New York Life Insurance - New York Life Annuity Policies written to Deceive with Govt Blessing
According to the St of WA Office of Insurance Commissioner Mike Kreidler:
Even though the NYL policy did not provide a minimum guaranteed fixed interest rate, it is perfectly acceptable for them to state in the Policy: "Minimum Guaranteed Fixed Interest Rate: 3%." The policy holder should have known that this was an Option explained elsewhere.
According to the Office of Mike Kreidler:
It is perfectly acceptable for the Guaranteed Death Benefit feature and its costs to be excluded from the NYL Policy because it is covered in the Prospectus. The consumer should have known that this feature and its costs were part of what was purchased by reading about them in the Prospectus.
According to the Office of Mike Kreidler: It is perfectly acceptable that the "Free Look Provision" (the 10 days you have to cancel with no penalty) only refers to the reviewing the policy and does not inform the consumer that the policy is not a complete or exclusive description of the products purchased and their related costs. The consumer should know that key information is only contained in the Prospectus.
When an Agent meets with a customer, they review the parts of the prospectus that apply to the annuity(ies) and features they are recommending. However, the customer is asked to sign a Client Profile that states, "I/We have read and understood the prospectus and above disclosure ….." This will be used against the consumer if there is a problem and it is used by unethical agents to mislead.
More Review Details
- Product or service
- Variable Annuity With Guaranteed Death Benefit
- Review category
- Financial Services
You May Also Like
- "I went to ask for Devere Group to transfer my UK pension abroad from the UK. Well, last time I do that! They said sorry we can not help as..."
- "Letter from Lowell McAdam received Seotember 14th saying to send only date and signature by his Correspondence Manager Cornelius LyHan by September 11th, stating I recieved the winning numbers for..."
- "I was in a bad car accident that totaled my car on October 1st. (Accident was not my fault). At the time of the accident my loan balance was about..."
- "My deck surrounds my entire home and this is what I have to look at after using this paint. I feel totally sick. This paint cost us a lot of..."
- "My poor son! He's devastated. He was offered a "free fix"...but all that will do is make him bald. So angry. ..."
- "Purchased new headlights, and they came with two o ring seals that were ripped. So I asked if I could return for a refund, and they said, "Sure, you pay..."
- "At the location I go to has at least 2 parking spots for expecting moms and "new moms". I thought this wording was too narrow because other stores such as..."
- "I am very, very, very dissatisfied with Telmex. It does need a very long time before I'm getting upset. It's my personality as well I spend several years as a..."