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Apr 26, 2022 by |

Teacher Annuities

ATTORNEY NEWSLETTER

Many California teachers invest in annuities to supplement their retirement income. Insurance agents often attempt to sell teachers annuities because insurance laws in California allow agents to solicit payroll deferrals directly from individual teachers. These payroll deferral arrangements are commonly called “403(b) plans.”

Agents tend to promote annuities over other types of retirement investments because annuities often yield high sales commissions for the agents. But an annuity may not be the best choice for the teacher. In fact, a teacher’s investment return, net of fees and other charges, may be much lower in an annuity product than in other investment choices available to teachers. That means less money for retirement due to the choice of an annuity.

Insurance agents may also target teachers with annuities when teachers start their retirement, persuading teachers to use their retirement savings to purchase a lump sum annuity. The annuity is set up to pay the teacher in retirement, but hidden fees and other charges may under certain types of deferred annuity contracts severely decrease the amount of income that the teacher receives.

We can review any annuity sold to California teachers. If you signed up for an annuity as a public school teacher in California, contact us for a free consultation.  Our toll-free number is 1-888-50EVANS (888-503-8267).

Below is a list of insurance carriers that offer certain types of annuities to Californians, including teachers.  We are not suggesting that any of these annuity carriers have done anything wrong.  We are merely providing the list of carriers and offered products as a reference to our readers.

Life Insurance Company of the Southwest (part of National Life Group)

FIT Certain Income

FIT Rewards Growth

FIT Secure Growth

FIT Select Income

RetireMax

SecurePlus

 

Midland National Life Insurance Company

MNL Endeavor

MNL IndexBuilder

MNL RetireVantage

MNL Select

 

AIG Retirement Services

Fixed-Interest Option

Long-Term Fixed Account

Premiere Flexible Premium Fixed

VALIC Assured Choice

VALIC ProFlex

V-Plan Fixed

 

American Fidelity Assurance Company

AFchoice®

Before-Tax Flexible Premium with High  Interest Option Rider

 

Americo Financial Life and Annuity Insurance Company/Great Southern Life Insurance Company

Future Provider

Platinum Secure

Ultimate One Index

 

Aspire (Advisor Trust)

Guaranteed Fixed Interest Fund – Advisor Trust

 

Athene Annuity and Life Company

Aviva Elite Index

Aviva Flex

Aviva Integrity Index

Aviva Progressive Index

Strategy Advantage

 

Brighthouse Financial

T-FLEX

 

Empower Retirement

Guaranteed Interest Fund

 

Great American Insurance Group (Annuity Investors Life Insurance Company)

FlexMax

GreatFlex

GreatStep

SingleMax

The Commodore Distinction

 

Horace Mann Life Insurance Company

Capital Bonus

Capital Security

Destination

Expanding Horizon

Group Fixed Annuity

Personal Retirement Planner Fixed Indexed Annuity

 

Industrial-Alliance Pacific Life Ins Co

Charter Advantage

Freedom Flex

GoldenFlex

GoldenPlus

Select Plus

 

IPX Retirement

Standard Guaranteed Fixed Interest Fund

TPX (Teacher’s Pension Xchange)

 

Jackson National Life Ins. Co.

Jackson Ascender Plus Select

Modern Woodmen of America

Flexible Premium

National Planning Corporation

Elite Choice Retirement Solutions: Fixed Account

Nationwide Life Insurance Company

Best of America ® Retirement Advisor Fixed Contract

 

New York Life Ins. & Annuity Corp.

New York Life Flexible Premium Fixed

New York Life Secure Term Choice Fixed

 

North American Company for Life and Health

NA Performance Choice

NAC RetireChoice

North American Charter Plus

 

Pacific Life Insurance Company

Pacific Explorer

Pacific Frontier

 

PlanMember Services Corp

Annuity Investors Life GreatFlex

Symetra Daily Value Fixed Account

The Standard Stable Asset Fund

 

Putnam Investments

Empower Retirement – Guaranteed Interest Fund

 

Security Benefit

Security Benefit Foundations

Security Benefit Total Interest

 

Thrivent Financial

Thrivent Financial Flexible Premium Deferred – Security Plus

 

Transamerica Life Insurance Company

Guaranteed Pooled Fund

TransMarkr 100

 

USAA Life Insurance Company

Flexible Retirement Annuity

 

Voya – ReliaStar Life Insurance Company

QuintaFlex

Voya Retirement Index Select

 

Western National Life Insurance Company

 

Plus

Vision Flex

 

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