Skills without mastery are useless. Mastery is impossible without the right methods. SimpliGrok platform makes mastery effortless and fastest with proven, smart practice.
Skills without mastery are useless. Mastery is impossible without the right methods. SimpliGrok platform makes mastery effortless and fastest with proven, smart practice.
Seniors receive enhanced protections due to vulnerability to unsuitable sales, fraud, and cognitive decline. Massachusetts and federal laws provide additional safeguards.
Annuity sales to seniors:
Must determine:
- Financial situation
- Financial needs and objectives
- Age and time horizon
- Liquidity needs
- Risk tolerance
- Tax status
- Existing assets
Documentation required:
- Suitability worksheet
- Basis for recommendation
- Customer acknowledgment
- Supervisory review
Additional requirements for seniors:
Enhanced disclosure:
- Comparison of benefits
- Surrender charges
- Loss of benefits
- Tax consequences
- Cost analysis
Extended free look:
- 30 days (vs. 10 days)
- For ages 65+
- Federal requirement
- Full refund
Do not cancel old policy:
- Until free look expires
- Coverage confirmed
- All questions answered
Targeting seniors:
- High-pressure tactics
- Scare tactics
- Urgency without cause
- Complex products unsuitable
- Excessive fees
- Unsuitable liquidity restrictions
Senior-specific abuse:
- Exploiting cognitive decline
- Undue influence
- Taking advantage of isolation
- Misrepresenting guarantees
Agents selling to seniors:
- Product-specific training
- Senior-specific training
- Suitability standards
- Ethics training
- Continuing education
Suspected abuse:
- Report to authorities
- Elder abuse hotlines
- State insurance department
- Adult protective services
Seniors receive enhanced protections due to vulnerability to unsuitable sales, fraud, and cognitive decline. Massachusetts and federal laws provide additional safeguards.
Annuity sales to seniors:
Must determine:
- Financial situation
- Financial needs and objectives
- Age and time horizon
- Liquidity needs
- Risk tolerance
- Tax status
- Existing assets
Documentation required:
- Suitability worksheet
- Basis for recommendation
- Customer acknowledgment
- Supervisory review
Additional requirements for seniors:
Enhanced disclosure:
- Comparison of benefits
- Surrender charges
- Loss of benefits
- Tax consequences
- Cost analysis
Extended free look:
- 30 days (vs. 10 days)
- For ages 65+
- Federal requirement
- Full refund
Do not cancel old policy:
- Until free look expires
- Coverage confirmed
- All questions answered
Targeting seniors:
- High-pressure tactics
- Scare tactics
- Urgency without cause
- Complex products unsuitable
- Excessive fees
- Unsuitable liquidity restrictions
Senior-specific abuse:
- Exploiting cognitive decline
- Undue influence
- Taking advantage of isolation
- Misrepresenting guarantees
Agents selling to seniors:
- Product-specific training
- Senior-specific training
- Suitability standards
- Ethics training
- Continuing education
Suspected abuse:
- Report to authorities
- Elder abuse hotlines
- State insurance department
- Adult protective services