In this episode, The Annuity Man discussed:

• Avoiding too-good-to-be-true products

• What are backtested numbers?

• Choosing contractual guarantees

• How the annuity industry can fix the problem

Key Takeaways:

• Be wary of agents that sell misleading, too-good-to-be-true products. Don't buy a product with "market upside with no downside, upfront bonus, and principal protection."

• Backtested numbers are misleading and theoretical, and they shouldn't be allowed in selling annuities. They are pitched as a product that would make you rich today if you'd bought it ten years ago. For example, some products are only ten months old but are pitched with a 10-year calculation.

• A lot of people who have bought into these misleading products pitched by bad agents heavily regret it now. Lawyers are already suing annuity companies for backtested numbers, so this misleading practice will hopefully be gone in the future. For now, make sure what you are buying provides contractual guarantees.

• The annuity industries don't have any deceptive intentions when they release a product. The problem is that they don't have any control over how the agents are presenting it. It is the agents who mislead, exaggerate, or outright lie, in order to make a sale and not the companies.

"Do not put any faith or credence or credibility in any backtested number. All those backtested numbers don't come true ever." — Stan The Annuity Man.

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Website: http://theannuityman.com/

Email: [email protected]

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