How to Purchase an Annuity Online ~via @GainbridgeLife
I love that Gainbridge is leading the way in easily accessible #fintech. My business partner John Andrews and I have been doing some work with Gainbridge, and learning about their products and services. Learning about annuities has given me a much greater appreciation for where they can fit in a family’s overall plan. The Gainbridge platform makes adding any size annuity purchase, big or small (as small as $1000), easy to do... so easy that anyone can take excess cash and add an annuity to their savings plan regularly, or just from time to time. /Ted
Introduction
Adding a guaranteed growth product to your portfolio in under 10 minutes
For self-directed investors who have done the research and decided that an annuity is right for their portfolio, the conventional process for buying an annuity can be a lengthy and complicated one. Fortunately, Gainbridge offers a digital platform with straightforward, easy-to-understand products that make it simple for you to add an annuity to your savings plan.
Questions you might be having:
1) Can I really buy an annuity on the Gainbridge platform in minutes without talking to someone?
Yes you can! At Gainbridge, we’re empowering you to take control of your own savings by letting you enroll in a new annuity contract in under 10 minutes. We believe that if you’ve done the research on our easy-to-understand products and are ready to grow your savings with Gainbridge, then you shouldn’t have to deal with a grueling process to enroll.
Instead of calling insurance companies, getting in touch with agents, and reviewing extensive documentation about various options (all before you have to fill out the paper applications and review contract documents), you can now enroll through our seamless online experience. We take you through the application one section at a time and in this way, help you fill out the boring paperwork in an easy, step-by-step process with explanations at every turn. If you do get stuck and have questions, we have licensed agents available weekdays from 8 am to 5 pm EST at (866) 252-9439, or via live chat on the site.
2) I’ve come across “online annuity providers” where I get a quote, and then they don’t stop spamming me with calls and emails. In the end, I can’t even purchase an annuity online. Is Gainbridge like that?
No. Some websites claim to be annuity providers but are really just geared toward collecting your personal information and providing rates from various insurance companies. Sometimes, these websites will sell your information to agents and you will have to deal with unsolicited calls and emails, so be careful who you give your information to.
Here at Gainbridge, you won’t have to worry about that. You can get a quote without giving any email addresses or phone numbers. And, unlike some of those “online annuity providers,” you actually can purchase an annuity directly on the Gainbridge website without talking to any agents or brokers.
3) What will you do with my information?
Here at Gainbridge, we care about protecting your personal information. And that means not using it for anything that you don’t want. Your personal data is stored securely, and we will not share it with any external partners without your consent.
For more information about how Gainbridge handles your information you can check out our Privacy Policy.
4) What if I change my mind after I enroll with you and I want to cancel my annuity?
Great news! With Gainbridge, if you change your mind within 30 days of your contract being activated, you can use your “Free Look” option. This means we give you your money back, minus any interest you might have earned in those first 30 days. After the first 30 days your product surrender charge schedule will apply. You can read more about this and other product information in our product summaries that can be found on our product pages.
5) Is it safe to invest my money with an annuity purchased on the Gainbridge platform?
Yes. Since the annuities available on the Gainbridge platform are a form of insurance, they are not FDIC insured. However, that doesn’t mean insurance companies are all inherently unsafe. Credit rating agencies such as A.M. Best and Standard & Poor help consumers understand the financial security of different insurance companies. Gainbridge issues products backed by Guggenheim Life and Annuity Company, which received a B++ rating from A.M. Best.
Step-by-Step Guide
1) Getting a Quote
The first step in the enrollment process is to get a quote and see how much you could earn with Gainbridge. Simply go to the homepage, or click here, and enter how much you would like to invest and for how long. Next, click the dropdown to select your state and continue. Currently the Gainbridge platform is available in 46 states.
Once you get your quote, you can easily change your premium and term amounts to see how your Guaranteed Rate and Projected Account Value change in response.
2) Creating an Account
To create an account all you need is an email address and a cellular phone that can receive text message. Once you feel good about your quote values (don’t worry, you can always go back and change them before you submit your application!), the next step is to create your account. Just enter your email and password and click Go.
Check your email – you should receive a verification link right away. Once you’ve verified your email, we ask you to set up Two Factor Authentication. To set it up, just enter your cell phone number and continue. You’ll receive a 6 digit code and once you enter it correctly on the next page your phone number will be verified.
We take the digital security of your information very seriously, and this step helps us add a second layer of authentication later on to make sure it’s you when you’re accessing important documents or personal information.
3) Eligibility Questions
Great, you now have an account with Gainbridge! Now we walk you through your application section by section. First, we ask a couple questions to figure out if you want to start a new annuity, or transfer over an existing one. Three quick questions and then you’re on to the next section:
Do you have any other annuity contracts or life insurance policies?
Are you planning to replace an existing annuity or life insurance contract with a Gainbridge annuity?
Do you plan to fund this annuity with qualified funds?
4) Personal Info
Next, we ask you for your personal information: name, address, date of birth, sex, social security number, and phone number. We use this information to comply with industry standards and make sure nobody is attempting fraud. If you have concerns with how we manage your data, be sure to read our Privacy Policy.
5) Beneficiaries
Now, you get to designate who receives the death benefit in the event you pass away before your term is over. A beneficiary can be a person or a trust. Simply select the one you want at the top of the page and provide the associated details. If you do not name any beneficiaries, your estate becomes the beneficiary.
You can add up to 10 primary beneficiaries, and if you’d like to designate some contingent beneficiaries to receive the death benefit in case your primary predeceases you, you can do that too. Once you’ve entered your beneficiaries and chosen allocation percentages for each of them (adding up to 100% of course), you can continue to the next section.
6) Funding
Here, we help you choose how you want to fund your annuity.
If you’ve indicated that you are opening a new annuity, instead of transferring an existing one, then we need to get your bank details in one of the following ways:
The first option, and our recommendation for both security and simplicity, is to use Plaid, a secure way to connect your bank account to us. Simply login to your bank through the Plaid popup and select which account you’d like to use. Now we’ll have the correct account and routing number to use, and we’ll know it’s yours.
If you’d like another, more manual, way to authenticate your bank account, you can use our Microdeposits option. For this, just give us your account and routing number, and we’ll send you two small deposits after you submit your application. Once you enter the correct amounts on your dashboard, we’ll know it’s your account and we can fund the annuity using that account.
If you’ve indicated that you’d like to transfer an existing annuity to Gainbridge, we’ll give you a checklist of things you’ll need after the application. A customer service representative will reach out to make sure we’ve got the current financial institution and your existing policy ID.
7) Review and Sign
Finally, we’ve reached the final step! Make sure to double check all of your information on this page. Once you feel good about your application, you can give it a Nickname (in case you’d like to distinguish it from other policies in the future), and click to sign.
We use Hellosign to give you a safe and secure method of signing your application documents. Look over your documents, verify everything is correct, and then sign where applicable.
8) Celebrate!
Great job! You successfully submitted your application, and now you’re on your way to earning steady, guaranteed growth!
If you’d like to check on the status of your application, you can go to your customer dashboard for more detail. Once the funding goes through successfully, our customer service team will activate your policy, and you can start watching your interest accumulate every day.
Get Started Today
So you’ve done the research, you’ve looked at your options, and you’ve decided an annuity is the right choice for you and your portfolio. Hopefully this guide has helped break down the enrollment process for a Gainbridge multi-year guaranteed annuity and given you all the tools you need to start growing your savings with Gainbridge.
If you’d like to read more content about our products, or more general annuity investment considerations, we’d recommend looking at articles in our Resources section, talking to a financial advisor, or doing your own research online.
If you feel ready to take the first step in enrolling in a Gainbridge annuity click here to get a quote. We also have licensed insurance agents available via phone at (866) 252-9439 or live chat ready to assist with any potential questions you may have.
