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  • The 10/10 Rule is Spreading Like a Bad Rash

    June 4, 2010 by Sheryl J. Moore

    Just a big heads up for everyone- Florida will be a 10/10 state as of 1/1/11. This means that after that date, no annuities will be available to Floridians where the surrender charges exceed 10-years or the first-year surrender penalty exceeds 10%.

    I am happy to report that with the cooperation and assistance of all of you that we at least got a 5/5 Rule off of the table. Great work everyone!

    Nonetheless, this new legislation will tremendously impact the 20% of our nation’s seniors that live in the Sunshine State. This also means that nearly 25% of the states in our nation are using some variation of the 10/10 Rule.  See here for a list of current 10/10 states.

    Note that due to Florida’s CS/CS/SB 2176, the “Safeguard our Seniors Act,” there will be additional legislative changes for annuity sales in Florida. These changes will include:

    1. Mandatory minimum of three hours continuing education on the subject of life and annuity suitability,

    2. Prohibition from naming an insurance agent as the beneficiary of a policy where the insured person is not owned by his/her family member,

    3. A misdemeanor charge with penalties as high as $75,000 for knowingly twisting or churning of life or annuity contracts (unknowingly commission of the offense results in fines as high as $5,000)

    4. A mandatory extension of the free-look period to 21 days

    AnnuitySpecs.com is not opposed to legislation which protects American consumers. We are, however, concerned when legislators and regulators pass laws and rules that limit consumer choices. Remember that when you limit the surrender charges on an annuity, you also limit the premium bonus, the compensation, and the potential interest to the client. Some people may think this is fine, but as a young owner of numerous indexed annuities, I want people to know that I would be LIVID if Iowa ever passed a 10/10 Rule.

    I did not feel comfortable watching my 401(k) turn into a 201(k) at the turn of the century. Instead, I took my retirement funds and rolled them into an indexed annuity. As a young saver, I want the biggest premium bonus product that I have available to me; I will not need income for close to 30 years. So, products that exceed ten-year surrender charges are INDEED SUITABLE for some!

    Please help to ensure that the 10/10 Rule does not spread. Always make suitable sales and ensure that you and your client understand their policy’s provisions.

    Let us know if you have any questions. We are always happy to help. Thanks! sjm

    Originally Posted on June 4, 2010 by Sheryl J. Moore.

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