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Re: Genworth annuity

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Good day I am a member of AARP and an agent with New York Life and I'd be happy to answer an questions you have about your annuity. Please let me know if you would be open to have a conversation about this. 

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Re: Genworth annuity

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I am a former Stockbroker who plead guilty to securities fraud in 2008 and spent nearly 5 years in prison.  So, I cant give you advice but, I can tell you that if you are out of your surrender charge period, you can simply move the funds to another company.  A word about annuities,....

When an insurance company claims that your money is 'gaurenteed' to be safe, that's not actually accurate.  It is ''gaurenteed' ONLY based on the claims paying ability of the insurance company.  In addition, brokers are paid huge commissions for selling annuities (up to 9%).  Before you choose an annuity, please consider all the options, fees, pro's, and cons.  Lastly, validate the investment through someone other than the salesperson....

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Re: Genworth annuity

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You woul have to find out if your annuity is insured. Genworth has been placed on 'credit watch', and their rating downgraded.

  But I don't know what happens to annuities if a company goes under.  There are different rules for different annuities and states also have some protection. 

   You'll have to research that to determine how much 'worry' you should have.  Perhaps someone who is educated in this area will respond.


"...Why is everyone a victim? Take personal responsibility for your life..."
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Re: Genworth annuity

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@sidlevin wrote:

I'm seeing news articles about how Genworth is in financial trouble.  Should I be concerned?


You asked and answered your own question.

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Genworth annuity

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A few years ago, I responded to a mailing from AARP about an annuity from Genworth.  I ended up putting a significant (for me) amount of money into a deferred income annuity.  Now, the AARP mailings about annuities mention New York Life and I'm seeing news articles about how Genworth is in financial trouble.  Should I be concerned?

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