Did your annuity win your broker a trip to Oahu?
Salespeople who hawk annuities to older people may receive lucrative rewards – trips to Oahu, yacht tours of the Mediterranean, Mercedes Benz leases, cash and diamond-studded jewelry.
Sen. Elizabeth Warren (D- Mass.) on Tuesday demanded that the nation’s 15 largest annuity companies reveal what incentives they give brokers, the cash value of those perks and what they tell consumers about those prizes.
Warren sent letters to Columbus-based Nationwide Financial, AIG, MetLife, Allianz Life Insurance Company of North America, American Equity Investment Life, AVIVA, AXA Equitable, Jackson National Life Insurance Co., Lincoln Financial Group, New York Life, Pacific Life, Prudential Annuities, RiverSource Life Insurance, TIAA-CREF and Transamerica.