Fishing For Whales

Whale Fishing

Fishing for whales. What better way to boost your business, your confidence, and your bank account than by closing a whale of a case? 

What I have witnessed in this industry is once you get the first big one, the next one is easier. And bigger! $1.2 BILLION of annuity premium comes through this office on an annual basis, and much of that by way of large cases from high net worth clients. I want to discuss the optimal lure for landing whales in this highly competitive and exclusive forum. 

Full disclosure: I am actually a terrible fisherman. I never catch anything and I never will. Despite this, I really do enjoy fishing because it’s a great excuse to throw back a few cold ones on the water – and who doesn’t enjoy that. However, one thing I am really good at is positioning annuity products into the financial landscape - including those elusive whale cases. And that will be the focus here. 

So what kind of things are high net worth clients looking for when evaluating your proposal? 

  • Carrier ratings and Financials. These are folks who thoroughly understand money, probably better than you. They are going to respond to company ratings, brand recognition, and of course, company financials. In fact, it's my experience that in most cases high net worth clients will prefer a less feature-rich product, perhaps with even lower performance or fewer benefits, in favor of that with a higher rating or a household name brand. 
  • Outstanding service. Poor service can blow up your sale in a New York minute. High net worth clients expect the top-notch service associated with leading brands, so do not make the mistake of putting your high net worth client in a carrier with poor service. It will make you look bad. 
  • Fees and Charges. These folks didn't get wealthy by haphazardly spending money and overlooking costly fees. They are very sensitive to cost, so be prepared to discuss in detail any fees or charges associated with your program. If you really want to get their attention, present a program which features no fees at all. 
  • Feel Good Benefits. High net worth clients expect perks. They expect to be treated as if they are important, high net worth clients. Understand how to position tangible benefits and showcase carrier offerings, and your high net worth folks will respond positively. 


Nationwide Peak 10 is the perfect solution for your high value cases. 

The average FIA case size in the US is approximately $77,000. As of today, the average app size for Peak 10 is $290,000 - over 3 times the national average! If you haven’t looked at the Peak 10 lately, look again. We're going to skip the fluff and look at this product in terms of competitive advantage, specifically for large premium cases. 

Peak 10 Essentials

  • Issue ages. 0-85
  • Street level comp - 6.50% (0-75). 4.65% (76-80). 3.05 (81-85)
  • 10 Year surrender
  • 10% free w/d’s after day one
  • 2 income riders - no cost automatically added, optional for a fee
  • Minimum premium - $25,000
  • Maximum premium - $3 million (w/o home office approval) 

The $3 million maximum premium is triple that of what you see in comparison to competitors. Nationwide has an appetite for large premium cases, even above $3 million, and have positioned Peak 10 to be the go-to for agents. 

No comp reduction due to premium. Ever. How many times has a carrier slashed your commissions because of a large ticket app? Peak 10 will pay full comp on every premium dollar, even above the $3 million threshold. Nationwide doesn’t think producers should be punished for submitting large cases, nor do I. 

Carrier Ratings/Brand recognition. With Peyton, Brad and the jingle – Nationwide is the epidemy of a household brand name. Additionally, A+ ratings and strong, stable financials will appeal to even the most discerning high net worth prospects. 

Outstanding customer service. You’ll never have to worry about your clients having a poor customer service experience with Nationwide. 

No fees and charges. Whether the objective is safe growth or income planning, Peak 10 offers one of the most competitive income riders on an accumulation powerhouse of an FIA with no cost to the policy holder. 

Feel good benefits. Nationwide is a mutually owned carrier which offers tangible benefits like the “Care Concierge” program available to policy holders and their families for no cost. 

Why should producers look to Peak 10 for High Value Clients? 

Increasing income options. Given the current inflationary environment, the general outlook on rising taxes, and longer life expectancies, providing a guaranteed income solution which features the ability to increase year after year should be part of every conversation had with prospective clients. The combination of Peak 10’s aggressive growth potential and their “participating” income rider offers policy holders the ability to keep up with rising costs throughout their retirement years. 

Guaranteed Income. Peak 10 offers competitive guaranteed level income for younger clients (age 60-70) with shorter deferral periods (immediate to 5 years). This “sweet spot” outperforms many B rated carriers who historically dominate the guaranteed income space.   

Joint Distributions. When a joint payout is elected, Peak 10 reduces the withdrawal percentage by only 20 basis points. This positions the Peak 10 as the most competitive joint income rider payout across every metric. By comparison, your clients will not have to take a haircut on their joint income distributions in exchange for the ratings associated with Nationwide.

 Spousal Death Benefit. Does your IRA give you the option to receive a death benefit at the death of your spouse? Think about that for a second – an IRA owner receiving a death benefit on their own IRA when their spouse passes. Peak 10 policyholders can receive a death benefit at the death of their spouse – even on qualified money! When a spouse is named as the sole primary beneficiary, Nationwide will automatically list the spouse as co-annuitant on the policy. As an annuitant driven policy, the Peak 10 can pay out a death benefit on a first to die basis -even the spouse of an IRA owner. 

Care Concierge. An overlooked benefit that should be part of every Peak 10 conversation is Care Concierge. This service was originally available only to Nationwide employees as part of their benefits package. Nationwide has extended this valuable program to include policy holders and their extended families. This healthcare service is commonly used for locating doctors, specialists, medical facilities, counselors, arranging treatment and even settling insurance billing disputes. At no cost to the policy holder, the Care Concierge program is an example of the benefits offered by a highly rated mutually owned company like Nationwide. 

New Heights Vs Peak 10  

  • Designed to complement each other
  • New Heights income riders better for longer-term deferral, Peak 10 shorter
  • New Heights income riders requires at least 1 year deferral, Peak 10 immediate
  • New Heights doesn’t offer increasing income without a fee, Peak 10 does
  • New Heights max issue age is 75, Peak 10 issues to 85
  • Peak 10 has higher commissions from issue ages 70 and up
  • New Heights available on 9, 10, and 12 year chassis, Peak 10 is 10 only
  • New Heights has a 3 year reset on crediting strategies (Mosaic), Peak 10 is 2 year
  • Peak 10 has better rates and illustrates better accumulation potential


My question to you is: Do you have access to the entire Nationwide FIA suite? 

The Peak 10 is an exclusive product only available through AmeriLife and AmeriLife affiliates. Your New Heights IMO cannot offer Peak 10 - even when it’s a better fit for your client – as they cannot dual appoint. But you can! Your Peak 10 appointment will not disturb your New Heights contract. Make sure you have the best Nationwide product for every case. 

Call us to get contracted today! If you have a case you're working on, let's see if Peak 10 is a good fit for your client. And remember, when you go fishing for whales, the Peak 10 is the one that’s going to reel them in!