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Here's the whole story. The person involved is also posting and can be contacted directly if anyone so choose. This whole thing is so crazy it's just hard to believe.
If suitability was an issue why does she still own the product?
Here's the whole story. The person involved is also posting and can be contacted directly if anyone so choose. This whole thing is so crazy it's just hard to believe.
If suitability was an issue why does she still own the product?
I mean the commission was paid by the company are there any fees associated that would have reduced the initial value of the annuity? What was the initial yearly payout? I mean at age 83 just taking and dividing the 175K by 20 years with no interest appreciation would have been:
*$8,750 per year at would have lasted to 103. Thats $729 per month. You annuity fans how much annuity per month can you buy for 175K and 20 years? Probably a lot more what say 5-600 more a month? So if she lives to 103 the annuity is a better deal yes?
Without reading through all of the comments, to bind someone of 83 years of age to any kind of contract, especially fiduciary and somewhat long term to achieve maximum benefit is nothing short of senior fiduciary abuse. At that age they have a 50-50 chance of entering dementia in two years and little statistical chance of reaching 93 or whatever the age of full maturity of this or any other instrument.
My wife was extremely instrumental, about 15 years ago, in the introduction and passage of the laws under which this individual was successfully prosecuted while I was able to get some other protections added to statute. Senior issues were both of our legislative policy areas and what brought us together 20 years ago, to the day. But her elder abuse initiatives out-shone my efforts.
On that last note we disagree as I read this it is all about regulators doing their job to protect seniors. I think many would agree that seniors are more at risk from unscrupulous insurance agents than they are from over zealous regulators and district attorneys. With the amount of money seniors have and with them being the most focused on their retirement needs do you really think insurance agents are going to run from the money and flock to 30 year olds?
I mean the commission was paid by the company are there any fees associated that would have reduced the initial value of the annuity? What was the initial yearly payout? I mean at age 83 just taking and dividing the 175K by 20 years with no interest appreciation would have been: *$8,750 per year at would have lasted to 103. Thats $729 per month. You annuity fans how much annuity per month can you buy for 175K and 20 years? Probably a lot more what say 5-600 more a month? So if she lives to 103 the annuity is a better deal yes?
In my mind and computations, you have hit the nail on the head with this post.
The insurance business sells off what ifs and one offs.
I personally would have taken the bet (her money) that she would not live long enough to realize any value....and I am not an insurance company....LOL
He still hasn't been sentenced has he? Will he lose his license? I think what is interesting is who each of us is most focused on being concerned about. The 83 year old lady or the agent. Interesting as different posters have weighted in supporting either of the parties.
In my mind and computations, you have hit the nail on the head with this post.
The insurance business sells off what ifs and one offs.
I personally would have taken the bet (her money) that she would not live long enough to realize any value....and I am not an insurance company....LOL
The quality of a product (good or bad) and the age of the buyer have no correlation. There is nothing wrong with the product that was offered (within the realm of such products); and apparently there is question about whether dementia existed in the buyer. The wild card was the bank rep. Sounds like the makings of a good stage drama.
Without reading through all of the comments, to bind someone of 83 years of age to any kind of contract, especially fiduciary and somewhat long term to achieve maximum benefit is nothing short of senior fiduciary abuse. At that age they have a 50-50 chance of entering dementia in two years and little statistical chance of reaching 93 or whatever the age of full maturity of this or any other instrument.
My wife was extremely instrumental, about 15 years ago, in the introduction and passage of the laws under which this individual was successfully prosecuted while I was able to get some other protections added to statute. Senior issues were both of our legislative policy areas and what brought us together 20 years ago, to the day. But her elder abuse initiatives out-shone my efforts.
A big thanks to you and your wife. Sadly, your work isn't done as it is still going on. This story is reminding me so much of what happened to my aunt living in her million dollar house after her son married a woman 30 years younger than him who had started popping kids out at 15. I hope no other old person has to live out their final years as she did. I wish I had been more aware of how disgusting seniors were treated before my aunt's situation.
It is curious that in this country a person who steals a loaf bread could well go to jail for being hungry. However, the financial abuse from commissioned sales people and financial institutions is just accepted as part of every day business regardless of the harm inflicted on innocent people.
I hope this lady's story sends a clear message that it is time to stand up and make some changes to how things are done.
A big thanks to you and your wife. Sadly, your work isn't done as it is still going on. This story is reminding me so much of what happened to my aunt living in her million dollar house after her son married a woman 30 years younger than him who had started popping kids out at 15. I hope no other old person has to live out their final years as she did. I wish I had been more aware of how disgusting seniors were treated before my aunt's situation.
It is curious that in this country a person who steals a loaf bread could well go to jail for being hungry. However, the financial abuse from commissioned sales people and financial institutions is just accepted as part of every day business regardless of the harm inflicted on innocent people.
I hope this lady's story sends a clear message that it is time to stand up and make some changes to how things are done.
Well said.
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