- 428
Re: Can Anyone Help Me/thoughts on American Equity Investment Lif
Peter is that a polite way of saying it's a STUPID law???
Peter is that a polite way of saying it's a STUPID law???
Can Anyone Help Me/thoughts on American Equity Investment Life In
- Thread starter DawnPatrol
- Start date
- 8,707
Re: Can Anyone Help Me/thoughts on American Equity Investment Lif
Yes especially since the state creamed some agents for a fraternal for NOT informing clients the product they sold was NOT covered by the Guarantee Association.
Yes especially since the state creamed some agents for a fraternal for NOT informing clients the product they sold was NOT covered by the Guarantee Association.
- 15,041
Re: Can Anyone Help Me/thoughts on American Equity Investment Lif
You could really use that to backdoor your way around not mentioning it.
Show a fraternal and stress that it is not covered by the GA, while you have information about your desired company sitting out in plain view.
Regulators and legislators never think through their actions.
You could really use that to backdoor your way around not mentioning it.
Show a fraternal and stress that it is not covered by the GA, while you have information about your desired company sitting out in plain view.
Regulators and legislators never think through their actions.
- 8,707
Re: Can Anyone Help Me/thoughts on American Equity Investment Lif
Tell me about it, in Maine it is against the law to door knock seniors not just for Part C and D stuff but for anything... You are not allowed to show up on thier doorstep unannounced. Now its not illegal to door knock everyone else...So I've asked the State how can I tell who owns a house by looking at it.
Tell me about it, in Maine it is against the law to door knock seniors not just for Part C and D stuff but for anything... You are not allowed to show up on thier doorstep unannounced. Now its not illegal to door knock everyone else...So I've asked the State how can I tell who owns a house by looking at it.
- 428
Re: Can Anyone Help Me/thoughts on American Equity Investment Lif
What was the answer to the door knocking question???
What was the answer to the door knocking question???
nstargazer
Expert
Re: Very frustrated!
Thanks for your comments. Here's a follow up. As I mentioned earlier, I had an accident and haven't been working, so my income was very low in 2010 and 2011. When completing the paperwork, I was asked about my annual income, my net worth and liquid assets. I didn't want to lie on my application, and she told me I met the minimum requirements. I was never trained on this product, so I didn't realize an annual income of $20,000 is required. I explained on the application the reason for my low income, although I definitely have enough savings to cover me for at least 5 years. However, American Equity declined my application and the rep at the bank said she'd overnight my check to me. She kept saying this for days, but when my check didn't arrive, she made up another excuse. So I eventually called American Equity. Everyone was very courteous and willing to help me. Jeff in the Suitability Department told me that a $20,000 minimum income is required, regardless of savings, and that the agent should have known this. He also told me that, since the check was sent to AE, it was already deposited. I'm not sure I understand this, since the rep and her supervisor both said the money had to be sent with the app, but AE said that isn't necessary until funds are requested.
In any case, since Nov 15th I haven't earned a dime of interest and the rates have dropped. I hope I get my money back soon. AE told me they'd send it to me next week, since the check had to clear. I definitely would recommend this company, but I am considering filing a complaint against the bank rep. One more thing (I sound like Peter Falk in Columbo) LOL The bank rep told me that all the paperwork would be sent to me in Port Charlotte where I am staying, not to my mailing address. She told me an email had been sent to AE and that they had no problem sending my contract to another address. Not true. She keeps telling me, "I only know what I'm told." AE told me to fax a letter with my signature and an explanation for the change of address. Last time we spoke (Wednesday) I was told it should be sufficient. I'm just keeping my fingers crossed. The worst case scenario is I'll have to drive 150 miles roundtrip again.
In brief, I really think this was simply a matter of an overeager bank rep who was poorly trained. I've worked with a few agents who sold products they didn't understand, and when I pointed out their misstatements, they didn't seem to care. I quit one company after a very short time because agents were misrepresenting Medicare Advantage plans at the seminars.
In the future I would have no hesitation to do business with American Equity, since they've been very cooperative.
Happy Thanksgiving everyone!
Thanks for your comments. Here's a follow up. As I mentioned earlier, I had an accident and haven't been working, so my income was very low in 2010 and 2011. When completing the paperwork, I was asked about my annual income, my net worth and liquid assets. I didn't want to lie on my application, and she told me I met the minimum requirements. I was never trained on this product, so I didn't realize an annual income of $20,000 is required. I explained on the application the reason for my low income, although I definitely have enough savings to cover me for at least 5 years. However, American Equity declined my application and the rep at the bank said she'd overnight my check to me. She kept saying this for days, but when my check didn't arrive, she made up another excuse. So I eventually called American Equity. Everyone was very courteous and willing to help me. Jeff in the Suitability Department told me that a $20,000 minimum income is required, regardless of savings, and that the agent should have known this. He also told me that, since the check was sent to AE, it was already deposited. I'm not sure I understand this, since the rep and her supervisor both said the money had to be sent with the app, but AE said that isn't necessary until funds are requested.
In any case, since Nov 15th I haven't earned a dime of interest and the rates have dropped. I hope I get my money back soon. AE told me they'd send it to me next week, since the check had to clear. I definitely would recommend this company, but I am considering filing a complaint against the bank rep. One more thing (I sound like Peter Falk in Columbo) LOL The bank rep told me that all the paperwork would be sent to me in Port Charlotte where I am staying, not to my mailing address. She told me an email had been sent to AE and that they had no problem sending my contract to another address. Not true. She keeps telling me, "I only know what I'm told." AE told me to fax a letter with my signature and an explanation for the change of address. Last time we spoke (Wednesday) I was told it should be sufficient. I'm just keeping my fingers crossed. The worst case scenario is I'll have to drive 150 miles roundtrip again.
In brief, I really think this was simply a matter of an overeager bank rep who was poorly trained. I've worked with a few agents who sold products they didn't understand, and when I pointed out their misstatements, they didn't seem to care. I quit one company after a very short time because agents were misrepresenting Medicare Advantage plans at the seminars.
In the future I would have no hesitation to do business with American Equity, since they've been very cooperative.
Happy Thanksgiving everyone!
financemama
New Member
- 9
Re: Can Anyone Help Me/thoughts on American Equity Investment Lif
From Annuity FYI: A fixed-indexed annuity is a type of annuity that grows at the greater of a) an annual, guaranteed minimum rate of return; or b) the return from a specified stock market index (such as the S&P 500®), reduced by certain expenses and formulas. At the time the contract is opened, a term is chosen, which is the number of years until the principal is guaranteed and the surrender period is finished.
In a robust stock market, you will not achieve the actual performance of the index due to the formulas, spreads, participation rates, and caps applied to fixed-indexed annuities, as well as because of the absence of dividends (see below).
However, in a down market you won't ever lose principal (provided the underlying insurance company stays solvent, and to date no insurance company has ever failed to pay out on a fixed annuity). Many investors find that fixed-indexed annuity returns more closely approximate CDs, traditional fixed annuities, or high grade bonds, but with the potential for a small hedge against inflation in an up market.
From Annuity FYI: A fixed-indexed annuity is a type of annuity that grows at the greater of a) an annual, guaranteed minimum rate of return; or b) the return from a specified stock market index (such as the S&P 500®), reduced by certain expenses and formulas. At the time the contract is opened, a term is chosen, which is the number of years until the principal is guaranteed and the surrender period is finished.
In a robust stock market, you will not achieve the actual performance of the index due to the formulas, spreads, participation rates, and caps applied to fixed-indexed annuities, as well as because of the absence of dividends (see below).
However, in a down market you won't ever lose principal (provided the underlying insurance company stays solvent, and to date no insurance company has ever failed to pay out on a fixed annuity). Many investors find that fixed-indexed annuity returns more closely approximate CDs, traditional fixed annuities, or high grade bonds, but with the potential for a small hedge against inflation in an up market.
