The people and companies that help Americans save for retirement might have to try harder to find out how much they owe.
Members of the Annuity Suitability Working Group wants annuity sellers to get a consumer profile that includes information about many matters, including annuity prospects’ “debts and other obligations.”
The working group is part of the National Association of Insurance Commissioners’ Life Insurance and Annuities Committee. It’s working on efforts to strengthen annuity sales standards.
Groups representing life insurers and financial professionals told the working group that some annuity prospects might not be eager to give financial professionals complete information about their debts.
The groups asked the working group to soften the request for information about debts by adding the phrase “to the extent relevant to the recommendation,” according to draft minutes from a working group conference call meeting held Nov. 5.