Insurance Agent Forum

[MAPDJim]

On right now (7PM start) on NBC. Not good for indexed annuity folks.

[tkirk97]

I don't think I would be doing any seminars or indexed annuities anytime soon. Just the beginning for all annuities in general. I think it is a joke but unfortunately the people running dateline NBC don't know much about annuities.

I personally don't sell EIA's but I don't believe they are always a bad product

[healthagent]

And seniors watch Dateline like Matlock reruns - this will absolutely take a bit out of sales.

[Expat]

Originally Posted by healthagent

And seniors watch Dateline like Matlock reruns - this will absolutely take a bit out of sales.

Why do they just take a "bit", is it because so many of them have dentures.

[bluemarlin08]

It could have been a whole lot worse. I could have told them about some agents to tape that would have been a ton worse. I think the industry got off light. Maybe now some of DOI and AG will go after some of these jokers, the real bad culprits are the guys doing living trust seminars, then selling annuities. There are so many of these guys out there they are like roaches, hard to kill them.

[senior-advisor-indiana]

Actually, it wasn't that bad. These agents definetly should have been up front about the charges. Who the hell sells a 16yr annuity to a senior anyway with 20% surrender? Why didn't they show the good annuities for seniors?

It is definetly unethical to have mags and books that are ghost written with your name on it. Fools! The stories were definetly one sided though. Every example they used was with the 1st year surrender charge. RIDICULOUS!!!

[moonlightandmargaritas]

You won't hear it from the insurance companies naturally, but there are very few situations where a deferred annuity is an appropriate product for anyone, not just seniors. It's kinda like whole life...

Immediate annuities are an entirely different story.

[moonlightandmargaritas]

Originally Posted by healthagent

And seniors watch Dateline like Matlock reruns

What happened to Wheel of Fortune?

[Expat]

Yellow tabloid journalism. That crew need to apply for a job with the National Enquirer, that seems about their speed. The state attorney general was about as good, Quote "He did say the sliding scale, but very quick", then at the end of the show they mention that the guys' usual three hour presentation had to be condensed into 45 minutes.
They should have stuck to busting poufters.

[senior-advisor-indiana]

Originally Posted by moonlightandmargaritas

You won't hear it from the insurance companies naturally, but there are very few situations where a deferred annuity is an appropriate product for anyone, not just seniors. It's kinda like whole life...

Immediate annuities are an entirely different story.

I run into situations all the time where a deferred annuity is good for seniors.

[Charpress]

The main sob story was a guy who put his entire life savings into an annuity -- $40,000. When his wife got sick the next year, he had to cash out and had to pay a $6,000 penalty. Because of this, according to Dateline, he was forced to sell his house.

WTF? Had to sell his house over $6,000? I sincerely doubt it.

I can see him selling his house anyway because of his wife's illness, but not because of his annuity.

Something about this smells. Sure, he should never have been sold an annuity if everything he had was going into it, but I don't know of any company that would have let this past their suitability people.

[moonlightandmargaritas]

Originally Posted by Expat

then at the end of the show they mention that the guys' usual three hour presentation had to be condensed into 45 minutes.

The thought of sitting with that slimy guy (his "assistant" from the first appointment looked hot though) for THREE HOURS makes my head hurt.

Any wonder why insurance agents have such a poor reputation?

[moonlightandmargaritas]

Originally Posted by senior-advisor-indiana

I run into situations all the time where a deferred annuity is good for seniors.

Really? Please describe them for us, and why.

[Expat]

Originally Posted by Charpress

The main sob story was a guy who put his entire life savings into an annuity -- $40,000. When his wife got sick the next year, he had to cash out and had to pay a $6,000 penalty. Because of this, according to Dateline, he was forced to sell his house.

WTF? Had to sell his house over $6,000? I sincerely doubt it.

I can see him selling his house anyway because of his wife's illness, but not because of his annuity.

Something about this smells. Sure, he should never have been sold an annuity if everything he had was going into it, but I don't know of any company that would have let this past their suitability people.

Get real. If all of the facts had been aired, there would not have been any story

[moonlightandmargaritas]

Originally Posted by Charpress

The main sob story was a guy who put his entire life savings into an annuity -- $40,000. When his wife got sick the next year, he had to cash out and had to pay a $6,000 penalty. Because of this, according to Dateline, he was forced to sell his house.

WTF? Had to sell his house over $6,000? I sincerely doubt it.

I can see him selling his house anyway because of his wife's illness, but not because of his annuity.

Something about this smells. Sure, he should never have been sold an annuity if everything he had was going into it, but I don't know of any company that would have let this past their suitability people.

So what happened? Allianz' fault?

[GreenSky]

We need to stop insurance companies and their agents from screwing old people. I propose a single payer system where the government will provide all financial services to everyone.

Rick

[eddie]

Maybe they worked for NAA. They are pushing Annuities now.