It would be safe to say that I love annuities. I own them and I sell them. When it comes to suggesting a product for my new prospects I look at the features f the annuity in relationship to the needs of the prospect.
The actual product can vary based on the state of residence and the type of product. Many fixed rate annuities and some equity linked annuities are not available everywhere. By focusing on the benefits the annuity provides allows for less influence on the actual product as the needs of the prospect.
Generally, I sell a 10 year EIA which does not lock I the beneficiary to the contract and one which pays full value at as a death benefit. I will go to an A- rated company and I always make sure the prospect knows the ratings. I use AM Best and get the info from their internet site. www.ambest.com
Many agents begin the selling process by explaining the annuity features and the possible yields. Often times the explanation of the annuity is explained before the need for the annuity has even been established. Focusing on the “hottest” product makes the agent an order taker. Being an order taker establishes the agent as a next greatest product pusher. This category of agent will only be interested in continuously replacing business one annuity with another.
I never dwell on the actual product without I am associating a specific feature which would benefit a specific need of the prospect.
Keep it simple.