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Don't prevent Md. residents from learning about annuities

Christine Benz highlights the pros and cons of annuities and other longevity-hedging strategies.

My clients look to me for retirement security solutions. It is a responsibility I take seriously. That is why I am outraged by a provision in the proposed Financial Consumer Protection Act that would serve to keep me and many other trained financial professionals from educating and informing Marylanders about annuities.

Annuities are the sole means in the marketplace for an individual to secure a guaranteed lifetime stream of income to supplement Social Security. They are growing more popular because so few people have pensions anymore. The annuity can step in where the traditional pension left off. Put simply, it is a personal pension and its value is clear when you see people spending 20 years, 30 years or more in retirement.

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One would think that lawmakers in Annapolis would want to help people learn more about this product. That will not happen if the Financial Consumer Protection Act passes as currently written.

Brian Jolles, Ellicott City

The writer is CEO of Jolles Insurance.

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