Veterans: unsuitable annuities

Friends–

News: The National Association of Insurance Commissioners (NAIC*), keying off a General Accounting Office report, has issued a consumer alert: If you are a veteran and are invited to an assisted living facility or other presentation on qualifying for the VA’s Aid and Attendance pension, take a few minutes now to learn what some of these organizations are really selling. You might not like it.

Summary: NAIC and GAO are both saying some organizations who are offering to help you get VA Aid and Attendance pensions are annuity sales organizations. The annuities some of these folks sell may be inappropriate for you, and some may actually harm your ability to get the help you need.

Here is a news article about the NAIC consumer alert: http://www.investmentnews.com/article/20121003/FREE/121009971&cslet=UnhOY2lLYjhML0tmK2lNaXM3T25UUEpxcHU3cXVHTFA=

Here is the full NAIC Consumer Alert: http://www.naic.org/documents/consumer_alert_annuities_veterans_pension_qualification_gao_report.htm

Here is the GAO report (look at pages 15 and following, and especially pages 19 and following): http://www.gao.gov/assets/600/590847.pdf

:- Doug.

*the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories)

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