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Insurers To Annuity Owners: We Don't Want More Money

Monday, May 6, 2013 - 6:24 AM
This is similar to a WSJ article from last month. It’s another case that shows annuity guarantees aren’t as rock solid as you might have thought. Some excerpts from this new WSJ article:
At least five big insurers have advised annuity owners over the past 16 months they won't accept, or are restricting, additional money destined for older contracts with the richest guarantees.

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Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
Rep Points: 125,600
1. Monday, May 6, 2013 - 7:56 AM
The insurers don't want to write long-term care policies either:

Shopping for long-term-care insurance? You should expect higher costs and a tougher approval process as a growing number of household-name insurers quit selling the policies.

Long-Term Care: What Now?

Is This the End of Long-Term-Care Insurance? -
ShorebreakShorebreak2,670 posts since
Apr 6, 2010
Rep Points: 14,473
2. Monday, May 6, 2013 - 8:00 PM
Depressing, isn't it? All they want to do is sell you products that are a bad deal, often using "financial advisors" as their salesmen, while pulling the plug on products that were good deals.

By the way, I was only referring to unscrupulous financial advisers, such as those who try talking people into holding annuities in an IRA, in my comment above. There are some fine financial advisors out there, if you can find one, who are worth their weight in gold.
WilWil242 posts since
Feb 26, 2010
Rep Points: 1,285
3. Monday, May 6, 2013 - 8:49 PM
Dear Wil,

Of late the value of gold has declined ... So I guess such financial advisors must have gone on a diet :-)

Yours Truly,
- Anon
ytytytytytytytyt158 posts since
Jan 28, 2013
Rep Points: 623