Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
A Win for the "Little Guy" regarding annuities.......
Old 06-17-2008, 10:30 AM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
A Win for the "Little Guy" regarding annuities.......

JS Online: Annuity sales lead to penalty, restitution

Honestly, would you EVER buy a policy from "PYRAMID LIFE"??
__________________

__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-17-2008, 10:59 AM   #2
Full time employment: Posting here.
CitricAcid's Avatar
 
Join Date: May 2008
Posts: 546
Funny article for me, don't expect too many people on this board to be too surprised however...
__________________

__________________
CitricAcid is offline   Reply With Quote
Old 06-17-2008, 11:05 AM   #3
Thinks s/he gets paid by the post
 
Join Date: Jan 2008
Posts: 2,020
I hear another annuity company was being sued by the Minnesota AG: Office of Minnesota Attorney General Lori Swanson

And a private party: Allianz close to settling class-action annuity suit
__________________
Marquette is offline   Reply With Quote
Old 06-17-2008, 01:29 PM   #4
Thinks s/he gets paid by the post
73ss454's Avatar
 
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,378
Quote:
Originally Posted by FinanceDude View Post
JS Online: Annuity sales lead to penalty, restitution

Honestly, would you EVER buy a policy from "PYRAMID LIFE"??
I make it simple, I just wouldn't buy one....
__________________
73ss454 is offline   Reply With Quote
Old 06-17-2008, 02:53 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by 73ss454 View Post
I make it simple, I just wouldn't buy one....
No life insurance, ever? Wow, you like living on the edge.........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 06-17-2008, 03:11 PM   #6
Thinks s/he gets paid by the post
73ss454's Avatar
 
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,378
Quote:
Originally Posted by FinanceDude View Post
No life insurance, ever? Wow, you like living on the edge.........
Nothing from ins companies unless I have to have it like car or home ins.

No annuities, life ins I still have but don't need.

I was sold 3 whole life policies in my life. The first 2 ended up in a class action suit and I later cancelled the policies and received money under the settlements.

A few weeks ago I received a check for $31500 from Mass Mutual for the class action suit against the last policy I still hold. Do you think that since I had 3 policies and they all ended in class action suits that the ins companies and the salespeople did the right thing.

Ya think maybe I should go out and get an annuity now so I can be part of another class action?
__________________
73ss454 is offline   Reply With Quote
Old 06-17-2008, 03:42 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by 73ss454 View Post
Nothing from ins companies unless I have to have it like car or home ins.

No annuities, life ins I still have but don't need.

I was sold 3 whole life policies in my life. The first 2 ended up in a class action suit and I later cancelled the policies and received money under the settlements.

A few weeks ago I received a check for $31500 from Mass Mutual for the class action suit against the last policy I still hold. Do you think that since I had 3 policies and they all ended in class action suits that the ins companies and the salespeople did the right thing.

Ya think maybe I should go out and get an annuity now so I can be part of another class action?
Didn't you sell credit term and disability on your car loans while in F&I?? As far as no life insurance at all, I'm happy you beat the odds, but I doubt DW or my kids would like me running with no life insurance.........albeit I do have large amounts of term..........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 06-17-2008, 05:05 PM   #8
Thinks s/he gets paid by the post
73ss454's Avatar
 
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,378
FD, are you at a bar?

I said I have life ins. reread. Also that I don't need it at this point.

We did not sell disability or life ins at the dealership. In NY state it's frowned upon and my dealer didn't offer it. I think maybe because of the low profit allowed in NY state the dealer could not mark it up as in other states.
__________________
73ss454 is offline   Reply With Quote
Old 06-17-2008, 05:20 PM   #9
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
Quote:
Originally Posted by FinanceDude View Post
As far as no life insurance at all, I'm happy you beat the odds, but I doubt DW or my kids would like me running with no life insurance.........albeit I do have large amounts of term..........
If you are single and have no dependents, OR if you have a large enough nest egg that your death will not cause financial hardship due to loss of income, you don't *need* life insurance.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is online now   Reply With Quote
Old 06-17-2008, 09:39 PM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by ziggy29 View Post
If you are single and have no dependents, OR if you have a large enough nest egg that your death will not cause financial hardship due to loss of income, you don't *need* life insurance.
Um, I used to work at NML, but thanks for the reminder..........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 06-17-2008, 09:40 PM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by 73ss454 View Post
FD, are you at a bar?
Darn, I wish I was..............must sound like I've been drinking........

Quote:
I think maybe because of the low profit allowed in NY state the dealer could not mark it up as in other states.
I have NO IDEA why anyone would want to be a LI agent in New York...........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 06-17-2008, 09:41 PM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
HFWR's Avatar
 
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 12,964
Quote:
A Win for the "Little Guy"
What would "the little guy" need with an annuity?
__________________
Have Funds, Will Retire

...not doing anything of true substance...
HFWR is offline   Reply With Quote
Old 06-18-2008, 09:12 AM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by HFWR View Post
What would "the little guy" need with an annuity?
I was referring to the fact that most investors find little or no recourse when an insurance company uses questionable sales practices to whitewash investors...........

MANY retirement plans are annuities, so a LOT of little guys own them...........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 06-18-2008, 11:58 AM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
HFWR's Avatar
 
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 12,964
"The little guy" has another meaning...
__________________
Have Funds, Will Retire

...not doing anything of true substance...
HFWR is offline   Reply With Quote
Old 06-18-2008, 12:03 PM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by HFWR View Post
"The little guy" has another meaning...
Well, if we discuss that, we need the thread moved........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 06-18-2008, 01:02 PM   #16
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,616
Quote:
Originally Posted by FinanceDude View Post
Well, if we discuss that, we need the thread moved........
... to a bar.
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Old 06-18-2008, 01:14 PM   #17
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by Nords View Post
... to a bar.
Viva Viagra...........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 06-18-2008, 01:31 PM   #18
Thinks s/he gets paid by the post
 
Join Date: Jan 2008
Posts: 2,020
From annuities to life insurance is bad to insuring your member to the bar and back again. This is a weird thread.
__________________
Marquette is offline   Reply With Quote
Old 06-18-2008, 02:48 PM   #19
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by Marquette View Post
From annuities to life insurance is bad to insuring your member to the bar and back again. This is a weird thread.
Sounds like a typical male thread to me..........
__________________

__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
"Iím in. And Iím in to win." - H.R. Clinton dex Other topics 39 11-27-2007 08:59 PM
"Gut feel" versus "evidence-based" medicine Buckeye Health and Early Retirement 10 11-08-2007 11:21 AM
Scott Burns on the "magic" of annuities... REWahoo FIRE and Money 51 11-06-2007 12:50 PM
Another guy who "gets it" Leonidas Life after FIRE 6 12-06-2006 12:52 PM
Book reports: "Blink" & "Tipping Point" Nords Other topics 2 12-04-2005 05:15 PM

 

 
All times are GMT -6. The time now is 06:47 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.