There are a lot of mediocre annuity products.
There are a lot of really bad annuity products.
There are a lot of salesmen who make big money when they sell you the bad annuity products.
There are a lot of salesmen who prey on senior citizens.
A committee of the U.S. Senate is taking on the top 15 annuity companies. Not surprisingly, many of the companies have not been very cooperative.
Not surprisingly, some of the companies have admitted lavish compensation and gift packages for salesmen who push high-priced, low value products. Some of the companies use third party pass-thru operations to disguise what appear to be payoffs.
Of course, the financial companies swear the buyers are getting good value.
Annuity sales is one of the sleaziest categories in the financial world. Be very careful.