August 28, 2008
It's about time this took place. The most abuse of any insurance product in the industry takes place over indexed annuities sales. They are sold to elderly cients that are told that they give market returns without any risk. The fees and commisions are so excessive with 10 to 15 years back loads that people lose their life saving even when they have a spouse die, since they are still loaded on death payouts.
I have been a registered representative for MetLife for 20+
and I never seen any product abused more than this product.
Thanks for your help in protecting the public.