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Considering annuities for future funds

Posted On Mon, October 26, 2009

Some people may consider annuities when developing a financial plan for their future.

A recent report from the Insurance Information Institute notes that annuities should be part of a consumer's investment plans. However, people need to make sure they are getting annuities from companies that can be trusted.

"Ask your friends, relatives and business associates for the names of insurance agents that have an excellent reputation," Dr. Steven Weisbart, senior vice president with the III and an expert in annuities said.

The III noted that life insurance agencies are the only organizations that can issue annuities. However, consumers can purchase annuities from banks, financial planners and insurance agents. When picking an insurance agent, the III state that consumers should make sure the agent is licensed to operate in their state. If consumers face problems with a company, they can go to their state's insurance department for help.

Recently, the House Financial Services Committee approved a bill that, if passed, would create the Consumer Financial Protection Agency. Though the agency would keep an eye on financial institutions, the CFPA would not hold sway over annuities or life insurance.

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