Best Interest Annuities: Update 2022
4 hours annuity or general CE credit
Instructor: Craig Adamson, CRC, CRPS
Summary/Objective:
Annuities were originally created to provide lifetime income just like a traditional pension. And they still do so today. However, as pensions become increasingly rare in funding retirement income, the need for other forms of retirement savings has increased. Over time, this financial instrument has morphed and changed to meet the new realities of personal financial security. Annuities now provide many other benefits, including tax deferral of interest or gains.
In this course, we acknowledge annuities are often maligned by the popular press, CPAs, attorneys, and even by financial advisors with all sorts of professional credentials. However, in nearly all cases where an annuity is being “judged” harshly, one of two things has happened: The insurance agent/financial advisor has chosen the wrong product for the job at hand, or a “Monday Morning Quarterback” has come along and arbitrarily determined (usually without benefit of all the facts available at the time of the annuity purchase) something they would have recommended was the superior solution.
Without the benefit of hindsight, the use of an annuity to solve a financial problem all comes down to the insurance agent/financial advisor understanding the needs of the client and helping decipher which, if any, type of annuity is appropriate to recommend. Advisors need the training to be able to do this.
This course will cover the major content areas relative to annuities such as types, parties, taxation, uses, and more. We will also cover best interest requirements and appropriate sales practices. By the time we wrap up, even producers who do not sell or service annuities will have gained some useful knowledge for their everyday lives and should be able to identify who or isn’t a candidate for various types of annuities.