What is covered in this annuity review?
In this review of the Nationwide Trio Select + 1 Year, we will be going over the following details:
- Annuity type
- How it works
- Pros and cons
- How it might be presented by an advisor
- Where the annuity works best
- Where the annuity might not be a good option
Annuities can be complex. That’s where having an Annuity Investigator who loves math comes in.
We make the complex, simple.
If you’ve been considering the purchase of an annuity because you want to ensure that you won’t run out of income in the future – especially if you live a nice, long life – then purchasing the Nationwide Trio Select Plus annuity could be a great way to accomplish that.
One reason is because this annuity allows you the opportunity to avoid the constant ups and downs of the stock market. It also offers a fixed interest rate for a set period of time. In addition to that, when it comes time for you to convert the annuity over into an income stream, that income can last throughout the remainder of your lifetime, regardless of how long that may be.
However, before you go out and purchase the Trio Select annuity from Nationwide – or for that matter, any annuity – it is really important that you first have a thorough understanding of the benefits that it may provide, as well as any possible drawbacks, as annuities can be very difficult to get out of once you get in.
Over the past decade or so, fixed annuities have become much more popular with people who are retired, as well as those who are approaching that time in their lives, as they can help to alleviate the concern about running out of money in retirement.
However, due in large part to this increased demand, many insurance carriers have been introducing new products – and unfortunately, this can make a product that is already somewhat confusing even more so. This can be the case for well-informed consumers, as well as many insurance and financial advisors!
With that thought in mind, unless the insurance or financial advisor whom you work with has a primary focus on selling annuity products, you really should do some additional research on these products, as they will oftentimes require that you deposit a large chunk of your savings into them.
That’s where the Annuity Gator comes in.
Annuity and Retirement Income Planning Advice that You Can Trust
If you’ve never visited our website in the past, please allow us to officially welcome you here to Annuity Gator. Who exactly are we?
Annuity Gator is comprised of a team of annuity and retirement income specialists who are focused on educating consumers and financial professionals about the ins and outs of annuities and how they work.
We have been doing this for quite a while now – much longer than our competitors have been – and because of that, we’ve become a highly trusted source of retirement income planning online.
While you’ve been on the Internet searching for additional annuity details, you may have noticed that, while there are plenty of very good annuity-related websites out there, some of them will make some pretty bold claims with the goal of “luring” you in. These may include some or all of the following:
- Highest annuity payouts
- Lowest fees
- Guaranteed income for life
- Top-Rated Annuity Companies
- Get an Annuity Quote Now!
Does this, by chance, look familiar?
Yet, while these claims might sound tempting, it is essential that you make sure that they are actually true prior to moving forward with making a long-term commitment on an annuity. Otherwise, it could be quite expensive to get out of the annuity if you realized down the road that it is not performing like you anticipated it to.
If your goal is to learn more about Nationwide’s Trio Select Plus annuity, we can tell you that you’re definitely in the right place. In fact, dare we say that AnnuityGator.com is the only place online that you’ll receive all of the details about this (and many other) annuity.
This doesn’t just include the nice, rosy good stuff – but also the information that could be considered negative. But by giving you the “whole story,” you’re more apt to make a well-informed decision about whether or not to move forward with this annuity.
That being said, if you’re ready to learn more about the Nationwide Trio Select Plus 1 Year annuity, then let’s dive on in!
The Nationwide Trio Select Plus 1 Year Annuity at a Glance
|Product Name||Trio Select Plus 1 Year|
|Type of Product||Fixed Annuity|
|A.M. Best Rating||A+|
|Phone Number||(877) 669-6877|
Opening Thoughts on the Nationwide Trio Select Plus 1 Year Annuity
Nationwide has a history of strength that has lasted for more than 90 years, and today it is one of the largest insurance and financial services companies in the world. The company specializes in annuities, as well as mutual funds, retirement plans, and life insurance coverage for both individuals and companies.
There are numerous Nationwide affiliate companies, too, throughout the United States, including those that specialize in property and casualty insurance, life insurance, financial services, and strategic investments.
Nationwide Life and Annuity Insurance Company has high ratings from the insurer ratings agencies, including a(n):
- A+ from A.M. Best Company
- A+ from S&P
- A1 from Moody’s
Nationwide does a fair amount of television advertising, so the company is familiar to many people. You may have even found yourself humming its now-famous jingle, “Nationwide is on Your Side.”
Financial and insurance companies definitely recognize that many of the key events in peoples’ lives involve money. This certainly goes for retirement – which is perhaps the biggie when it comes to your finances. The main reason for this is because the decisions you make today about the allocation of your funds will likely affect tomorrow’s financial security.
The demand for annuities, which grow on a tax-deferred basis, and are backed by the financial strength and stability of the insurance carriers that offer them, has been increasing as more and more Baby Boomers reach retirement age. This is especially true as most companies have done away with the traditional pension plan, and an annuity allows you to turn your money into an income stream.
Yet, while the demand for annuities has definitely picked up, it is also important to keep in mind that variable annuities can present market-related risks to their owners, so these products need to be reviewed very carefully before purchasing in order to determine whether or not they will really be the right fit for an investor.
For help with reviewing variable annuities, click here to download our free Truth About Variable Annuities – 2017 Guide for free.
Before we get into the gritty details, there are some required legal disclosures here…..
This is an independent annuity product review. It is not a recommendation to purchase or to sell an annuity. Nationwide Life has not endorsed this review in any way, nor do we receive any type of compensation for providing this review. This annuity review is meant solely to be an independent review at the request of our readers so that they may see our perspective when breaking down the positives and the negatives of this particular annuity. Prior to committing to the purchase of any type of insurance and/or investment vehicle, it is critical that you do your own due diligence, and that you also talk with a properly licensed professional if you have any questions that relate to your specific situation. All of the names, materials, and marks that have been used in compiling this annuity review are the property of their respective owners.
For additional information on how to compare annuities so that you can decide which may be the best one for you, click here in order to obtain our free annuity report.
How Nationwide Describes the Trio Select Plus One Year Annuity
Nationwide describes its fixed annuities as products that offer protection of principal as well as the potential for growth. In addition, these types of financial vehicles allow a long list of other nice benefits, including:
- A tax deferral on earnings.
- Access to your money.
- Death benefit for your beneficiaries.
In addition, if a fixed annuity is annuitized – or converted over into an income stream – it can guarantee you income for the remainder of your life, no matter how long you may live.
When it comes to the Nationwide Trio Select Plus annuity, you can choose from interest rate guarantee periods that lock in your terms for one, three, or five years. And, you can even split your purchase payments among the different terms, in order to provide you with more flexibility.
Depending on how much you contribute to the annuity, your interest rate could be higher. For instance, an additional credit will be added to the base rate as the contract value changes:
- $0 to $24,999.99
- $25,000 – $99,999.99
- $100,000 – $499,999.99
- $500,000 or more
There are some other “bells and whistles” that come with the Nationwide Trio Select Plus annuity, such as a nursing home waiver, and a terminal illness waiver, whereby if you meet certain criteria, you can access funds from the annuity penalty-free.
There is also a death benefit included in the contract which will return the contract value to a named beneficiary if you should pass away.
To take a look at the fact sheet for the Nationwide Select Trio annuity, go here.
How an Insurance or Financial Advisor Might “Pitch” this Annuity to You
If an insurance or financial advisor has presented the Trio Select Plus annuity from Nationwide to you, then it is likely that he or she highlighted the guaranteed interest rate feature, as well as the flexibility to allocate your funds among more than just one guarantee period.
They also are apt to have homed in on the guaranteed income that you could receive from the annuity, regardless of how long you need it. But any time there is a guarantee, you will also oftentimes find that there are some tradeoffs you need to make.
Here, for instance, not only is there a surrender fee incurred if you withdraw more than 10% of the contract’s value in a given year, but the charge is applied to each purchase payment that you make! (More on this below).
To take a peek at the full Fact Sheet for this annuity, go here.
Fees on the Trio Select Plus Annuity from Nationwide
Although annuities have often had a bad rap for being riddled with fees, the good news is that there are no contract fees, administrative fees, or up-front charges when you purchase the Nationwide Trio Select Plus annuity. Because of that, all of your payments can go to work for you right away.
But that doesn’t mean that you’ll never incur a fee with this annuity. That’s because, if you need to access more than 10% of your contract value within the surrender period, you will be penalized with a surrender fee.
In this case, a five-year surrender charge is applied to each purchase payment in the following increments:
In addition to that, you could owe tax on any of the gains. Also, if you access your funds before turning age 59 ½, you could also incur an additional 10% IRS “early withdrawal” penalty. So, you could find that taking money out of this annuity may be an expensive endeavor.
The Annuity Gator’s End Take on the Nationwide Trio Select Plus Annuity
Although the Nationwide Trio Select Plus annuity may not be right for everyone, it could be a good fit for you if you are seeking:
- A set rate of interest for a guaranteed period of time
- Safety of your principal – no matter what happens in the market
- A guaranteed income stream – including a lifetime income option
Where it works the worst:
On the other hand, this annuity might not be a viable option if you:
- Want the potential for higher growth
- Need to access your money during the annuity’s surrender period
- Do not plan to use the lifetime income feature
There are many different factors that you should ideally consider when you are thinking about the purchase of an annuity. That’s because these products are a long-term commitment. Therefore, you should know how the annuity will produce a return, as well as how safe your money is inside the contract, and how (and when) the income from the annuity will payout.
If you have been considering the purchase of a fixed annuity such as the Trio Select Plus annuity from Nationwide Life, then you can be assured that your money will be safe and that you will also be able to count on a steady stream of income for the rest of your life – regardless of how long that may be.
However, there may also be some additional items that you have not considered – and the only way to really know if a particular annuity is going to be right for you is to have it tested. We can provide this testing for you, and can offer you a free, no-obligation, spreadsheet with the results. So, if this is something that is of interest to you, then all you need to do is simply reach out to us here via our secure online contact form.
Still Have Questions? Notice Any Mistakes in this Annuity Review?
We realize that this annuity review was a bit on the long side, so for that, we truly appreciate you sticking with us here to the end. However, we feel that providing our readers a tad “too much” information is always better than not providing them with enough.
With that in mind, if this annuity review was helpful to you, then please free to share it and to forward it on to anybody else that you think may also benefit from it. Also, we know that the details about annuities – and other financial products, too – can and do change somewhat quickly. With that in mind, if you happened to notice anything in this review that needs to be corrected and/or updated, please let us know that as well, and we will get on the revisions right away.
Are there any other annuities that you would like to see information about?
If you would like to see reviews on any other annuity (or annuities), our team of annuity “geeks” will get on the ball and get them on our website. Just simply click here to let us know which product (or products) you are interested in seeing. And, be sure to check back soon.
The Annuity Gator
P.S. If you would like to read more of our Nationwide New Heights annuity reviews here are some links to check out:
- Independent Review of the Nationwide New Heights 9 Fixed Indexed Annuity – [Jan 2020 Update].
- Independent Review of the Nationwide INCOME Promise Select Single Premium Immediate Annuity.
- Independent Review of the Nationwide New Heights 12 Annuity – [October 2018 Update].
- Independent Review of the Nationwide Peak Fixed Indexed Annuity.
- Independent Review of the Nationwide Advisory Solutions Single Premium Immediate Annuity.
- Independent Review of the Nationwide Secure Growth 5 One-Year Annuity
- Independent Review of the Nationwide Life MarketFlex Advisor Variable Annuity
- Independent Review of the Nationwide Life Nationwide Summit Fixed Indexed Annuity.
- Nationwide New Heights 10 Fixed Index Annuity Review.
- Independent Review of Nationwide Life Destination Architect 2.0 Variable Annuity.
- Nationwide Best of America Future Venue Annuity Review | April 2020 Update.
- Independent Review of the Nationwide Destination C Variable Annuity.