Quote:
Originally Posted by Eg_cruz
Sorry about that for you
I have been an agent for 24 years so if I tell you, you can get a copy of the policy I telling you the truth. I have given to clients when they ask.
I am sorry you had a bad experience but just like not all car salesman’s are bad same goes for annuities
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Thank you. You said that anyone can ask for a policy. I guess, technically, it is true that you can ask for anything. But, over the years, I have been asked for an opinion from friends about buying an annuity that their advisor had recommended. I told them that I would happy to do that, but I need to read the contract first. But, on at least 3 occasions, when I called the advisor, they were very rude and refused to send me the annuity contract to review. They had slick brochures and PowerPoint presentations, but, I asked for the entire annuity contract. One guy even cussed me out and hung up on me. Another advisor explained that their company policy was to collect money from the client, based on an application, and then to send the contract to them. He said that the contract allows the client to cancel the contract within 30 days of receiving it, and they will refund the money. Another advisor said that I could come to his office and he will answer any questions about the annuity, but, under no circumstances, could he allow me to review the contract. That is the truth about my experience with annuity salespeople.
I have also reviewed portfolios for friends, and asked them if they knew that they had purchased an annuity. Often, their answer is that they had no idea that they owned an annuity. Note that I am occasionally asked for advice about investing because I have completed the Certified Financial Planner education program, but I have never been a paid planner or tax preparer. When I did the CFP training, I received the advisor trade magazines, and I was surprised at how many full-page ads it contained touting the 9 and 10 percent commissions available for selling annuities for insurance companies.