Annuities and Insurance
Annuities and other insurance products can provide peace of mind, but these products can be complicated. Know what you are getting into before you invest.
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American-Amicable Reaches Settlement with Regulators
On August 3, 2006, state and federal authorities sued American-Amicable Life Insurance Company and its affiliates for targeting U.S. military service members with a deceptive sales program for the company’s “Horizon Life” policy. To settle the lawsuit, the company has agreed to pay $10 million to the approximately 57,000 military personnel who invested in Horizon Life. That payment is one component of a global settlement of claims brought by the Securities and Exchange Commission, state insurance regulators led by the Georgia Department of Insurance and the Texas Department of Insurance, and the United States Attorney’s Office for the Eastern District of Pennsylvania.
For information about the lawsuit, read the SEC Press Release and SEC Litigation Release. If you have questions about your Horizon Life policy, contact American-Amicable and read the company's press release outlining specific settlement components.
Buying Life Insurance
Remember one thing when you're buying life insurance. Unlike health and other types of insurance, you will never receive any benefits from it. Instead, someone else, the beneficiary you designate, will receive the benefits. When you think of buying life insurance in this way, it puts a whole new spin on things. Read more.
Serviceman's Group Life Insurance (SGLI)
SGLI is a program of low cost group life insurance for servicemembers on active duty, ready reservists, members of the Commissioned Corps of the National Oceanic and Atmospheric Administration and the Public Health Service, cadets and midshipmen of the four service academies, and members of the Reserve Officer Training Corps.
Get more information online or call toll free (800) 419-1473
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Equity-Indexed Annuities
Sales of equity-indexed annuities (EIAs) have grown considerably in recent years. Although one insurance company includes the word "simple" in the name of their product, EIAs are anything but easy to understand. One of the most confusing features of an EIA is the method used to calculate the gain in the index to which the annuity is linked. Before you buy an EIA, you should understand the various features of this investment and be prepared to ask your insurance agent, broker, financial planner, or other financial professional lots of questions about whether an EIA is right for you. Variable Annuities
A variable annuity is a contract between you and an insurance company, under which the insurer agrees to make periodic payments to you, beginning either immediately or at some future date. You purchase a variable annuity contract by making either a single purchase payment or a series of purchase payments. A variable annuity offers a range of investment options. The value of your investment as a variable annuity owner will vary depending on the performance of the investment options you choose. The investment options for a variable annuity are typically mutual funds that invest in stocks, bonds, money market instruments, or some combination of the three. Learn more. Investor Alerts
This information will help you protect your money and avoid scams and other investing problems.
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