Dateline Undercover on right now

[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]

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]

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

Really? Please describe them for us, and why.

 

[Expat]

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]

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.

 

[moonlightandmargaritas]

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 have done this very successfully in Cuba...

 

[Expat]

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.

 

[moonlightandmargaritas]

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

Well, ya gotta have somethin" to "sell" while real estate is under water, and "mortgage protection" is down...