Filed Under:Annuities, Suitability

Avoiding the Dementia Trap

In the wake of the Glenn Neasham case, agents are concerned about their ability to sell annuities to elderly clients without getting charged with a crime. As has been widely reported, the Lakeport, California agent has been sentenced to 300 days in jail (reduced to 60 days, plus three years probation) for what the government claimed was felony theft from an elder. Neasham says he sold his 83-year-old client the equity-indexed annuity she wanted, and did so by the book. After she developed dementia symptoms several years later, the government brought charges against him, even though the annuity made her money.

[See: Annuity Sales in the Post-Madoff Era]

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Nichole Morford

Nichole Morford
Managing Editor

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