Then the alert puts the spotlight on sales of deferred

Canada Goose online NAIC Alert May Mislead Annuity Buyers Canada Goose online

canada goose Even though the alert is directed to retired military veterans, not all consumers, and even though it says it will provide veterans with some for evaluating Canada Goose Outlet important decisions regarding putting money into financial products, some in the industry are concerned that the warnings about annuities might be misleading for uk canada goose veterans and the general public. canada goose

canada goose black friday sale At issue are warnings included in the document about using annuities in particular, deferred annuities to help low income wartime veterans qualify for a government pension. These warnings are in addition to cautionary notes about gifting and moving money into trusts, checking an advisor accreditation canada goose factory sale and licensure, canada goose clearance sale deceptive canada goose uk black friday sales practices and marketing practices. canada goose black friday sale

canada goose clearance I first read the alert, I Canada Goose online thought that the National Association of Insurance Commissioners (NAIC) was taking a shot across the bow at special programs that Canada Goose sale target veterans, says Christi Daughenbaugh, president of Borden Hamman Agency, a cheap Canada Goose brokerage general agency (BGA) in Dallas, Texas. canada goose clearance

She got that impression because the alert focuses its attention on veterans who turn to and estate planning services that are accredited by the Veterans Administration (VA) to assist veterans and their families in accessing pension benefits to help with their future care. The issue raised by the NAIC? of these insurance agents, financial planners and Canada Goose Coats On Sale lawyers are taking advantage of veterans by putting their money in canada goose coats financial products that may not be suitable for the veteran, the alert says, citing a recent Government Accountability buy canada goose jacket cheap Office (GAO) Report.

canada goose store Those statements me wonder if some bad apples may have surfaced among those buy canada goose jacket marketers, Daughenbaugh says. canada goose store

Canada Goose Outlet There is nothing wrong with special marketing programs that are designed to serve veterans, the BGA adds. But maybe some bad practices were surfacing and the NAIC was trying to head that off. so, the alert is not scrubsuniforms out of order, she canada goose uk outlet says. Canada Goose Outlet

Canada Goose Parka When Daughenbaugh studied the alert comments about annuities, however, she became concerned. of the statements seem misleading, she says. Canada Goose Parka

Canada Goose Jackets In a section on investing in annuities, the alert says that, to cheap canada goose uk the GAO report, uk canada goose outlet some planners were placing senior veterans in products that may not be age appropriate because the veteran may lose access to funds needed for future expenses. Then the alert puts the spotlight on sales of deferred annuities in this marketplace. Canada Goose Jackets

Canada Goose sale organizations canada goose store may sell deferred annuities to an applicant that would make their funds unavailable to them during their expected lifetime without facing high withdrawal fees, the NAIC document says, again citing the GAO report. Canada Goose sale

canada goose coats on sale The alert does allow that are annuity products that could be appropriate or useful to a veteran who Canada Goose Parka is looking canada goose to receive a monthly income beyond their pension. However, it continues, deferred canada goose clearance annuity is structured so that payment for the premium investment is not received canada goose uk shop for several years and withdrawing funds from it early can be very costly. This kind of annuity canada goose black friday sale would probably not be desirable for an older veteran. Why it misleading canada goose coats on sale

The statements about deferred annuities seem misleading, Daughenbaugh says, because seem to imply that it is never appropriate for an older retired veteran to purchase a deferred annuity. It is true that deferred annuities have surrender charges if policyholders pull their money out early, she says. But certificates of deposits are structured that way and so are other products that people buy in and for retirement. products are set up so that, if you take canada goose coats on sale the money out early, there will be a charge. Veterans should be careful and understand the limitations in annuity products, as should all consumers, the BGA says. But the alert seems to generalize about investing in deferred annuities, she says.

cheap Canada Goose a veteran has a portion of funds that the person won need for a long time, it might be appropriate for that particular veteran to put the money into a deferred annuity, Daughenbaugh explains. this is provided that the veteran understands the pros and cons of what the veteran is buying, and that the advisor has asked enough questions about the customer, understands the circumstances of the individual and knows what the person is trying to accomplish. For example, before making a recommendation, the advisor will need find out if the veteran has enough liquidity, she points out. And, if the veteran is trying to set up a monthly income, the advisor may want to consider using a single premium income annuity instead. cheap Canada Goose

point is, the alert needs balance. Deferred annuity products are not bad, and veterans don need to be afraid. In some cases, the deferred annuity might be best, regardless Canada Goose Jackets of age and if the customer is a veteran. Look Canada Goose Online at the specifics. Don generalize. Be rational. And do what is best for the client. Additional points

canada goose deals The NAIC alert touches on a couple of those points in a checklist that also appears in the alert. It says: canada goose deals

canada goose coats an annuity is not an investment product to help reach a short term financial goal. canada goose coats

buy canada goose jacket cheap signing a contract for an annuity, it is important to understand the terms of the contract, how any money is invested, and when the benefit payments will begin. buy canada goose jacket cheap

buy canada goose jacket educated about annuity choices and the canadian goose jacket deceptive practices that can be used when selling annuities in this consumer alert. buy canada goose jacket

canada goose clearance sale Furthermore, he writes in an email, support in all states the adoption of Canada Goose Outlet the NAIC Annuity Suitability Model, NAIC Annuity Disclosure Model and NAIC Senior Designations Model, as well as FINRA annuity suitability rules. Covington does not comment directly on the alert, but he does note that the above models require sales practices that provide suitable financial products given an investor individual holistic retirement situation. And, we expect financial professions to provide advice in a manner that meets the requirements of these important laws and regulations.” canada goose clearance sale

canadian goose jacket As for veterans, owe an enormous thanks to and respect for our nation veterans, Covington writes. their service to our country to protect us all, our industry and its regulators should ensure they, like all consumers, are protected and receive good financial advice during their later years. Linda Koco, MBA, is a contributing editor to AnnuityNews, specializing in life insurance, annuities and income planning. Global Atlantic’s new Lifetime Foundation ELITE IUL bridges that gap between flexibility and options on the one hand and strong death benefit guarantees on the other because now you can do both canadian goose jacket.

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