Mike
River Edge,#2Consumer Comment
Sun, September 23, 2007
In order for me to understand your issue, please supply me with answers to my questions. It is hard to determine what if any wrongdoing was done without the answers. The most basic of which is what kind of annuity your mother is in
Janedough
Arleta,#3Author of original report
Sat, September 22, 2007
correct website address is insurance
Janedough
Arleta,#4Author of original report
Sat, September 22, 2007
Mr. Egbert has been reported to the Washington State Insurance Commissioner several times.
Mike
River Edge,#5Consumer Comment
Sat, September 22, 2007
1. Is the annuity in the accumulation phase or the annuity phase? If she's in the payout phase, than no it makes no sense to move it. 2. Is the annuity a deferred or immediate? It sounds to me as though she has an immediate annuity which provides for payments to her. IF that's true, than no, you cannot withdraw the entire contract as the payments are based upon her life span, and yes, it is meant to pay her an income, not be an immediate payout. That's kind of the whole point of an annuity. 3. There is nothing wrong with selling your mother an annuity. They are designed to provide guaranteed retirement income for life (usually although payout features vary), while at the same time providing loved ones a death benefit 4. If your mothers life savings is complete at $37,000 than there are two issues. NO, he should've never put all of it into an annuity, and your mother is in serious trouble financially and you should prepare to support her in the future.