Is it possible to capture most of the upside of the stock market without any risk of losing money? How do equity-indexed life insurance products work, and are they a worthy investment?

How equity-indexed policies work

Indexed universal life insurance, or IUL, provides permanent life insurance coverage with a cash value component that earns interest based on the performance of a stock market index. Policies typically have a rate cap and floor. The cap is normally in the high single digits, and the floor usually is set at 0%. So a policy may allow you to earn as much as 9%, based on returns of a stock market index, or as little as 0%.

In addition to a rate cap, policies may also limit potential returns with a participation rate. The participation rate means you only capture a percentage of the upside of the market. If your policy tracks the S&P 500 and the index goes up by 12% one year, but the participation rate of your policy is 50%, you will earn 6%. Most policies feature a participation rate around 80%, although it can be higher or lower.

Like other forms of permanent life insurance, indexed universal life can be prohibitively expensive. Policies can include premium expense charges, administrative expenses, fees, commissions, and surrender charges.

Could indexed universal life beat the S&P 500?

Equity-indexed insurance products are, unsurprisingly, often pitched as investments. Many policies track the S&P 500, the index containing the 500 or so largest companies in the United States. To ensure we’re being fair to indexed universal life policies, let’s assume you are able to find a policy with an 8% rate cap, 0% floor, 80% participation rate, and total expenses and fees of 1% annually. Could your indexed universal life policy beat the S&P 500?

Below are returns of the S&P 500 and this hypothetical indexed universal life policy over the last 10 years.

You may notice that in really good years, the life insurance policy earns 7% interest (the cap of 8% minus 1% in fees and expenses). However, in years when the S&P 500 earns 10% or less, the IUL policy does not return 80% of the S&P 500 return. This is because the S&P 500 price index used for IUL policies does not include dividends. Over the past 10 years, from 2011 through the end of 2020, the S&P 500 annualized 13.90%. Our hypothetical IUL policy annualized just 4.53%, less than one-third of the return of the S&P 500 over the same period. Here’s how the S&P 500 and our hypothetical IUL policy performed going back to 1980.

Over the last 40 years, the S&P 500 has annualized 12.01% while our hypothetical IUL policy annualized 4.22%.

Cons of equity-indexed life insurance

Even with fair assumptions, equity-indexed life insurance didn’t come close to beating the S&P 500. There are some major drawbacks to how equity-indexed life insurance products work that insurance salespeople often don’t openly discuss.

1. The index does not include dividends.

This is a significant hindrance to the growth of an IUL policy. Since 1960, the S&P 500 has annualized 10.27% when including dividends. Without dividends, the index has returned just 7.02% since 1960. If someone owns a policy that is supposed to track the S&P 500, they are going to assume, naturally, that it tracks the growth of the index instead of the price change of the S&P 500. Leaving dividends out of the equation is a sneaky way to lower the expected return of the policy that many customers might not even notice.

2. Expenses, fees, and commissions are often prohibitive.

Term life insurance is very affordable, often only a few hundred dollars per year, and index funds that track the largest companies in the U.S. have expense ratios as low as 0.00% (or in other words, free). The average cost of an IUL policy is around 1.5% if held for 50 years (in our example we assumed total fees and expenses of just 1%, no matter how long the policy was held). The front-loaded sales charges and smaller initial cash values make IUL more expensive in the first few years, with the average cost in the first year over 20%, and over 5% until you’ve held the policy for five years. This is not to mention the surrender charges you’ll pay if you want to get rid of the policy early.

3. The policy can lose value.

One of the major “pros” of indexed universal life is that it supposedly cannot go down in value; if the S&P 500 goes down 30% one year, the cash value of the policy will not go down. However, this does not include the fees and commissions of the policy. In the first year, these can be over 20%. Many of those “investing” in an IUL policy often do not consider that their policy could essentially go down by over 20% in one year when accounting for sales charges, fees, and expenses (and more if you consider inflation). If you surrender your policy, your return could be even lower when accounting for surrender charges. Even if you’ve held your policy for decades, it can still lose value if the index it is tracking has an off year.

4. The cap rate can be changed annually.

It’s not uncommon for IUL policies to have a cap rate in the high single digits when purchased, but the cap rate can be adjusted annually at the company’s discretion. All of our calculations assumed the cap rate stayed at a consistent 8% over the life of the policy, which may not be realistic. If long-term interest rates are low, like they are now, the cap will be lower, and volatility in the market also lowers the cap rate.

5. The participation rate can be changed annually.

In the examples above, we assumed the IUL policy had an 80% participation rate for the life of the policy. Lower long-term interest rates and higher market volatility can negatively affect the participation rate of the policy, which can be as low as 25% in some cases. A participation rate of 25% would mean if the index your policy is tracking goes up 8% one year, the cash value of your policy will only be credited 2%. After fees, expenses, and commissions, the real return of your policy may be less than 0%.

When to consider permanent life insurance

Permanent life insurance as an investment may not make sense for many retirement savers when compared to investing in the market, but it can be used in certain situations as an estate planning tool for those with estates larger than $11.7 million. We covered equity-indexed annuities, which work similarly to IUL policies, in this episode of The Money Guy Show: “The Harsh Truth About Annuities!” I wrote about factors to consider when purchasing life insurance in this FYI by FTE article: “When and How To Buy Life Insurance.”

The decision to buy life insurance to protect your family should not be taken lightly. Avoiding or delaying the purchase of life insurance can have an enormous cost, and purchasing an unnecessary life insurance product can be just as costly. If you are being sold a policy from someone who stands to financially benefit from your decision with commissions and fees, you may want to consider working with a fee-only fiduciary advisor, like Abound Wealth Management, that does not sell products or collect commissions.

No one wants to be fooled. Unfortunately, there are many popular financial products that seem like a good idea, but can actually derail your financial plans and cause you to miss out on true wealth building opportunities. Truly wealthy, secure people know how to tell which financial investments are worth it and which are too good to be true. In this episode, we’ll teach you how to tell the difference and think like a millionaire!

In this episode, you’ll learn:

• How to choose the right life insurance
• What long-term investment vehicles will cause you to lose money
• The dangers of emotion-driven investments
• Which big purchases may come back to haunt you
• How to decide whether the latest financial trend is worth investing in

Research and resources from this episode:

• The Harsh Truth About Annuities (The Money Guy Show)
• Is whole life insurance right for you? (Consumer Reports)
• How Much Does Whole Life Insurance Cost? Rates & Charts (Top Whole Life)
• Fidelity Magellan Fund (FMAGX) (Yahoo Finance)
• Historical CD interest rates: 1984-2021 (Bankrate)
• A woman who studied 600 millionaires discovered where you choose to live has 2 effects on your ability to build wealth (Insider)
• Second Homes… Part I (Thomas J. Stanley, PH.D.)

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• Sign up for the Financial Order of Operation (FOO) Online Course!
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Annuities are generally safe investments. You pay the insurance company a sum of money and then the insurance company makes payments to you for a certain length of time, starting immediately or at some time in the future. Annuities are as safe as the company issuing them; if you purchase an annuity from a financially stable insurance company, your annuity will be safer than an annuity issued by an insurance company that has made poor financial decisions. 

The appeal of annuities

In times of market volatility, safer investments such as annuities become more attractive. Annuities come without the fear of losing money in the stock market and offer guaranteed returns. Those guaranteed returns don’t come without a hefty price; annuities can be complex, fees can erode a large portion of your potential gains, and many annuities include surrender charges to discourage purchasers from changing their mind about the investment. For investors who are extremely risk averse, annuities may seem worth the trade-offs, especially when the market is experiencing turbulence.

Fixed vs. variable annuities

There are two basic types of annuities, fixed annuities and variable annuities. Fixed annuities are normally relatively simple. Fees are typically embedded in the stated return or guaranteed income amount. There are two major types of fixed annuities, immediate fixed annuities and deferred fixed annuities. Immediate annuities allow you to immediately convert a lump sum of cash into an income stream, while the income with deferred annuities is, well, deferred. The earnings of both deferred and fixed annuities are not taxed until you receive them.

Variable annuities are a bit more complex. Many variable annuities are often pitched as investment products; they may offer a taste of investing in the stock market with none of the risk. Returns of these equity-indexed annuities typically don’t go below 0%, but are also normally capped with a participation rate (more on that later). The fee structure of variable annuities can also be confusing. They often come with insurance charges, investment management fees, surrender charges (fixed annuities normally have surrender charges as well), rider fees, and flat contract fees.

Risks of annuities

Annuities currently offer a low return on investment, and inflation is also low. When purchasing an annuity, there is a risk of the rate of inflation increasing while the return of your annuity stays the same. If the return of an annuity is lower than the rate of inflation, the annuity is essentially costing you money, as your dollars would become worth less and less over time.

Annuity surrender charges limit your ability to change your mind if you want to move your money somewhere else. With other investments, you’re normally free to leave whenever you want, although there may be tax consequences for doing so. If you need to cash out an annuity early due to an emergency or for other reasons, you may owe a surrender charge which can be quite substantial. 

Can annuities beat indexes?

Fixed annuities currently yield around 2% to 4%; historically, the S&P 500 has returned about 10% per year on average. It’s a little more difficult to compare equity-indexed annuities to index funds since the terms and fees of the annuity will vary. Let’s see how an equity-based annuity capped at 7% (the cap is usually between 3% to 7%) with a 100% participation rate (the participation rate is normally less than 100%) and no fees stacks up to the S&P 500. Below is the performance of the described annuity and the S&P 500 over the last 30 years.

The chart above isn’t really clear, which is why equity-indexed annuities can be attractive. They outperform indexes during downturns by not losing value, but when the market is doing well they don’t capture as much of the upside. The annuity looks like a much smoother ride; the peaks aren’t as high, but the valleys aren’t nearly as low. Let’s flatten the graph by looking at the annualized performance over the last 30 years.

Using the annualized return, the picture suddenly becomes much clearer. Annuities may be safer from year-to-year and fluctuate less than indexes, but over the long-term you may be sacrificing a great deal of performance for that safety. In this example, we very generously assumed the annuity had a high cap, high participation rate, and no fees. In reality, the performance of many equity-indexed annuities would look much worse than the hypothetical annuity in the example above.

Annuities may seem attractive because they eliminate the risk of losing money in the stock market, but taking risk in the market is often associated with higher returns. Over the short-term, indexes can experience wild swings in value. In bull markets, it is common for indexes to experience gains of 20% or more in a given year, and in a bear market it is not uncommon for losses of 20% or greater in a single year. Annuities will never have gains or losses that extreme, but when we look at the long-term performance of annuities they under-perform broad market indexes. 

Our latest show, “The Harsh Truth About Annuities,” includes everything you need to know about annuities. Our show will help you understand the differences in different types of annuities, different fees associated with annuities, and signs you may be making a bad investment. Watch it now on YouTube below.

Fear is a great sales tool. With every swing of the market, that fear grows, and your need to be educated on financial terms and strategies increases along with it. Before you get pitched on an annuity to calm your financial fears, use this episode to educate yourself!

Not every annuity or financial salesman is bad, but we’ve seen too many consumers be taken advantage of with this financial tool. This episode explains everything you need to know about annuities: what they are, how they work, and how to tell if you’re getting ripped off.

In this episode, you’ll learn:

• The two types of annuities and how they differ
• The difference between variable and fixed annuity fees
• The downside of annuities (What they’re not telling you on the glossy brochure!)
• How to tell if you’re making a bad investment

Research and resources from this episode:

• Fixed Annuity Rates for April 2020 (Blueprint Income)
• Indexed Annuity (Investopedia)
• Index Annuities (Save Wealth)
• Equity-Indexed Annuity (Investopedia)
• Indexed annuities: Look before you leap (Fidelity)
• A shopper’s guide to annuity fees (Fidelity)
• Mortality and Expense Risk Charge (Investopedia)

Enjoy the Show?

• Get FREE downloads full of financial advice from our Resource Page!
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Annuities have a mixed reputation among both investors and financial professionals. Some people are quick to offer reasons why purchasing an annuity is a bad way to spend your money, while others insist that they’re the ideal investment vehicle for a variety of different scenarios.

This mixed messaging can make it difficult to decide if an annuity is the right financial tool for your situation, but a bit of knowledge on the subject should help clarify what you need to know to make a wise financial decision.

Let’s take a look at how annuities function and what you need to know before buying one.

What Exactly Is an Annuity?

An annuity is an insurance product that you buy into as an investment, often touted by those who sell them as a part of an overall retirement strategy. Annuities are issued and purchased from an insurance company for a lump sum. Terms vary, but in return the insurance company agrees to make payments on a specified date or set of dates.

The total size of the payments an investor receives from an annuity is influenced by several different factors, but the length of the payment period is typically the most important. Payments can be received monthly, quarterly, or yearly, as well as in a lump sum.

Money paid into an annuity is then invested by the insurance company. Depending on the type of annuity purchased, the yield on the “underlying investments” can increase or decrease the amount an investor eventually receives. And there are two different types of annuities that are available — fixed and variable.

Fixed Vs. Variable Annuities

A fixed annuity offers a guaranteed rate of interest. The returns are fixed and tax-deferred, meaning they are not subject to market or interest rate fluctuations, and you won’t pay taxes on any gains until money is withdrawn. Also, a fixed annuity guarantees the principal investment.

A variable annuity differs from the fixed variety in that while it is also a tax-deferred investment vehicle, the returns depend on the performance of the annuity’s underlying investments. In other words, a variable annuity behaves similar to the investments it holds of stocks, bonds, and money market funds.

What You Need to Know Before Buying One

So, what is the catch? Is there a catch? On paper, annuities sound like they could be a financial tool worth considering. Maybe. But annuities don’t tend to live up to the hype and, as with any investment, you will want to weigh the risk vs. reward of adding such a financial tool to your retirement belt.

Here are some characteristics of annuities that you should fully understand before buying one:

• They’re expensive. In general, annuities tend to be a more expensive financial tool that isn’t necessary for a comprehensive financial strategy. The fees associated with a variable annuity often outweigh the potential for long-term gains, which make them less promising than how they may be presented to you.
• They’re complex. Complicated investments don’t always mean better. In fact, making the right financial choices for your situation often occurs at the intersection of simple and smart. The nature of an annuity is to be complex. They are based on an annuity contract with the issuing insurance company, which can contain numerous provisions that you as the the investor need to have a thorough understanding of.
• They’re NOT FDIC-insured. This is not an FDIC-insured financial product. Therefore, if the issuing insurance company closes its doors, the money invested with them may go with it.
• Those who sell annuities earn a commission. Because this is a financial product sold by insurance companies, know that whoever is trying to sell one to you is earning a commission on the sale. Regardless of whether or not the professional believes an annuity product is a good option for your situation, there is an inherent conflict of interest any investor should be fully aware of beforehand.

Conclusion

A sound investment strategy is never a one size fits all scenario. Every investor’s situation is different and therefore requires its own personalized approach to management. As with any investment, we strongly encourage you to fully understand any financial vehicle you use before incorporating it into your financial strategy. This is for your own protection and financial well-being.

Choosing the best financial tools to help you reach your financial goals can (and probably should) raise questions. When you are actively working to secure your financial future, you can never be too thorough. You can always reach out to us at The Money Guy Show with your financial questions by writing to us directly brian@moneyguy.com and bo@moneyguy.com. And we also recommend that you speak with your financial advisor to determine which financial tools are best-suited for you and your needs.

We’re talking about something that fires up a lot of folks in the financial world: the truth about annuities. We break down the four different types of annuities and the expensive fees associated with these investment vehicles.

We’re exposing the good, the bad, and the ugly in today’s show. If you’ve been contemplating buying an annuity for the stability and guarantee, you don’t want to miss this episode.

But before we get into the complexity of annuities, we want to take a moment to remind our loyal listeners that we’re fee-only financial planners outside of the podcast, and we always welcome having our listeners become clients. If you like our common sense approach to all things finance and want to learn more, please feel free to contact us: brian [at] money-guy.com or bo [at] money-guy.com. 

In This Episode, You’ll Learn:

• Why you need to be aware of your fears and the impact it can have on your investing
• How your perception of the market influences your investment behavior
• Why the guarantees promised by annuities aren’t as good as they seem
• How investing in a diversified portfolio can get you greater returns (more often) than an annuity
• The four different types of annuities and a brief explanation of each
• The inflation risk inherent in fixed annuities and how it hurts savers
• Why the loss of flexibility is a huge downside to annuities
• The quirky limitations of annuities, especially equity-indexed annuities
• All the different fees that make annuities such an expensive option
• When annuities are an appropriate solution for your portfolio
• Five warning signs you’re getting ripped off when it comes to purchasing an annuity
• The importance of expertise and trust in the professional you’re buying an annuity from

Resources

• Prudential Outsmart the Market Game
• Brian’s posts on US News & World Report

Go Beyond Common Sense With the Money-Guys

We are so grateful for our wonderful listeners. We couldn’t do this show without you, and your continued support and feedback is always helpful in making this podcast better.

It means the world to us that you come back time and time again to listen to what we have to say. If you ever have any concerns or questions, you can always email brian [at] money-guy.com or bo [at] money-guy.com. Don’t forget to follow us on Facebook or connect on Twitter @MoneyGuyPodcast.
Did you love our honesty about annuities in this podcast? Then join our community, where you’ll get access to 15 of our most recent shows! As a bonus, you’ll get our podcasts delivered right to your inbox so you can listen to them at your convenience.

Do you feel stuck with an individual stock you bought? Or maybe you bought into a front-loaded mutual fund a while ago, and now you’re not sure what to do with it. Perhaps you’ve got one of those variable annuities and it’s dragging your financial life down.

On the show today, we’re talking about financial follies and the traps we fall into from bad investments — and how to get out of them. We’re going to turn lemons into lemonade.

And don’t forget: the Money-Guy family is expanding! We’re your personal financial podcasters every other Friday, but every day we’re fee-only financial planners who work with clients in 29 states. If you want to join up with us, don’t hesitate to reach out to brian [at] money-guy.com or bo [at] money-guy.com

Let’s dive into the show today, and walk through some common money mistakes and traps.

You’ll Learn:

• What the sunk cost fallacy is, and how it can trip you up in your financial life
• Why individual stocks seem so sexy (but can lead you astray)
• How to decide when to leave an individual stock behind
• When it’s time to go pro and ask for help in developing a better financial plan
• What loaded mutual funds are and how they affect your nest egg
• How to mitigate high expenses derail your investment plan
• How immediate, deferred, and variable annuities work
• Why annuities sold within IRAs or 401(k)s are one of Brian’s biggest pet peeves
• What your options are for getting out of whole life insurance policies
• What (and who) to watch out for when you’re buying a new insurance policy

Resources from this Episode

• Stockchoker
• Investor Information on Annuities from the SEC

Tune In and Take Your Financial Knowledge Beyond Common Sense

Thanks so much for tuning in to this episode of The Money-Guy Show. Remember, you can always reach out to us if you have any questions or are interested in getting your own personal Money Guy on your financial team.

Send us an email at brian [at] money-guy.com or bo [at] money-guy.com, and connect with us on your favorite social network. We’re on Facebook, and also on Twitter @MoneyGuyPodcast.

If you enjoyed this episode, be sure to join the community and get the latest podcast episodes straight to your inbox!

With recent stock market ups and downs, immediate annuities are attracting attention from people looking to shelter themselves from volatility. But do they make financial sense? If so, for whom and when?

(An immediate annuity, you might recall, is an investment product that’s purchased with a single payment and begins to pay out a return right away.

In its simplest form, the annuity will pay you a set amount without fail until your death.)

Consumer Reports’ "Money Adviser Newsletter", a favorite resource of mine, recently examined immediate annuities in a research study titled, "Do immediate annuities really pay?". I enjoyed the article immensely because it provided a rare comparison of historical returns from buying an annuity versus investing in a diversified portfolio. It’s fact-based, highly detailed and data rich — qualities my listeners know I love 🙂

Listen to the show and I’ll share my thoughts about both strategies and if/when they might be appropriate for you. As you’ll hear:

• Variable annuities charge sales commissions that average 6-7 percent
• Fixed immediate annuities charge sales commissions that average 2-3 percent
• A retirement account withdrawal rate of 8 percent only has a 41% percent probability of meeting income needs for 25 years (assuming 100 percent stock portfolio). You can increase that probability to 96-97 percent by diversifying and lowering your annual withdrawal rate to 4 percent.

Overall, I’m excited that the immediate annuity market is evolving and becoming more competitive and more transparent. With savvy, low cost providers like Vanguard and Fidelity Investments focusing on this market, consumers should see even lower fees, better service levels, and more innovation going forward.

***

I bought a rolling duffle from High Sierra Sport Company a while ago and was quite happy with it until two of the zippers recently quit working. With a little bit of research, I found that High Sierra has a lifetime warranty on their products — and that they actually stand behind their products. Even lacking a receipt or original tags, I had a brand new bag within a week. It’s nice when a company truly stands behind their promises.

My long-term listeners already know that I’m a movie fanatic. Can I rave about Iron Man for a moment? I simply loved the movie. In an age when few movies are worth your time — let alone $9.25 for a ticket — this movie was worth every minute and every penny. Check out the movie and let me know if you enjoy it as much as I did.

***

Thanks for supporting and listening to the show! You’re a big part of our grassroots success. As always, please tell the Apple iTunes world if you’re happy with what you’re hearing each week … and email me personally if I can do something better.

[audio: https://moneyguy.com/podcasts/Money-Guy%2005-05-2008.mp3]

(Recognize Hansen’s name? He’s best known for his work on the Dateline NBC television segment To Catch a Predator. These controversial investigations revolved around catching Internet sex predators using a sting operation.)

This week’s segment, titled Tricks of the Trade, used a hidden-camera investigation to see what insurance agents say — and what they don’t — when they think they are alone with a senior. The show promised, “Join us in a ground-breaking hidden-camera investigation, as we go behind the scenes to uncover the techniques they use: inside sales meetings — where we catch the questionable pitches; inside training sessions — where we discover agents being taught to scare seniors; and, finally, inside senior’s homes to reveal the tricks some agents use to puff their credentials to make a sale.”

If you would like to see related articles and follow-up from the show, you can watch the segment online, read on the official transcripts, or visit some of their recommended links:

• Allianz statement to Dateline
• National Association of Fixed Annuities
• Minnesota’s Attorney General, Lori Swanson

My First-Hand Experience with Equity-Indexed Annuities

Interestingly, my very first Money Guy podcast covered this exact topic. I based the discussion on an article in the December 14, 2005 Wall Street Journal titled, Why Big Insurers Are Staying Away From This Year’s Hot Investment Product.I’ve also had experience dealing with individuals who have been sold unsuitable products.

In today’s show, I revisit the Wall Street Journal article, discuss my impressions of Dateline NBC’s recent investigation, and share my experience dealing with the fallout from inappropriately sold equity-indexed annuities.

Postscript: In today’s show, I mentioned a widow who came to me after investing all of her liquid assets into equity-indexed annuities. Since many of you have asked, I’m pleased to report that there was an unexpected but happy ending. Most states provide a small window of time after an insurance contract is issued for the purchaser to change their mind. This individual fortunately came to me during this period and we were able to undo the damage.

If we’d missed that window, I would have first recommended that she contact the corporate office of the insurance company that issued the product. Then, I would have suggested engaging a lawyer and filing a complaint with the state insurance regulator.

Note: Please know I’m not trying to pick on insurance agents. I’m a big fan of insurance and always recommend dealing with a reputable agent as part of an overall financial plan. Unfortunately, many agents either don’t understand their products and appropriate uses or don’t care about doing what’s right for their client.

My advice? Find a local agent you trust, check their credentials and references, ask specifically how they get paid, and challenge their advice with informed questions. Checking prices with an online service can also be helpful, but I prefer to do business with a real agent. In an emergency, you’ll find this can make a big difference.

Notes are short today because I have a crazy day, but more importantly how about my Bulldogs! I do not mention it on today’s show (recorded the show on Thursday before the win), but I was in Athens for most of the weekend and it was just incredible. Ok on to what you came here for…. Personal Finance Info.

On today’s show we discuss:

1st Segment includes information on what you need to look at with your portfolio at year end.

** Harvesting Tax Losses
** Avoiding Year End Mutual Fund purchases until after you determine whether year end distributions have been made by the fund (could be as high as 10% in some popular funds this year).
** Charitable donation reminder

2nd Segment
Six Ways to Save on Auto Insurance by Stephanie AuWerter from SmartMoney Magazine

3rd Segment
What’s Wrong with Variable Annuities article publised on the SmartMoney.com website

Thanks for listening, and I will try to allocate more time to show notes in next week.