Call the owner and get the numbers

Start with the annuity owner. Three more deserve a free review: a quiet lead, a client who waits, one asking "why not the index?" Links below.

1. 1.

   Say you sell insurance and why you called: "Your file shows you own an annuity. I will review it with you, at no charge."

   If a replacement follows, the new insurer may pay you a commission. Say so before you recommend anything.

   See also:

   • A lead gone quiet: the follow-up plan
   • A client who waits: show both costs
   • A client who asks why not the index: the order of returns
2. 2.

   On the call ask only: contract name, year, rough value. Ask them to bring the latest statement. Book the review as its own meeting.

   Typed-in example: a contract name, year 2018 and about $150,000 let GrantAI find it in its database.

   • Send your booking page
3. 3.

   At the review, note premium, cost basis, today's value and surrender value. Then unvested bonus, rider income value, MVA, issue date and surrender scale.

   Cost basis

   Non-qualified: what was paid in, adjusted for past withdrawals and exchanges. IRA or plan money has its own rules. Tax adviser confirms.

   Unvested bonus

   A bonus the client has not fully earned yet. Leave early and part of it can be lost.

   Rider income value

   The income number the rider reports on the statement. It is not cash and not the account value.

   Issue date

   When the contract began. After an exchange it can be newer, with a new surrender schedule. Confirm it with the carrier.

   MVA

   Market value adjustment. It can raise or lower an early exit payout. Rising rates tend to lower it. The contract's formula decides.

   Also note rates, death benefit and beneficiaries. Ask the carrier: do withdrawals lower the death benefit? What ends if the account value reaches zero?

4. 4.

   On the client's page click More, then Annuity replacement. Asked for a PDF statement, choose Yes, then the paperclip, Upload a document.

   No statement? Choose No PDF, then I'll answer here, and type the contract name. Check GrantAI's figures with the carrier.