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
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.
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!!!
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.
------------------------------------ Don't steal - the government hates competition.
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.
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.
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.
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
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.
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
------------------------------------ ILIAA
Training, Community, Support, and Success Independent Life Insurance Agents Assn rick@iliaa.org
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.
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
They don't have to. According to the spam I get, the Nigerian government, or at least their employees will do that for you.
Everyone will be Millionaires.
Dateline Undercover on right now
Linear Mode
