Ken Quan Helps Luan and Grace Tran
Agent makes sure long-time clients realize their dreams
Ken Quan, a New York Life Agent for more than 30 years, had a longstanding tradition of weekly lunch meetings with his client, Luan Tran.
Over the years, Ken taught Luan how to plan for his financial goals and protect his family.
Ken recalls, “For a few weeks, I did not hear from Luan. But this happened sometimes when he was traveling or on vacation. So I was shocked when Luan’s wife, Grace, called me. That’s when I learned my friend was no longer with us. Liver cancer. At age 55.”
Grace remembers how difficult it was to make that call. “Luan had handled all of our finances, so I never even met Ken. But my husband’s company had just sent me a check, the proceeds from his 401 (k) account. I really had no idea what to do with it.”
Grace was reluctant to trust someone she did not know with the money. But she recalled one of her husband’s final words of advice to her. “He said, ‘if you run into difficulties, talk to Ken. Ken Quan will help you.’”
Ken assessed Grace’s financial situation, reviewed the available alternatives, and made his recommendation: He rolled over Luan’s 401(k) investments into a New York Life deferred variable annuity. Ken said, “I was able to help Grace minimize her tax liability, while at the same time help her meet her retirement income goals.”
In the months and years that followed, Ken worked with Grace to help realize another dream she and Luan had: a good education for their children. Grace is thankful that, “Today all three of my sons have wonderful careers.”
By helping his client prepare for the future, Ken Quan found his own life transformed. “I am deeply moved—and humbled—by the trust that Grace has placed in me. She often thanks me for helping guide the way to financial security, not just for her, but for her children and her children’s children.
“Luan and Grace's faith in me has profoundly shaped how I view my career,” he says. “It is not about my success, but about the long-term well-being of my clients. That is what matters to me.”
Over time, the value of Grace’s variable annuity account had increased substantially. But when the financial markets started to decline, Ken took another look at Grace's financial situation and concluded he could help her preserve a portion of her retirement assets by converting them into fixed immediate annuities that would provide a guaranteed lifetime monthly income regardless of market conditions. But he refuses to take the credit. “I honestly feel that Luan is blessing her to this day.”
Grace agrees, and adds, “He certainly sent me a wise angel.”
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Variable annuities are long-term investment vehicles used for retirement savings. Past performance is never a guarantee of future results. There are fees and expenses associated with these contracts. They represent a contractual agreement in which payments are made to an insurance company, which agrees to pay out an income or lump sum either now or at a later date. All guarantees, including death benefit payments, are dependent on the claims-paying ability of the issuer (New York Life Insurance and Annuity Corporation (NYLIAC) (a Delaware corporation) and do not apply to the investment performance or the safety of the underlying investment divisions in the variable annuity as they are subject to market risk and fluctuate in value. Tax-qualified plans already provide tax deferral, so a variable annuity will not provide additional tax deferral benefits. Also, variable annuities may be subject to additional fees to which other tax-qualified funding vehicles are not. Withdrawals and surrenders may be taxable transactions subject to ordinary income tax, and if made prior to age 59½, may be subject to a 10% IRS penalty. (The penalty tax is increased to 25% in the case of a distribution from a SIMPLE IRA within the first two years of a client’s participation in the SIMPLE IRA plan.)
Investors are asked to consider the investment objectives, risks, charges and expenses of an investment carefully before investing. For a variable annuity, both the product and the underlying fund prospectuses contain this and other information about the product and the underlying investment options and can be obtained from a properly licensed registered representative. Investors should read the prospectuses carefully of the variable annuity they are considering before investing.
Annuities are issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation). New York Life Variable Annuities are distributed by NYLIFE Distributors LLC (Member FINRA/SIPC) and offered by properly licensed Registered Representatives of NYLIFE Securities LLC (Member FINRA/SIPC), a Licensed Insurance Agency. All are wholly owned subsidiaries of New York Life Insurance Company. See contract for complete terms and conditions.