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Annuity Shopping Tips
Let’s say that you’ve decided that buying an annuity
(immediate or deferred) makes sense for you, in your situation. We have a few
tips for you:
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Take your time. Don’t purchase the first annuity you are
offered.
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The underlying terms of annuities can vary greatly, so you
need to investigate and compare.
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The underlying expenses of annuities can vary greatly, so
you need to investigate and compare.
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Make sure you understand the surrender charges, and that you
are unlikely to need principal to which surrender charges will apply.
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Even with fixed immediate annuities, the promised monthly
payouts can vary based on the options you choose and the insurer.
Investigate and compare.
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You are entitled to know how much compensation the
salesperson will earn for each annuity being offered to you.
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Credit ratings are available from companies like A.M. Best,
Fitch, Moody’s, Standard & Poor’s and Weiss Research.
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Company
profiles can be obtained through the California Department of Insurance at www.insurance.ca.gov/0100-consumers/0030-licensee-info/0010-search-company-profile/index.cfm
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May 2007
Don't forget to Ask
First!
Already Purchased an Unsuitable Annuity? Go to our Who
Can Help section for information on who to complain to.
This is Part 7 of 7 of the Special
Report - go back to the beginning.
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