Safety Trap Essay

1781 WordsFeb 21, 20128 Pages
Ms. Lisa Gibbs, I am an independent market research analyst who specializes in the indexed annuity and life markets. I have tracked the companies, products, marketing, and sales of these products for over a decade. I used to provide similar services for fixed and variable products, but I believe so strongly in the value proposition of indexed products that I started my own company focusing on IAs and IUL exclusively. I do not endorse any company or financial product, and millions look to us for accurate, unbiased information on the insurance market. In fact, we are the firm that regulators look to, and work with, when needing assistance with these products. I recently had the occasion to read an article that you wrote, “The Safety Trap.” Quite honestly, Lisa, it ticked me off. Inaccurate reporting of indexed annuities is nothing new: I’ve been combating it since the products were first developed February 5, 1995. However, your article reads as if you made up your mind that “no indexed annuity is suitable for anyone” before you even drafted the piece! How can you paint an entire industry with one broad brush? Indexed annuities are not BAD. They are a valuable retirement income tool, that like any financial instrument, is at times used in the course of bad salesperson behavior. I appreciate that you attempted to do your homework. I see that you reached-out to several people that I work with at the National Association of Insurance Commissioners (NAIC). However, a lot of your data is incorrect. I believe that in order to maintain your journalistic integrity, you need to take note of the mistakes you made in your article. A correction to this piece is not only warranted, but would also help Money to maintain their integrity. So that you can have access to accurate information on indexed insurance products in the future, I thought I’d reach-out to you and clarify

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