This blog originally appeared on NAIFA.org. It is reprinted here with permission of NAIFA.
It’s unfortunate when an isolated event could threaten the legitimate use of a financial product that has benefited and will continue to benefit so many individuals and families across the country.
Individual annuity contracts have paid more than $45 billion in benefits in 2010, providing Americans guaranteed income for life and helping them plan for their retirement. A significant portion of this total came from indexed annuities.
Yet, media coverage of the case of Glenn Neasham, a California insurance agent convicted of theft for selling an indexed annuity to an 83-year-old woman who prosecutors allege showed signs of dementia, has raised questions about the future of indexed annuities and the ability or willingness of agents to sell them.
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