Thanks, Stinky, for those directions. Navigating the Gainbridge webpage to better learn the details of what one might be buying is far from self-evident. After reading both the FAQs and the policy summary, I've concluded that I am not interested in buying their Steady Pace MYGA despite its alluring 6.15% yield. One reason is their practice of auto-renewing into another contract with surrender fees if you fail to take any action by the maturity date. This violates one of my personal criteria listed above. But more off-putting to me is the broader way Gainbridge markets their proprietary products. For example, even after finding and reading the FAQs and the Policy Summary for their Steady Pace MYGA, the very material fact of the name of the issuing insurance company and its AM Best rating is not stated. After scrolling around the website for awhile I did find one reference to Gainbridge providing products with an AM Best rating of A-, but this is just a bullet unconnected to any specific product or policy, no does it say that ALL of their products are offered by A- insurers. That may be the case, but who knows? I assume they must reveal this information further down the path of actually purchasing the product, but this fundamental information should be up front in my opinion.
I'm not saying that buying their 6.15% MYGA would be a bad deal for an A- rated insurer, if that's the case. In fact it's a good deal relative to the current alternatives. I'm just saying that someone new to MYGAs would be much better served by looking at a site that sells a range of products from a range of insurers and that makes clear the name of the insurer, its AM Best rating, as well as the other material variables that could lead one to prefer one MYGA over another. My personal favorite is Blueprint Income as I've said, but there are a number of others. What they have in common is that they are independent brokers not wedded to any one insurance company.
I'm not saying that buying their 6.15% MYGA would be a bad deal for an A- rated insurer, if that's the case. In fact it's a good deal relative to the current alternatives. I'm just saying that someone new to MYGAs would be much better served by looking at a site that sells a range of products from a range of insurers and that makes clear the name of the insurer, its AM Best rating, as well as the other material variables that could lead one to prefer one MYGA over another. My personal favorite is Blueprint Income as I've said, but there are a number of others. What they have in common is that they are independent brokers not wedded to any one insurance company.
Statistics: Posted by geetzromo123 — Sun Jul 21, 2024 12:34 am