I'm armpit-deep in revising some annuity training courses for the National Underwriter Company. For a confirmed nitpicker such as myself, the opportunity to present material which is essential to understanding annuities, but is often glossed over or left out of such courses, was too attractive to pass up.
I get really frustrated when I see statements about annuities that are accurate when applied to one type of annuity but seriously misleading when applied to any other type
- "Annuities have high fees"
- "Annuities have two phases: accumulation and payout"
- "An annuity pays a death benefit to the beneficiary upon the death of the annuitant"
Little wonder that the average consumer is confused by annuities, when many of us in the industry make such sweeping and misleading statements.
Heaven help me; this is my idea of fun!