Subject: Fle Number S7-14-08

August 28, 2008

I’m writing to strongly disagree with the proposal to make index annuities fall under the jurisdiction of the SEC. I have been a licensed insurance professional specializing in the senior market for over 10 years. I am 61 years old and believe strongly that these products are great for a portion of seniors’ safe money. I moved my father’s brokerage account into an index annuity when he was about 87 years old. He had lost money in his brokerage account and said that “he wasn’t trying to get rich, he just wanted to keep what he had”. He has been very pleased with the results.

These products do not represent the majority of the business I write, but for the people who have lost money in the market and want to put their savings where it is safe so that they can pass it on to their heirs, they are great products. Also, I have clients who were earning a very low rate of return with CD’s and were having to pay tax on the gain, who really like the safety factor while having their growth tax deferred.

I’m sure there are abuses just as there are in every industry, but it seems that the SEC should focus on the abuses with the products already under their jurisdiction and let the insurance industry take care of their concerns. It seems that this is a case that as the Bible says “ We can see the speck in our friends eye but can’t see the plank in our own eye”. From what I read, there are plenty of concerns with variable annuities.

I am proud to say that I have never lost a penny of my clients’ money. I’m afraid that if agents have to become securities licensed that the unintended consequence would be that you will have people who aren’t really focused on the market and it’s intricacies, putting people’s life savings in jeopardy. This could obviously create a bigger problem for the SEC.

Thank you for your consideration in this matter.

Sincerely,

Bob Page
Page Senior Services, Inc.