Posted on 06/29/2008 10:05:44 PM PDT by SustainableAssets
As of June 25, 2008 report from SEC, www.SEC.gov/news/speech/2008/spch062508cc_annuity.htm "
Equity indexed annuities [fixed index annuities] are investments that insurance companies sell to the public. They were first introduced about 13 years ago, around 1995. They gained ground and grew significantly over the years in 2004 alone, for example, sales of equity indexed annuities increased over 50 percent, from $14 billion in 2003 to about $22 billion in 2004. In 2007, indexed annuity sales were nearly $25 billion. Today, over $123 billion is invested in indexed annuities
. Today, in 2008, the cause for concern seems greater than ever. Recently, Dateline NBC produced a segment on the abusive sales tactics that are often used to sell equity indexed annuities to seniors. A hidden camera captured the evidence at free lunch and dinner seminars that were followed by sales pitches that downplayed the surrender charges. They also highlighted a number of other abusive and misleading sales methods, such as salespeople with fake credentials and over-the-top presentations designed to instill fear in would-be investors. The SEC was not involved in producing this segment, but I'd like for all of us to watch just a few minutes of it right now
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(Excerpt) Read more at ssa.gov ...
How many of you are aware of Medicare and virtually all private health insurers exclusion of injuries or illnesses related to acts of war: declared or undeclared? [this can include injuries sustained during public unrest.]
How many of you are aware that fixed index annuities are a lot similar yet very different in a very positive way from bank CD's?
Why do you think SEC promises to "regulate" fixed index annuities?
I want to hear your responses before I offer my industry expertise. I'll say this much: run to your fixed annuity specialist ASAP! Make a few phone call if you must. Do a little homework. There's ususally a free look back period, you can move it around once you've it on what I call "Noah's Ark Among Financial Asset Classes." I strongly believe that horrible fixed annuity and/or fixed index annuity policy would be historically safest and most prudent money place for your nest egg than any other financial vehicle for the looming "Financial Armageddon", www.FinancialArmageddon.com. And I think Michael Panzner didn't quiet grasp the full magnitude of the crisis moving forward.
I can list many websites as a refrence. Here're few: http://www.ssa.gov/OACT/TRSUM/trsummary.html, http://www.finra.org/AboutFINRA/CorporateInformation/index.htm
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