- 11,280
I am not sure with out looking at the contract. That case was a year ago so the spreads and caps have changed. There is no fund management fees. The spread now is 6.25. No other fees.
Dateline Undercover on right now
- Thread starter MAPDJim
- Start date
- 9,744
- 11,280
Yes I do. Obviously you do not. So I will tell you.
Period certain is for a specified period like 5 or 10 years. After that the payments cease. Now what smarty pants? My client is still getting income 15 years later, yours is not.
Do you know what lifetime benefit means?
Period certain is for a specified period like 5 or 10 years. After that the payments cease. Now what smarty pants? My client is still getting income 15 years later, yours is not.
Do you know what lifetime benefit means?
- 9,744
Here's what the problem is...
You've got a bunch of people.."Certified Senior Advisors" if you will...with nothing to do in between Medicare Advantage seasons.
They have to find something to generate commissions in between. Due to THEIR ignorance, trusting seniors get abused.
The use of annuities is a FINANCIAL PLANNING issue, and it should be left to folks that are properly trained for that. You are dealing with people's MONEY.
VERY FEW folks doing Med Supp/MA/final expense/ltc have the requisite training to be able to advise competently on annuities and their place in the financial planning spectrum...
But they need to generate commissions...
You've got a bunch of people.."Certified Senior Advisors" if you will...with nothing to do in between Medicare Advantage seasons.
They have to find something to generate commissions in between. Due to THEIR ignorance, trusting seniors get abused.
The use of annuities is a FINANCIAL PLANNING issue, and it should be left to folks that are properly trained for that. You are dealing with people's MONEY.
VERY FEW folks doing Med Supp/MA/final expense/ltc have the requisite training to be able to advise competently on annuities and their place in the financial planning spectrum...
But they need to generate commissions...
- 9,744
And?
Close, but not close enough that you should be advising folks on issues like this.
What exactly are your financial planning credentials that make you qualified to be advising on these issues?
- 11,280
nice spin
- 15,319
It's not fair to generalize about Certified Senior Advisors. I have that designation and choose not to do annuities - because (and you are correct) I do not have the training...etc.
I had planned on learning more about the products and perhaps sell them, but only after I really know the best products for those who need them.
Rick
- 15,319
I thought that period certain was:
You get the dough for your lifetime with a minimum of XX years. That was the period certain. If you die in 4 years, your heirs get the next (for example) 6 years.
Am I wrong on this?
Rick
- 596
I think what product would be appropriate just depends on what the client wants to have happen. If she didn't care about leaving an inheritance, the immediate annuity may be the best option. If she does, another solution may be more appropriate. Obviously there are many variables, but I would think the proper solution comes down to what the client wants to have happen.
- 9,744
nice spin
No, no spin.
Just shedding light on your ignorance on the product/issue.
You had half the answer (the easy half). A professional that should be advising folks on these matters would know the complete answer.
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