May 31, 2023
In this episode, The Annuity Man discussed:
Buying an annuity that you understand
Annuities aren’t one-size-fits-all
How to know if you understand a product
When buying an annuity, remember that if a product sounds too good to be true, it is every single time. There are also annuities that are more complex and most agents cannot explain it well, let alone even comprehend it themselves.
Currently, the annuity industry has an unbalanced way of compensation for different types of products. Agents get a higher commission for selling a certain type of product. The problem is that annuities aren’t one-size-fits-all. It takes some consideration to determine a person’s needs and what product would solve that.
Buy products that you understand. A good indicator that you do understand something fully is if you can explain it to your spouse, family, or friends and have it make sense to them.
"You have to be able to understand what you're buying, and you have to be able to go into a second-grade class and explain it to them." — Stan The Annuity Man.
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