Is it a fact that annuities sold to residents of Arkansas are insured by the State up to $300,000?
I’d recommend knowing something about the topic before you answer a question because it’s obvious the first person who answered doesn’t. Yes, there are annuties that make very little sense to have … as there are savings accounts, CDs, etc… that aren’t good. But, to make a generalization is ridiculous (at least without qualifying it as one). Many annuties pay an advisor the same as any other product would and a good advisor would recommend one when it makes sense — that is when someone wants to lock their retirement into some certainty.
Every state has a Guarantee Association, but this only protects you from an insurance company default. The fact is that insurance companies rarely go into default. Usually if a company finds itself in trouble a larger company takes it over. Usually they run into trouble when their portfolio doesn’t align with their cash needs….that is if there’s a run on the bank.
http://www.nolhga.com/
Follow the link above and you can learn about the particulars of the state guarantees.
If you want a generalization avoid annuities that are “indexed” or carry back-end sales charges that last more than 3 or 4 years. If you can get one that’s completely liquid (meaning you can withdraw your account after a month, year, etc… with no charge). Almost every annuity company that carries a product with a long surrender period also carries a similar product with a short or no surrender period.
Good luck,
Jeff
Selling annuities by branding yourself as a local expert
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