Sales of variable annuities to senior citizens and tens
of thousands of Americans continue, despite concerns regarding their suitability and
appropriateness. The top insurance company sales of variable annuity products include Prudential
Annuities, MetLife, Jackson National Life, Lincoln Financial Group, AXA Equitable, AIG Companies,
Riversource Life Insurance, Nationwide Financial, ING, Aegeon USA, Sun Life Financial, Alling Life of
North America, Pacific Life, and John Hancock.
The Financial Industry Regulatory Authority (FINRA), a
self-regulatory agency which oversees various aspects of the sales of annuity products, has cautioned
that these products should only be sold to investors who clearly meet the suitability guidelines in
order to assure that these products are in line with the customers’ financial objectives.
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