Certain insurance agents have been found to have sold annuities
to seniors where the senior will not likely benefit from
the product during their lifetime, and where they cannot
withdraw the funds early without paying a penalty. Ohio law
requires agents and companies to assure that annuities sold
to Ohioans are suitable for the policyholder, based on their
age, income and other needs.
Important Questions to Ask::
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Does this annuity fit well into my overall
financial plan for the future?
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Will I incur surrender fees and penalties
if I need to withdraw money from the annuity before it
reaches maturity?
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When will the policy reach its date of
maturity? Is the annuity appropriate for my age and future
income needs?
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Is the agent I’m dealing with licensed
in Ohio and qualified to offer financial planning and to
sell me this product?
Important Consumer Tips::
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Carefully review the insurance product being considered with a trusted advisor or
contact the Ohio Department of Insurance at 1-800-686-1526.
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Oftentimes, high-pressure tactics are used to scare the client into signing paperwork
selecting a product.
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A licensed agent will be more than willing to show adequate credentials.
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Remember, if it seems too good to be true, it probably is!
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Always review the contract before you decide to buy an annuity.
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To find out if an annuity is right for you, think about what your financial goals are for the
future.
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Compare information for similar contracts from several companies.
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Ask your agent and/or the company for an explanation of anything you don’t understand.
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Check with the Ohio Department of Insurance at 1-800-686-1526 to verify that the
company and agent are licensed in Ohio.
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As you complete your research and decide to purchase a particular policy, it’s important
to keep detailed records.
Report a Violation, Get Information:
If you suspect you’ve been a victim of deceptive sales practices, please contact the Ohio
Department of Insurance at 1-800-686-1527 with detailed information about the agent and
product. Please call the Department at 1-800-686-1526 with any questions you may have about annuities.
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