Equity indexed annuities, which provide investors a portion of the markets rise but do not decline in value when the market falls, have become increasingly popular among seniors.
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The SECs main concern is that salespeople have been pressuring older investors, for whom the long lock-up periods may not be suitable, into buying them, at that, without properly explaining fees, surrender charges or other penalties.
It is expected the SEC will require insurance carriers to disclose the fees equity index annuities charge, along with a clear explanation of how they work along with performance.