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Well this not a consumer feature but an agent feature. No chargeback once policy is out of free look.......If the client three years later decides they prefer something else and make waves and the carrier feels it best to just unwind the policy I don't like the idea of a chargeback.
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- #3
- 8,707
So your saying you would have a contract provision that states once free look is up no possible chargeback even if the carrier voluntarily unwinds the policy?
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- #5
I can't say too much at all but it is possible and on a drawing board. Anyway, it already exists in SPIAs.
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In fact, the only reason why most annuities have a surrender charge is because of commissions. A bonus is the other reason. A few deferred annuities have no chargeback if you take the trail commission instead of the upfront commission. It really isn't a far stretch. Once again, it is an excellent suggestion. I am curious if you know of any unique features like this or others that would make an annuity more attractive to an agent and/or a consumer.
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In fact, the only reason why most annuities have a surrender charge is because of commissions. A bonus is the other reason. A few deferred annuities have no chargeback if you take the trail commission instead of the upfront commission. It really isn't a far stretch. Once again, it is an excellent suggestion. I am curious if you know of any unique features like this or others that would make an annuity more attractive to an agent and/or a consumer.
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- #6
