Close Close
ThinkAdvisor

Life Health > Life Insurance

Letters

X
Your article was successfully shared with the contacts you provided.
l

 Editor’s Note: The case of Glenn Neasham, the California insurance agent convicted of felony theft for selling an annuity to an 83-year-old woman, has created a firestorm in the insurance industry. We’ve included some of the recent comments here from our readers. For a more comprehensive look at the case go to LifeHealthPro.com and ProducersWeb.com.

 

Unfortunately, so many, including some in our profession, the media and 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.

While many discredit annuities here’s some information everyone should consider:

  • It is so obvious: the Golden Years now require more retirement income over an increasing time span.
  • In Dr. Eric Plasker’s book, “The 100 Year Lifestyle,” he reveals the fastest growing age group in America is now age 100-plus. There will soon be 4 million people over 100.
  • How many of us plan financially to live to age 100-plus?
  • The annuity is the only money contract that can assure and guarantee income for life to age 100 and beyond.

Universities and economists around the globe have concluded and documented that income annuities can assure an income for life at a cost as much as 40 percent less than a traditional stock, bond and cash mix. That means we could enjoy the same income with continued growth on 40 percent of our retirement income for future increases in retirement income.

More on this topic

Now that’s really great news especially at a time when inflation, taxes, low interest rates and market losses are causing people to search out financial sources and resources to provide stability in their lives with more secure income.

Samuel Johnson in the 1700s said, “The first years of man must make provision for the last” and he also said, “It is better to live rich than die rich.”

The second quote almost sounds controversial to the first statement until we give it deeper thought. Guaranteed streams of income for life will enable us to live a richer lifestyle without fear of outliving our money and our resources.
~ 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

 I am now a financial professional as an “encore profession” after 30 years of medicine. I can tell you as a previous lawsuit target that anyone can get any lawyer to sue someone because it is all about the money. There is no defense against the common frivolous lawsuit despite flawless behavior. So, other than the irrational policy of personal destruction by a prosecutor who does not like this probably Republican military veteran and churchgoer, I don’t see the usual lawyer “money greed” in this case. So we have to look at the current meme of the Democratic “Occupy Wall Street Movement” and class warfare pitting the 99 percent against the rest of us who work with the 1 percent. 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