# Annuity, IUL and Life Insurance FAQ | Triumph Wealth Group > Straight answers on how Greg is paid, whether annuities are worth it, and what cash value life insurance can and cannot do. Canonical page: https://triumph-wealth-group.launchautomation.workers.dev/faq # Straight answers, including the awkward ones How Greg is paid, what an annuity actually costs you, whether cash value life insurance is a scam, and what commission only really means. If a question is missing, call and ask it. No question matches that. Try a shorter word, or [ask it on a call](https://triumph-wealth-group.launchautomation.workers.dev/contact). 26 questions ## Working with us ### What does an independent insurance agency do? An independent insurance agency helps you work out what you need, compares options from multiple insurance carriers, and handles the application and service work afterward. Independent means we are not tied to one company shelf of products. Triumph Wealth Group is based in Columbus, Kansas and works with families, retirees and business owners across the five states where Greg is licensed to do business. ### What is the difference between a captive agent and an independent agency? A captive agent represents one insurance company and can only offer what that company sells. An independent agency has access to products from multiple carriers and can compare them side by side. The practical difference is choice: when one carrier prices a case badly or declines it, an independent agency has somewhere else to go. Neither model is dishonest, but the range of options is not the same. ### How do insurance agents get paid? Insurance carriers pay a commission on policies placed with them, typically a percentage of the premium, with a smaller ongoing amount in later years for servicing the policy. You do not write a separate check to us. Commission varies by product and by carrier. If you want to know how we are compensated on a specific recommendation, ask during the meeting and you will get a straight answer. ### Do you charge fees for your services? No. There is no fee for the first meeting, the written summary, or the work of placing coverage. We do not charge planning, consultation or retainer fees. Carriers compensate us on business placed. If a particular contract ever carried a fee charged by the carrier itself, that appears in the contract and we will point it out before you sign anything. ### Does going through an agency cost more than buying direct? Generally no. Life insurance and annuity pricing is filed by the carrier, so the premium is usually the same whether you buy through an agency or go direct to the company. What differs is whether anyone compares carriers for you, explains the trade offs, and stays involved after the policy is issued. Compare the actual illustration and contract rather than assuming direct is automatically cheaper. ### Are you a financial advisor? No. We are licensed insurance professionals, and our work is insurance and annuity products. We are not a registered investment adviser, we do not manage portfolios, and we do not charge advisory fees. Education about how retirement income works is part of the conversation, but any specific recommendation from us is about insurance. For investment, tax and legal questions, work with professionals licensed for those. ### Are you a registered investment adviser or a broker dealer? No, neither. Triumph Wealth Group is an independent insurance practice run by a licensed insurance producer. We are not registered as an investment adviser, we are not a broker dealer, and we are not a law firm or a tax firm. That boundary is worth knowing before any conversation about money, and we will name it again if a question strays past what we can answer. ### Do you sell stocks or mutual funds? No. We do not sell securities of any kind, including stocks, bonds, mutual funds, or variable products that require securities registration. Our work is life insurance, indexed universal life, annuities, and retirement strategies built around those. If your question is about a brokerage account or an investment portfolio, we will tell you plainly that it sits outside what we are licensed to handle. ### Can you give tax or legal advice? No. We are not a tax firm and not a law firm, so we cannot advise on your tax situation, draft documents, or interpret law for you. We can explain how an insurance product is structured and what questions to take to your CPA or attorney. Many clients bring us into a conversation alongside those professionals, which usually produces a better result than keeping everyone separate. ### What products do you offer? Life insurance including term, whole life and indexed universal life, annuities, and retirement income strategies built around those products. We also run free financial education sessions for people who want to understand the mechanics before considering anything at all. Because we are independent, the specific carriers available to you depend on the product, your situation and the state you live in. ### What states are you licensed in? Five: Kansas, Missouri, Oklahoma, Texas and Florida. Licenses can be checked through each state insurance department's producer lookup. In person meetings happen around Columbus and southeast Kansas, and video covers the rest. Ask about your state on the first call, since licensing changes over time. ### How can I verify that you are licensed? Look Greg up through a state insurance department. Ask for his National Producer Number on the first call, and most states let you search a producer by name or number in a couple of minutes on the department website. Verifying anyone before sharing personal or financial information is good practice rather than an insult, and any legitimate professional will hand you the number without hesitating. ### How do I know whether I need insurance at all? Ask who would be financially harmed if your income stopped tomorrow. If the honest answer is nobody, you may not need life insurance right now, and we will tell you that. If somebody depends on you, shares a mortgage with you, or runs a business with you, there is something worth looking at. The amount and the type follow that answer, never the other way round. ### How do I compare carriers? Compare the contract, not the sales page. Look at the guaranteed column rather than the illustrated one, the financial strength rating of the insurer, the surrender schedule on an annuity, the caps and participation rates on an indexed product, and what each rider actually costs. Premiums that look similar can behave very differently over thirty years. We put that comparison in writing so you can check it. ### How do you decide what to recommend? The recommendation follows what you told us you need, your age and health, your budget, and which carriers underwrite your situation well. Different insurers price the same person differently, especially where health history is involved, and that is most of the argument for being independent. We show you why one option beat another instead of presenting a single answer and asking you to trust it. ### What is the difference between term and permanent life insurance? Term covers you for a set number of years and pays only if you die during that period. Permanent coverage, such as whole life or indexed universal life, is designed to last for life and can build cash value over time. Term costs less for the same death benefit. Permanent does more but carries structure worth understanding fully, including charges, policy loans and how cash value actually behaves. ### What is an annuity and who is it for? An annuity is a contract with an insurance company, usually bought to turn savings into income or to hold money under a defined set of guarantees and limits. It suits people at or near retirement who value income they cannot outlive over maximum growth. Every annuity has trade offs: surrender periods, caps, fees and limited access. Anyone who skips that part is not doing the job properly. ### Are the guarantees actually guaranteed? Guarantees are backed by the claims paying ability of the issuing insurance company, not by any government agency. That is why the insurer financial strength matters and why we look at ratings before recommending a contract. Illustrated or projected values are not guarantees, and dividends are not guaranteed. Read the guaranteed column of any illustration, because that is what the company is contractually committed to. ### What makes you different from a large national company? You talk to the owner. Greg Baird takes his own calls and runs his own meetings, so nothing gets handed off to a junior after the sale. Being independent means we compare carriers instead of defending one shelf. And we say the unhelpful parts out loud, including when the right answer is to keep what you already own or to do nothing at all. ### Is my personal information private? Yes. Information you share is used to understand your situation and prepare recommendations, and it is not sold. It reaches an insurance carrier only when you choose to apply, and only as that application requires. Our privacy policy on the site covers the specifics. Please avoid emailing Social Security or account numbers, and we will give you a safer route when that information is needed. ### Do you work with business owners? Yes. Business owners are one of the situations we see most often, usually where personal and business finances interact: retirement plan options for a small team, key person exposure, and what happens to the business if the owner cannot work. Bring your entity type and a rough sense of what the business nets. Your CPA and attorney stay involved, because the tax and legal pieces belong to them. ### How do I get started? Book a free thirty minute strategy session. Call or text (620) 717-8517, email gregbaird.gfi@gmail.com, or use the booking form on the contact page. Sessions run in person around Columbus and southeast Kansas, or by video anywhere Greg is licensed. No product is presented at that meeting, and there is no cost and no obligation attached to it. ### What is the first step if I do not know what I need? Book the conversation anyway. Most first meetings start exactly there, with a few accounts, a policy somebody sold you years ago, and no single view of how any of it fits together. We map what you already have onto one page before anything else gets discussed. Not knowing what you need is a normal starting point, not a reason to wait another year. ### How do I book a review of a policy I already own? Call (620) 717-8517 and say you want a second opinion. Bring the in force illustration for a life policy, or the contract for an annuity, and we will read it with you, including the surrender schedule, the caps and the charges. The review is free and carries no expectation that you change anything. Sometimes the right recommendation is to keep exactly what you have. ### What happens after the first conversation? You get a written summary of where you stand. If a second meeting is warranted we schedule it, and if it is not, we tell you that plainly. Should you decide to apply for something, we explain the underwriting steps, what the carrier will need, and roughly how long it takes. We stay involved after the policy is issued rather than disappearing once it is placed. ### How do I contact Triumph Wealth Group? Call or text Greg Baird at (620) 717-8517, or email gregbaird.gfi@gmail.com. Triumph Wealth Group is based in Columbus, Kansas. Calls and texts inside business hours are usually returned the same day, and email within one business day. 26 questions ## Products and strategy ### What is an annuity? An annuity is a contract between you and an insurance company. You place money with the carrier, and in return the carrier agrees to credit interest, protect principal, pay you an income, or some combination, according to the terms written in the contract. Annuities come in several types with very different risk profiles. The guarantees inside any annuity are backed by the claims paying ability of the issuing insurance company. ### What is a fixed annuity? A fixed annuity credits a rate of interest declared by the insurance company for a stated period. Your principal is not exposed to market losses, and you know the crediting terms before you sign. A multi year guaranteed annuity, often called a MYGA, is the version that locks the declared rate for the full term. Rates change frequently and vary by carrier, so any figure we show you comes straight from the carrier. ### What is a fixed indexed annuity? A fixed indexed annuity is an insurance contract whose interest credits are tied to the performance of a market index, with a floor that protects your principal from index losses. You are not invested in the index and you do not own shares. In exchange for that protection, the upside is limited by contract features such as caps, participation rates, or spreads. Those limits vary by carrier and can change over time. ### What is the difference between a fixed annuity and a fixed indexed annuity? A fixed annuity pays a declared interest rate you know in advance. A fixed indexed annuity ties your interest credits to an index instead, so the amount credited varies year to year and can be zero in a down year, though index losses do not reduce your principal. Fixed is predictable. Indexed trades some of that predictability for the possibility of more interest. Which one fits depends on what the money is for. ### What is the difference between a fixed indexed annuity and a variable annuity? The biggest difference is risk to principal. A variable annuity puts your money into subaccounts that rise and fall with the market, so the account value can drop. A fixed indexed annuity protects principal from index losses and limits upside in exchange. Variable annuities are securities and require a securities license. We do not hold one and do not offer them, so we speak only to the fixed and indexed side. ### What is the difference between an immediate annuity and a deferred annuity? An immediate annuity starts paying you income shortly after you fund it. A deferred annuity holds the money first and begins income on a future date you choose. People who need a paycheck right now look at immediate contracts. People still a few years out more often use deferred ones, which also leaves room for the value to grow. The right choice comes down to when you need the income to start. ### How does a fixed indexed annuity earn interest? Interest is calculated at the end of each crediting period by measuring the change in the linked index and applying the crediting method in your contract. If the index is up, interest is credited subject to a cap, a participation rate, or a spread. If the index is down, the credit is zero rather than a loss. Dividends are generally not included. Every one of those terms is spelled out in the contract. ### Can I lose money in a fixed indexed annuity? Index losses do not reduce your principal, and that protection is the core design of the product. You can still end up with less than you put in for two reasons: withdrawing during the surrender period, which triggers a surrender charge, and optional rider charges deducted from your value. A zero interest year is also possible. Contract guarantees rest on the claims paying ability of the issuing insurance company. ### What fees does an annuity have? It depends on the contract, which is why the question deserves a real answer rather than a slogan. Many fixed and fixed indexed annuities carry no explicit annual fee taken from the account value. Costs typically show up as surrender charges during the early years and as an annual charge on any optional rider you elect. Variable annuities work differently. We point you to the fee page in the actual contract. ### What is a surrender charge? A surrender charge is a penalty the insurance company applies if you take out more than your contract allows during the surrender period. The charge is a percentage of the amount withdrawn and it generally declines each year until it reaches zero. Surrender periods run for a set number of years defined in your contract. This is the single most important number to understand before signing, and we cover it every time. ### Can I get my money out of an annuity if I need it? Most annuity contracts allow a penalty free withdrawal of a set percentage of your value each year after the first contract year. Beyond that amount, surrender charges apply until the surrender period ends. Many contracts also include provisions for events such as nursing home confinement or terminal illness. An annuity should never hold money you may need in an emergency. We size the contract around what you can comfortably leave alone. ### What is an income rider? An income rider is an optional feature you can add to some annuities to create a stream of income you cannot outlive. It usually carries an annual charge, and it tracks a separate benefit value used only to calculate the income, not a cash value you can withdraw. That distinction confuses a lot of people. If you do not need lifetime income, a rider may be an expense you simply do not need. ### How are annuities taxed? Growth inside an annuity is generally tax deferred until you take money out. How a withdrawal is taxed depends on whether the contract sits inside a retirement account or was funded with after tax money, and an early withdrawal penalty can apply below the age set by current IRS rules. Triumph Wealth Group is not a tax firm, so we explain how the contract works and leave the calculation to your CPA. ### What happens to my annuity when I die? Whatever remains passes to the beneficiaries named in the contract, and it generally avoids probate because a beneficiary is already on file. A surviving spouse can often continue the contract as the new owner. Non spouse beneficiaries have different options and different tax consequences under current rules. Some payout elections stop at death while others continue, which is why the option you choose matters. Keep your beneficiary designations current. ### What backs the guarantees in an annuity? Guarantees in an annuity are backed by the claims paying ability of the issuing insurance company. They are not FDIC insured and they are not guaranteed by the federal government. That makes the financial strength of the carrier a real part of the decision, and we review independent strength ratings with you. Every state also has a guaranty association providing limited protection, subject to statutory limits that vary by state. ### Are annuities a ripoff? Annuities get that reputation from three real problems: products sold to people who did not need them, surrender periods that were never explained, and charges buried in a rider nobody read. The product itself is a contract, and a contract is only as good as its fit and its disclosure. Our answer is to hand you the surrender schedule and the fee page before you decide. Read them. If it does not fit, walk. ### What is the catch with a fixed indexed annuity? The trade is liquidity and upside in exchange for protection. Your money is committed for the length of the surrender period, so it is not emergency cash. Your interest is limited by a cap, a participation rate, or a spread, which means you will trail a strong bull market. Some years credit zero. If those three things are acceptable to you, the product does what it says it does. ### Who should not buy an annuity? Anyone who may need the money soon should not tie it up in an annuity. That includes people without a separate emergency fund, people expecting a major expense during the surrender period, and people who want full market upside and can stomach the losses that come with it. Very short time horizons and unstable income are other reasons to pass. If that describes you, we will say so on the first call. ### Who is a fixed indexed annuity best suited for? Fixed indexed annuities tend to fit people near or in retirement who want a portion of their money protected from market losses and are comfortable leaving it alone for the length of the surrender period. It is usually one part of a plan, not the whole plan. Someone covering an income gap, or protecting money they cannot afford to lose, is the common case. Suitability is reviewed contract by contract. ### How much money do I need to buy an annuity? Every carrier sets its own minimum, and those minimums vary widely from product to product. Some contracts open with a modest amount and others are built for larger balances. The more useful question is how much of your savings should go into any one contract, and the answer is never all of it. We look at your reserves and income needs first, then size the contract around what is left. ### Do you earn a commission when someone buys an annuity? Yes. The insurance company pays Greg a commission when a contract is placed, which is why reviews and illustrations cost you nothing. That commission comes from the carrier and is not deducted from your premium as a separate line item charge. You should ask this question of anyone who shows you an annuity, and be wary of anyone who avoids answering it. We will tell you how any product pays. ### What is a free look period? A free look period is a window after you receive your contract during which you can cancel it and get your money back. The length is set by state law and by the contract, so it varies. It exists so you can read the actual document at your own kitchen table instead of deciding in a meeting. We encourage people to use it. If the contract does not match what you were told, cancel. ### What is the process to get information on an annuity? Call (620) 717-8517 or use the contact form and tell us what you are trying to solve. We ask about your age, your state, the money you are considering, and when you would want income. Then we request current information from carriers and go through it with you, including the surrender schedule and any rider charges. Nothing is signed and nothing is owed. Most people take the material home first. ### How do I get an annuity quote or illustration? Quotes and illustrations come from the insurance carrier, and we request them for you at no cost. Only a few facts are needed: your age, your state of residence, the approximate amount, and your target income date. The illustration shows guaranteed elements and hypothetical ones, and we walk you through which is which. Ask for it in writing so you can read it without anyone sitting across from you. ### How long does it take to set up an annuity? Applications are often completed in a single sitting, and the contract can be issued within days when the funding is straightforward. The timeline stretches when money has to move from another institution, since a rollover or an exchange of an existing annuity travels at the pace of the releasing company and commonly takes a few weeks. Your free look period does not begin until the contract is delivered to you. ### Can I buy an annuity through you if I live outside Kansas? Greg is licensed in Kansas, Missouri, Oklahoma, Texas and Florida, and we can help you if yours is among them. Triumph Wealth Group is based in Columbus, Kansas and works across southeast Kansas in person, with clients in the other states by phone and video. Annuity contracts are approved state by state, so what is available where you live may differ. Call (620) 717-8517 and we will confirm your state before anything else moves. 24 questions ## Practical questions ### How do I book a meeting with Triumph Wealth Group? Call or text (620) 717-8517, email gregbaird.gfi@gmail.com, or use the booking form on the contact page. The form asks what you want to cover so Greg can prepare, but every route reaches the same person. First available sessions are typically within a few business days. There is no cost and no obligation attached to booking one, and no product is presented. ### Is there a cost for the first meeting? No. The initial strategy session is free, and so is the written summary you receive afterward. We are compensated by insurance carriers when a client chooses to place business through us, not by charging you for the conversation. There is no consultation fee, retainer or planning fee at any stage. Nothing about the first meeting is billable to you. ### What happens on the first call? We cover four things: where you are today, what you are actually worried about, what your options are in plain language, and what happens next. No product is presented for signature, no laptop gets turned around to face you, and no application sits on the table. You leave with a written summary of where you stand. If a second meeting makes sense, we book it then. ### How long does the first meeting take? About thirty minutes. That is long enough to understand your situation properly without turning your day into a project. Careers conversations run about the same. If your situation is complicated, for example several accounts or a business involved, we may suggest a second session rather than rushing the first. We will say that at the time instead of quietly running over. ### Do you meet in person or by video? Both. We meet in person around Columbus and southeast Kansas, and by video anywhere Greg is licensed to do business. Video works well for a first conversation, and plenty of clients never need an in person meeting at all. Tell us which you prefer when you book and we will set it up that way. ### Where are you located? Triumph Wealth Group is based in Columbus, Kansas, and serves southeast Kansas and the Joplin area in person. Video meetings cover the rest of the licensed footprint: Missouri, Oklahoma, Texas and Florida. Call (620) 717-8517 to arrange a meeting near you or to set up a video session instead. ### What if I live in a state you are not licensed in? Tell us on the first call and we will say so directly. We cannot place insurance business in a state where we are not licensed, and we will not pretend otherwise. Licensing can sometimes be added, so it is worth asking. If we cannot help you, we would rather say that in five minutes than book a meeting that goes nowhere. ### What should I bring to the first meeting? Useful but not required: recent statements for retirement or brokerage accounts, any life insurance or annuity documents you hold, a recent employer benefits summary, and a rough monthly cash flow figure even if it is an estimate. Business owners can add entity type and roughly what the business nets. The more you bring, the more specific the written summary can be. Bringing nothing is fine too. ### Do I need documents ready before I book? No. Nothing is required to get on the calendar or to hold the first meeting. We start with what you know and build from there. If documents would sharpen the conversation, we will name the ones that help and you can send them before a second meeting. Waiting until you feel organized is the most common reason people put this off for years. ### How quickly will you respond? Calls and texts during business hours are usually answered the same day. Email is answered within one business day, and booking form submissions run on the same schedule. If you have not heard back within a business day, call (620) 717-8517 directly rather than waiting on the form. ### Can I get an appointment outside normal business hours? Other times are available by appointment, which matters for people who work shifts or cannot take a call during the workday. Evening and early morning sessions can usually be arranged. Ask when you book and we will find a time rather than making you take a half day off work for a first conversation. ### How soon can I get on the calendar? The first session can usually be scheduled within a few business days. If your situation is time sensitive, for example an enrollment deadline or a policy decision with a date attached, say so when you reach out and we will look for something sooner. Call (620) 717-8517 for the fastest answer on current availability rather than sending the form. ### Will I be sold something on the first call? No. Nothing is presented for signature at the first meeting and there is no application on the table. The purpose is to understand your situation and give you a written summary of where you stand. If we think a product fits, we say so and explain the trade offs, including where it would be the wrong answer. Deciding to do nothing is a legitimate outcome. ### Who will I actually speak with? Greg Baird, the founder and a Licensed Insurance Professional. There is no call center, no lead form routing you to a stranger, and no junior handling the first meeting. Greg stays on your file, and you have his direct number from the first conversation onward rather than a general line. ### How do I reach Greg Baird directly? Call or text Greg at (620) 717-8517, or email gregbaird.gfi@gmail.com. He is the founder of Triumph Wealth Group and a Licensed Insurance Professional, and he takes his own calls. If he is with a client, leave a message or send a text and you will hear back the same business day during regular hours. ### Can I call or text instead of filling out a form? Yes. Call or text (620) 717-8517 and use the form only if you prefer it. The form exists so Greg knows what to prepare for, not to filter you. Texting works well for scheduling. Nothing you send through any of these routes goes to a third party call center or a shared sales floor. ### Can I email you instead? Yes. Email gregbaird.gfi@gmail.com and you will get a reply within one business day. Email works well for sending documents ahead of a meeting or asking a question you are not ready to have a full conversation about. Please do not send Social Security numbers or account numbers by email, and we will give you a safer route when that information is needed. ### Is my information kept private? Yes. What you share is used to understand your situation and prepare recommendations, and it is not sold. Information reaches an insurance carrier only when you decide to apply for something, and only as that application requires. Our privacy policy on the site sets out the details. If you would rather hold something back at the first meeting, that is completely fine. ### Do I have to buy anything to get the written summary? No. The written summary is part of the free first session and it is yours whether you ever place business with us or not. Some people take it elsewhere for a second opinion, which is a reasonable thing to do. We would rather be the agency you compare against than the one that made a summary conditional on a sale. ### What if I already have an agent or a policy? Bring it. Second opinions are one of the most common meetings we run. Bring the in force illustration for a life policy or the contract for an annuity, and we will read it with you, including the surrender schedule, the caps and the parts that are not in your favor. Replacing existing coverage is not automatically an upgrade, and often the honest answer is to keep it. ### How do I schedule a session right now? Call or text (620) 717-8517, or submit the booking form on the contact page. Tell us what you want to cover, and whether you prefer in person or video. We will come back with times, usually within one business day, and the first available session is typically within a few business days of that. ### What happens after I submit the form? Greg contacts you, usually within one business day, to confirm what you want to talk about and agree a time. You then get a confirmation with the video link or the meeting location. Nothing else happens in between. You will not be added to a call rotation, and you will not be handed to somebody you have never spoken with. ### What happens after the first meeting? You receive a written summary of where you stand, in plain language. If a second meeting is warranted we book it then. If it is not, we say so, and that is a legitimate ending to the process. Should you decide to move forward on something, we explain the application steps, the timelines and what the carrier will need before anything is submitted. ### Can I bring my spouse or business partner? Yes, and we encourage it. Decisions about income, coverage and a business rarely belong to one person, and repeating a thirty minute conversation secondhand loses most of it. Tell us who is joining when you book so we prepare for the right conversation. Video meetings make this much easier when the two of you are not in the same place. ## Still have a question? Ask it on a call. Thirty minutes, no product presented, no application opened. Bring the awkward questions. Those are the useful ones. --- Triumph Wealth Group, an independent financial services practice in Columbus, Kansas, run by Greg Baird. Retirement strategies, annuities, life insurance and IUL, and free financial education. Greg Baird (620) 717-8517, gregbaird.gfi@gmail.com. Monday to Friday, by appointment. Central time. Important disclosures: Triumph Wealth Group provides financial education and insurance services. This website is for educational purposes only and is not financial, tax, legal or investment advice. Guarantees are backed by the claims-paying ability of the issuing insurance company. Policy loans and withdrawals reduce cash value and death benefits. Dividends are not guaranteed. Past performance does not indicate future results. Full set: https://triumph-wealth-group.launchautomation.workers.dev/disclosures Powered by [Launch Automation](https://launchautomation.ai/websites/)