Annuity Company vs. Independent Annuity Broker

Shawn Plummer

CEO, The Annuity Expert

Annuity Company

  1. Direct Knowledge: The company that issued your annuity has detailed knowledge of your specific policy, including any unique features or restrictions.
  2. Policy-Specific Guidance: They can provide tailored advice on withdrawal options, fees, and potential tax implications based on your contract.
  3. Customer Service: Your annuity company is vested in maintaining a good relationship with you, which can benefit customer service.

Independent Annuity Broker (e.g., The Annuity Expert)

  1. Unbiased Advice: Independent brokers are not tied to a specific company, potentially offering more unbiased advice.
  2. Broader Market Knowledge: They may have broader knowledge of the annuity market and can compare your policy against others.
  3. Personalized Solutions: An independent broker might suggest alternative strategies or products that could be more beneficial for your financial situation.
Annuity Company Vs. Annuity Broker

Considerations

  • Costs and Fees: Understand any fees associated with consulting a broker versus getting advice directly from the annuity company.
  • Expertise and Reputation: Research the broker’s reputation and expertise or the annuity company’s customer service quality.
  • Your Financial Goals: Consider your financial goals and how each option aligns.

Example

If you hold an annuity with XYZ Annuity Company, reaching out to them will provide you with information specific to your contract, such as withdrawal rates, penalties, and tax implications. Conversely, consulting The Annuity Expert or a similar independent broker can compare your annuity against other products in the market, possibly revealing better withdrawal strategies.

Conclusion

Whether to consult your annuity company or an independent broker like The Annuity Expert depends on your need for policy-specific information versus a broader market perspective. Evaluate both options in light of your financial goals, the complexity of your annuity, and the advisor’s trustworthiness.

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Shawn Plummer

CEO, The Annuity Expert

Shawn Plummer is a licensed financial professional, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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