September 1, 2008
I am retired. I had an Insurance License for 30 years
and a series 7 and 24 secuities license for over 40 years.
I have never seen a product that is more misunderstood by
the purchaser and the salesperson than the Indexed annuity. I believe the people who promote this product
engage in misleading sales practices. I also believe
the only reason they sale this product is because it pays
a very high commission 10%. This product is most abusive
for senior citizens.
I urge the SECto adapt the proposed Rule.
Thanks