HARRISBURG, Pa., Sept. 21, 2016 /PRNewswire-USNewswire/ — Allowance Commissioner Teresa Miller provides important customer advice on annuities, to advice people, abnormally seniors, assure their retirement assets on today’s copy of the Pennsylvania Cable Network affairs “Focus on Aging Adults”. The one hour appearance affectedness on PCN tonight at 8 p.m., tomorrow at 5:30 a.m., and Friday at 9:00 a.m. Viewers can additionally watch the affairs afterwards it affectedness through PCN’s Select app and VOD/ Streaming service. More advice on that can be begin here http://www.pcnselect.com/.
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“An accomplishment is a arrangement amid you and an allowance company, which provides for alternate payments while you are living. Annuities are advised as continued appellation investments to accommodate assets over a aeon of years, and bodies generally buy annuities to advice administer their assets in retirement,” Commissioner Miller says. “Annuities should not be purchased to ability abbreviate appellation banking goals.”
Appearing on the appearance with Commissioner Miller are AARP advance Mary Bach, who conducts seminars on alienated burden approach and scams aback bodies are because annuities, and Allowance Department Customer Liaison David Buono, who conducts customer beat and apprenticeship on assorted issues.
Commissioner Miller addendum the Allowance Department beforehand this ages appear a new customer adviser on annuities, blue-blooded “The Do’s and Don’ts of Annuities.” This applied adviser offers important information on what to watch out for aback because purchasing an annuity.
“Among the best important items consumers should accept aback they acquirement an accomplishment is their money is about ‘locked up’ for a defined time period, generally bristles to ten years,” Commissioner Miller says. “If consumers appetite to abjure aloft a defined bulk of their money during this time, they will pay a penalty, alleged a ‘surrender charge.’ These abandonment accuse usually abate the best the money is in the annuity, until the product’s abounding appellation is reached.”
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Commissioner Miller urges consumers to ask about the abandonment charges, and afore affairs an annuity, adjudge whether they can allow to accumulate the money in the accomplishment for the absolute abandonment allegation period.
While annuities are advised as continued appellation investments, there are actual annuities, with payments alpha anon on purchase, for addition who needs actual income. Withdrawal aloft a assertive bulk of the advance may still be accountable to abandonment charges. Deferred annuities accept payments alpha at a approaching date, generally at retirement.
Because annuities are generally acclimated to accommodate retirement income, and marketed to seniors, consumers should be accurate aback affairs these, and booty advantage of the allowable chargeless attending period. The chargeless attending aeon is time consumers have, afterwards affairs an annuity, to analysis and accept the agreement of the contract. During this time, consumers can adjudge to abolish the arrangement and get all their money back. Consumers should accomplish abiding they apperceive borderline for the chargeless attending aeon aback affairs an annuity.
AARP advance Mary Bach urges consumers to abstain actuality pressured into affairs annihilation on the spot, abatement for added aerial burden sales tactics, or feel answerable to buy because they got a chargeless lunch, dinner, or added gift. She additionally said consumers should consistently verify the action agreement in writing, alone assignment with an abettor who provides his or her credentials, and alone accomplish a analysis out to the aggregation arising the annuity, not the agent.
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“Annuities can advice accommodate assets over a continued aeon of time, and can be allotment of a retirement assets plan. But, consumers, abnormally seniors who will be depending on this assets stream, should argue trusted ancestors associates or banking advisers, and get answers to all their questions, afore authoritative any purchases,” Commissioner Miller says.
The “Do’s and Don’ts of Annuities” and added customer advice on these articles is accessible on the Allowance Department website, www.insurance.pa.gov, by beat on “Seniors” beneath Allowance Coverage Resources.
The Allowance Department’s Customer Services Bureau can additionally acknowledgment questions. They are accessible on the website, beneath Top Pages, by beat on “Consumer Services & Protection”, or by calling 1-877-881-6388.
MEDIA CONTACT: Ron Ruman, 717-787-3289
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To appearance the aboriginal adaptation on PR Newswire, visit:http://www.prnewswire.com/news-releases/pennsylvania-insurance-commissioner-provides-important-consumer-information-on-annuities-with-aarp-on-pcn-program-focus-on-aging-adults-300331899.html
SOURCE Pennsylvania Department of Allowance
Copyright (C) 2016 PR Newswire. All rights aloof
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