Life Insurance
Cautions Concerning Life Insurance Annuities
(Best Syndication News) – Recent fines assessed against two insurance companies highlights the importance of understanding your life insurance policy. The Department of Insurance for the state of Missouri fined Nationwide Life Insurance Co. and Nationwide Life and Annuity Insurance Co. for not taking the required steps to ensure that Waddell & Reed Inc supervision and control were adequate.
“Annuities can be highly complex products,” said John M. Huff, director of the Missouri Department of Insurance. He is right; annuities are not your typical run of the mill insurance option.
The companies were found to be encouraging clients to move their investment dollars from one annuity to another that may have been less suitable and had a lower death benefit.
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