Latest / The Clark Howard Podcast
9.12.19 The dangers of annuities; Criminal investigations of insurance claims are on the rise; Clark's advice using instant payment apps
Beware of annuity sales. Annuity sales subsided when fiduciary rules were in place - rules that have now been pushed aside, causing new sales to skyrocket. Insurance companies and banks push these because they have humongous fees and commissions. These contracts allow the insurance companies to change the terms at any time and the tax treatment is generally not favorable. When you're getting a vague investment pitch ASK if it's an annuity. If so, walk away.
File an insurance claim, and the next thing you know police are accusing you of a criminal act. It's happened. When shopping insurance…
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