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Life Health > Annuities

The Extraordinary Plight of Glenn Neasham

By Daniel Williams

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Is the world getting crazier by the day? The sports world, for sure, is at an apex of lunacy. With Linsanity, TebowMania and March Madness hogging the headlines, we see the world of sports going bonkers, but is the annuity world taking on its own brand of hysteria?

By now, you’ve all heard of the plight of Glenn Neasham. This story has taken on a life of its own. In fact, we haven’t heard an outpouring from readers of this magnitude since those zany days of the SEC 151A ruling.

I’ve pulled together a sampling of Neasham backlash for your perusal, but if you want to stop the insanity, let us hear from you. You can add your comments below or send me an email at [email protected] to let us hear your thoughts about the Neasham case.

The following are highlights from your comments:

Unfortunately, so many, including some in our profession, the media and so many others, don’t grasp the real benefits of annuities. And, unfortunately our legal system is not always just and they convict many innocent people or falsely accuse and sentence.

-          Paul J. Cross/ANBC

This is crap. Are there no reasonable people left on the left coast? Witch hunt is correct, to put it mildly.

-          Bob

When I began with Merrill Lynch in 1984, I was cautioned (ordered) by regional compliance management to sell nothing to a person over 80 without specific case-by-case approval. Many of those transactions were approved, but we did enough business that we didn’t need to sell annuities. We did sell a lot of single premium whole life, and I sold both DI and LTCI. Selling insurance products (annuities) that don’t require underwriting is risky when one targets an elderly market. Some agents are in that market specifically to take advantage of elders.

-          good biz

What is shockingly frightening is that E&O will not cover criminal prosecution, as medical malpractice insurance will not either. Up to now the underwriters have measured the relative risk of a costly lawsuit for plastic surgeons as $50,000 per year and life and health agents as $400 per year. But all bets are off if the current administration furthers its war on successful business people to include financial professionals. Remember, the Communists in Russia first killed all the doctors to prevent intellectual resistance. God help us all!

-          Paul Cenac

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