https://www.retirementplanningscottsdale.com/2018/12/12/anil-vazirani-says-dont-trust-hypothetical-illustrations-for-complex-proprietary-index-annuities/ ANIL VAZIRANI SAYS DON’T TRUST HYPOTHETICAL ILLUSTRATIONS when considering Index Universal Life Complex Proprietary Index Annuities.
In an article by John Hilton in INFront, John says that The National Association of Insurance Commissioners is tweaking some illustration rules as part of its mission to protect consumers, although not the major overhaul many have requested. The last illustration regulation was in 1995 and doesn’t include many of the newer products specifically no-lapse guarantees and indexed contracts. One reason Illustrations are back in the news has to do with policies sold in the 1970’s and 1980’s when seniors got stuck with failing UL policies.
Mike Yanacheak, Annuity Disclosure Working Group Chairman said “When illustrations get too difficult, with too much math, consumers are more likely to default to the conclusion and just accept it.”
Read more: InsuranceNewsNet Magazine December 2018 edition
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