names each product's payout options. Certain Period Only means a set number of years, not life.
A product that pays for a set time and then stops is not lifetime income.
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4.
The beneficiary figures are your AI's, not the carrier's. Ask for the brochure link.