Jul 13, 2022
In this episode, The Annuity Man discussed:
- The annuity industry’s bad reputation
- Don’t trust the sales pitch
- Are all annuities bad?
- Ask for the contractual guarantees
Key Takeaways:
- The annuity industry has unfortunately earned its bad reputation despite its monopoly on lifetime income. That’s because some agents target people who are not financially informed.
- When something sounds too good to be true, especially in annuities, it 100% is. There are no perfect answers, just bad sales pitches. If you don’t know who the sucker at the table is, it’s probably you, so don’t fall for their bad pitch.
- Social security is an annuity; pensions are an annuity. People who say they hate all annuities truly don’t know what they’re talking about.
- Don’t fall for hypotheticals or back-tested and projected numbers; ask for contractual guarantees. If you can’t explain it to a nine-year-old, don’t buy it. Don’t let somebody rush you into buying something you don’t understand.
"I don’t care if you’re smart in other things, but if you say ‘I hate all annuities’ or ‘all annuities are expensive’ - you are a moron; you should not speak. If you don’t know the answer, don’t bluff. I’m not out there talking about cooking; I can’t cook! But I know annuities." — Stan The Annuity Man.
Connect with The Annuity Man:
Website: http://theannuityman.com/
Email: Stan@TheAnnuityMan.com
Book: Owner’s Manuals: https://www.stantheannuityman.com/how-do-annuities-work
YouTube: https://www.youtube.com/channel/UCCXKKxvVslbeGAlEc5sra2g
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