November 13, 2008
Please pass the measure that would require oversight at the federal level (SEC) for Indexed Annuities. Unfortunately on to many fronts, they are used in an unscrupulous way to attract Senior money. I have seen to many seminar casualties where seniors are locked into long term surrender fee's and unexplained, inappropriate contacts.
It is imperative to regulate these contracts on a federal level, as the market returns are used to sell the product under false pretenses. We must protect Senior Citizens money from the bad agents. Life Insurance agents are not qualified to sell contracts that boast market returns. They need to be educated as to the risks of the market and it's relationship to the contracts they are selling. Now, more than ever, we need to regulate these contracts because of the critical economy we are now facing. The most vulnerable market at this time is the Senior Citizen. They have been decimated by the current market and financial upheavals and have lost to much already to crooks and con men. Please act now.
Thank you.
Richard J. Reinert
Registered Representative
Member, Financial Planning Association