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kat92128

What Have We Learned About Insurance Companies?

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I've been off the board for a while because I'm very busy at work, so I just spent some time catching up with the posts. As usual the board is brimming over with complaints about the unscrupulous practices of insurance companies in advertising, selling improper products, and collecting high commissions among other things. The rest of the time is spent lamenting the lack of knowledge of our HR departments (many don't even know what an annuity is...) and the lack of choice for our 403b.

 

Before you vote, think about this as it applies to other issues, namely healthcare. Do you really trust that insurance companies, if not regulated, will miraculously change their policies to actually benefit consumers? Do you trust insurance companies to do anything with integrity? I don't. Some things need regulation - Wall Street and insurance practices, just to name two.

 

I'm probably crazy posting this since politics is such a charged issue...but here goes....

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I've been off the board for a while because I'm very busy at work, so I just spent some time catching up with the posts. As usual the board is brimming over with complaints about the unscrupulous practices of insurance companies in advertising, selling improper products, and collecting high commissions among other things. The rest of the time is spent lamenting the lack of knowledge of our HR departments (many don't even know what an annuity is...) and the lack of choice for our 403b.

 

Before you vote, think about this as it applies to other issues, namely healthcare. Do you really trust that insurance companies, if not regulated, will miraculously change their policies to actually benefit consumers? Do you trust insurance companies to do anything with integrity? I don't. Some things need regulation - Wall Street and insurance practices, just to name two.

 

I'm probably crazy posting this since politics is such a charged issue...but here goes....

 

Hi Kat,

Yea, you are probably crazy. :-) That's why we need to stay focused on investing with the 403b, the hardest but crucial concept that most people can learn enough to keep taps on their so called "advisers." If this website got into the complex policies of health care, the agents who lurk this site will be laughing all the way to the bank. We need to stay focused as we have since 2001 because we will never rest until educators get a fair chance to make meaning choices in the 403b by stopping or getting out of those hideous ripoff TSAs.

 

BTW, we also talk about asset allocation, finding a fiduciary fee only adviser, identifying sales pitches vs. objective financial information, refer books by fiduciary responsible authors and their websites and discuss how to get out of an annuity as well as the new 403b regs.

 

Perhaps you missed the big battles we had here with the agents especially some people who claimed they were classroom teachers but clearly had another agenda, and that's defending TSAs as a legitimate retirement option. Thank goodness they are gone.

 

IMO, TSAs in the accumulation stage of any retirement plan should be outlawed because they only provide a good living for sales force and the annuitant will never get full market returns to keep up with standard of living because of fees, commissions, and substandard guaranteed returns.

 

 

 

Have a great weekend,

Steve

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I don't disagree, Steve. I just couldn't resist as I listen to "solutions" where insurance companies will have a say in our healthcare options. But you are right; for the purposes of this board, providing sound information on beneficial 403b choices and advocating against bad ones is the the correct target. Education is always the key...if we, as consumers of 403b products, were more educated, I choose to believe that the outcry against TSAs would be so great that there would be no choice but to outlaw them.....I can dream, can't I?

 

Regards, Kat

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Lets stay as apolitical as possible. I see the insurance link but while there are similarities between the financial services industry and the health insurance industry there are many, many differences. Thanks!

 

Dan Otter

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