Q: Why trust Blueprint Income?

We Make it Easy Saving and planning for retirement can be confusing. Whether you&#39;re starting your annuity journey or you&#39;re further along the path, we offer tools and resources to help you along the way. Personal Touch We believe that planning for something this important means you should be supported every step of the way. In addition to our online experience, we have a team of annuity experts here to answer questions, process paperwork, and help you feel confident in your decision-making. We Provide Choices You Can Trust We offer access to a curated selection of 30 top insurance companies, giving you the power to choose from the top tier available without any pressure.

Q: How are insurance companies rated?

Independent agencies, such as A.M. Best and S&amp;P, rate the financial strength of insurance companies on a scale from D to A++. The rating indicates the credibility and ability an insurance company has to repay any claims to customers. Our site uses the A.M. Best ratings, which specialize in the insurance industry. We only offer carriers with a rating of B+ or better. The A.M. Best rating categories are as follows: A+, A++ are a superior rating A, A- are an excellent rating B+, B++ are a good rating B, B- are a fair rating C-D ratings are rated marginal to poor

Question 1

What is Blueprint Income and how are we different?

Accepted Answer

Blueprint Income is an annuity marketplace, not an insurance company. That means that we offer a curated selection of 30 top insurance companies, giving you the power to compare annuities in one place. In addition to our online experience, we have a team of annuity experts here to answer questions, process paperwork, and help you feel confident in your decision-making.

Question 2

Why trust Blueprint Income?

Accepted Answer

We Make it Easy Saving and planning for retirement can be confusing. Whether you're starting your annuity journey or you're further along the path, we offer tools and resources to help you along the way. Personal Touch We believe that planning for something this important means you should be supported every step of the way. In addition to our online experience, we have a team of annuity experts here to answer questions, process paperwork, and help you feel confident in your decision-making. We Provide Choices You Can Trust We offer access to a curated selection of 30 top insurance companies, giving you the power to choose from the top tier available without any pressure.

Question 3

Is Blueprint Income licensed?

Accepted Answer

The products and services described on our website are offered and sold only by appropriately licensed insurance companies and by licensed insurance producers. You can find our licenses here.

Question 4

What is Blueprint Income's association with MassMutual?

Accepted Answer

Blueprint Income is a subsidiary of MassMutual. Our firm joined the organization in February 2021 because our companies share a purpose: to help people secure their future and protect the ones they love. We do this by offering innovative retirement income solutions through a simplified, digital, and customer-centric user experience. As an autonomous company, Blueprint seeks to offer the best annuity products on the market to help our clients achieve financial security.

Question 5

What relationship does Blueprint Income have with the insurance companies?

Accepted Answer

Blueprint Income offers annuities from top-rated insurance companies with long histories of financial strength. We are continually cultivating our relationships with insurance companies and only work with those whose mission aligns with Blueprint Income.

Question 6

How are insurance companies rated?

Accepted Answer

Independent agencies, such as A.M. Best and S&P, rate the financial strength of insurance companies on a scale from D to A++. The rating indicates the credibility and ability an insurance company has to repay any claims to customers. Our site uses the A.M. Best ratings, which specialize in the insurance industry. We only offer carriers with a rating of B+ or better. The A.M. Best rating categories are as follows: A+, A++ are a superior rating A, A- are an excellent rating B+, B++ are a good rating B, B- are a fair rating C-D ratings are rated marginal to poor

Question 7

What happens if an insurance company goes out of business?

Accepted Answer

If an insurance company goes out of business, state agencies work to protect customers. Each state has varying maximums so it’s important to know what these limits are. Read more about state guarantees.

Question 8

What will happen to my annuity if Blueprint Income goes out of business?

Accepted Answer

Your annuity is 100% backed by the insurance companies that issues it. As such, you are guaranteed the income generated by the contributions you’ve made independent of our existence.

Question 9

How is the fixed annuity rate guaranteed?

Accepted Answer

Any guarantees made by an insurance company are subject to the financial strength of the insurance company and their claims paying ability. Additionally, each state does have its own guaranty fund, but it should not be thought of as a substitute for FDIC insurance, which annuities do not have. State guarantee fund rules vary significantly state-by-state. You can find more state specific information here.

Question 10

What happens to my money if I die?

Accepted Answer

During the accumulation phase, most fixed annuities include a death benefit rider for no additional charge. This indicates that should you pass away before the end of your contract, the account value of the annuity, including interest, will be passed to your beneficiary. For specific rules and restrictions please review the Death Benefit Provisions section on all product details pages. If the Refund at Death (also known as Death Benefit, Cash Refund, or Return of Premium) option is chosen for your contract during the annuitization phase, any value remaining in the contract at the time of death — of both annuitants in the case of a joint annuity — will be passed to your beneficiaries. The value left in the contract is calculated as the total premium deposited less the cumulative income payments received.

Question 11

What can I expect when I apply?

Accepted Answer

Here’s an outline of what you can expect from the application process. Online Application (Preview a Sample Application) It should take 15-30 minutes to complete. Feel free to move between sections as you complete the application. We will auto save your progress, and you can exit and return to the application at anytime.

Personal Information: Your address, phone number, SSN, and place of birth.
Driver’s License: Confirm your identity by uploading a picture of the front of your driver’s license.
Beneficiaries: List the individual or individuals who will receive the accumulated value of your annuity should you pass away.
Financial Overview (May Require Preparation): Provide estimates of your income, expenses, assets, and debt; and answer suitability questions required by the insurance company to make sure the annuity is a good fit for you.
Funding Source: Such as a check, wire transfer, ACH deposit, IRA, or annuity exchange, etc. Some funding sources can impact insurer processing times.

Application Review Within 1-2 business days, our team will review your Blueprint Income application and reach out to you to confirm any necessary details before finalizing the insurer application. As part of this process, we will send you the final insurer application to review and sign before submitting it to the insurance company. Insurer Processing Most insurers will typically have a processing period of a few weeks to accept the application, process funding, and formally issue the policy. Processing may take longer for a 1035 exchange or transfer of assets. Policy Receipt Once the processing is complete, the insurer will provide us with your formal policy documentation, which we’ll pass along to you and make available in your online account. You’ll always have about 10-30 days from the time you receive the policy to reject it for any reason. This is called the "Free Look Provision", and it’s required by law. Manage Your Annuities Keep track of your annuity via our online portal. We’ll be there to help with important milestones, like when a fixed annuity's rate guarantee is ending.

Question 12

What is the "Free Look Provision?"

Accepted Answer

The Free Look Period is the amount of time you have after the policy is issued to change your mind and get a full refund without paying any surrender charges. This time period is typically 10-30 days from the time you receive the policy & it is required by law. Each product will outline the specific Free Look Period that is granted on the product details page.

Question 13

Who will be handling my application at Blueprint Income?

Accepted Answer

Our team is here to provide assistance with your inquiries, manage paperwork, and support you in your decision-making. Any Blueprint Income employee with whom you interact with in regards to the specific products we offer is a licensed fixed annuity producer; however, some administrative and technical support may be provided by non-licensed employees. Meet our team of annuity experts.

Question 14

What are your operating hours?

Accepted Answer

Our customer service representatives are available via phone or email between 9am-6pm ET, Monday-Friday (excluding company holidays). You may email or leave a voicemail outside of operating hours and someone from our customer service team will respond to you at their earliest convenience on the next available business day.

Question 15

Why does the insurance company need my financial information?

Accepted Answer

Insurance companies collect financial information, such as your income, expenses, assets, and net worth, from those interested in purchasing annuities. They use this information to ensure that an annuity makes financial sense for someone. Specifically, since it is illiquid, the insurers want to see that individuals have enough liquid assets outside of those being used to fund the annuity.

Question 16

How does my money get transferred to the insurance company?

Accepted Answer

The paperwork we provide the insurance company includes a “request for transfer” form. This form is then sent from the insurance company to the financial institution holding your money, which initiates a transfer from your account to the insurance company. This process takes 2-4 weeks. Processing times will differ depending on the funding source, for example a 1035 exchange or transfer will take longer than paying by check.

Question 17

Where do insurance companies invest my money?

Accepted Answer

Your money is invested conservatively in the insurance companies’ General Accounts, largely in fixed income investments as well as in some equities. Importantly, they take on all of the investment risk.

Question 18

When will I receive my annuity contract?

Accepted Answer

You will receive your contract once your policy is issued. You’ll always have about 10-30 days from the time you receive the policy to reject it for any reason. This is called the "Free Look Provision", and it’s required by law.

Question 19

What can I expect at the end of my Fixed Annuity term?

Accepted Answer

Blueprint Income is here to help guide you through the process, it's part of the service and commitment we provide to our clients. We will contact you in advance of your policy reaching the end of its guaranteed investment term and provide you with information on options available to you. The best option for you will depend on your age and your goals for the proceeds of your fixed annuity. To learn more about the options, head to this article.

Question 20

What is the benefit of a tax-deferred annuity?

Accepted Answer

One of the main benefits of a tax-deferred annuity is that any earnings or gains in the annuity are not subject to taxes until you withdraw the money. This means your investment can grow faster because you aren't paying taxes on your gains each year. It's like investing in an IRA or 401(k) but with no contribution limits. This means you can invest as much as you want (subject to the annuity provider's minimum investment requirements) and potentially grow your retirement savings faster.

Question 21

What can I expect around taxes in retirement?

Accepted Answer

Entering retirement means a shift in where you receive income, from your salary to new sources such as Social Security, 401(k) and IRA withdrawals, pensions, and/or annuities. The amount of taxes you will owe will depend on the type and amount of retirement income you receive, as well as your overall tax situation. Here are a few things to keep in mind about taxes in retirement:

Social Security benefits may be taxable. If your income is above a certain threshold (currently $25,000 for individuals and $32,000 for married couples filing jointly), up to 85% of your Social Security benefits may be subject to federal income tax.
Distributions from traditional retirement accounts (like a 401(k) or IRA) are generally taxable. The amount of tax you owe on these distributions will depend on your tax bracket and the type of account you have.
Roth retirement accounts (like a Roth IRA) are generally tax-free in retirement. If you have a Roth account, you won't owe taxes on withdrawals in retirement.
Municipal bonds may be exempt from federal and state taxes.
You may be eligible for tax breaks on certain retirement income. For example, if you receive income from municipal bonds, it may be exempt from federal income tax.
Your state tax situation will also impact your overall tax bill in retirement. Some states have no income tax, while others have high income tax rates. Overall, it's important to plan for taxes in retirement and work with a tax professional to understand your specific tax situation and make any necessary adjustments to your retirement income strategy. You can also read more in this article.

Question 22

What tax forms do I need to file and when can I expect them?

Accepted Answer

Tax form information is available to review in this article along with when you should expect to receive them from the carrier who issued your annuity policy.

Question 23

What are the tax implications with annuities specifically?

Accepted Answer

Annuities offer tax deferral, which means you won't owe taxes on any gains until you withdraw them. Withdrawals from annuities may be taxable, however. If you purchased your annuity with pre-tax dollars (such as from a traditional IRA), then any withdrawals you take will be subject to ordinary income tax. If you purchased your annuity in a Roth IRA, then withdrawals may be tax-free. If you purchased your annuity with other post-tax dollars, then any gains you withdraw will be subject to ordinary income tax. (Distributions of principal are not taxed, as you've already paid taxes on it.) Annuities may be subject to required minimum distributions (RMDs). If you have an annuity within a tax-deferred account (such as a traditional IRA), then you may be required to take RMDs starting at age 73. If you sell your annuity on the secondary market, you may owe taxes on any gains you realize from the sale. Inherited annuities may have different tax rules. If you inherit an annuity, the tax rules will depend on several factors, including the type of annuity, the age of the original owner at the time of their death, and whether the annuity was purchased with pre-tax or after-tax dollars. It's important to understand the tax implications of annuities and work with a tax professional to develop a plan that helps to minimize your tax burden.

Question 24

What should I consider when determining if I should withdraw from my fixed annuity?

Accepted Answer

Some fixed annuities (generally those paying the highest rate) do not allow for any withdrawals during the guarantee term without a surrender charge. Surrender charges vary, but can be as high as 9% in year one and typically decline by 1% per year. They usually are 0% at the end of the guaranteed rate period. Some contracts will have a new surrender charge schedule once the rate matures if no action is taken. It's also important to consider the market-value adjustment (MVA), which means the withdrawal charge will be adjusted based on the change in interest rates between purchase and the decision to withdraw. Other fixed annuities allow for penalty-free withdrawals of interest earned; however, this is sometimes restricted in the first year. Still other fixed annuities allow for withdrawals of up to 10% per year of the beginning balance at the start of the year. This will be broken down for you on the product details page of any annuity. Note that any interest withdrawals made prior to age 59½ will incur a 10% penalty from the IRS. The IRS treats all withdrawals from a fixed annuity on an interest-first basis.

Question 25

How does Blueprint Income make money?

Accepted Answer

Blueprint Income earns commissions from the sale of annuity products. Commission rates are typically set by the insurance companies and are already factored into the rates and quotes displayed on the site, so you’re not paying any extra to work with us.

Frequently Asked Questions