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seniorjudge

Senior Member
What is the name of your state? Missouri

http://www.latimes.com/business/investing/sfl-zsave09nov09,1,1722635.column?coll=la-utilities-business-money&ctrack=1&cset=true

From the South Florida Sun-Sentinel
Humberto Cruz:
The Savings Game
Financial adviser puts cash back in victims' pockets
These cases make my blood boil:

>An elderly husband and wife, living mostly on Social Security, were talked into pulling virtually all their life savings out of a well-performing annuity, triggering surrender charges and a tax bill, to buy a life insurance policy on the wife's life at age 78.

The policy was pitched as an investment and "estate multiplier." Unknown to her, the premium was more than double what healthier people her age would pay, and the policy did not qualify for tax-free withdrawals.

"We simply did not understand how the policy really worked -- if we had known and understood all the details, we simply would not have gone ahead with it," the wife wrote to the insurance agent, asking for her money back. The agency's reply: You signed everything and the contract was sold with a 30-day free-look period and "we did not hear from you during this 30-day period," so there would no refund.

etc.
 



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