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Mystery Solved: American Senior Alliance Pushing
Annuities
By Tucker Sutherland, editor
Jan. 3, 2005 – Those mysterious cards going to
senior citizens from the American Senior Alliance or National Processing
Center that offer information on enticing financial opportunities are
actually disguised mailings seeking prospects that a salesman can
contact to sell annuities, according to an experienced annuities
salesman, who asked to remain anonymous.
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Update -
Since this story was published, we have
been contacted the the ASA president. Read his statement -
Click Here
American Senior Alliance Should Be Viewed With
Caution
Nov. 30, 2004 - SeniorJournal.com has received many
emails concerning a mailing to senior citizens by the American Senior
Alliance, but no one has been able to locate this company, which make
excessively enticing promises in the mailing. We suggest seniors not
respond to the mailing.
More... 11/30/04*
“National Processing Center” Appears to Replace
“American Senior Alliance” in Suspicious Mailing to Seniors
Dec. 14, 2004 – Last month we warned senior citizens
to be wary of a mailing from the American Senior Alliance that made
outlandish promises of information available about “important Elder Law
changes.” Now, there is a new mailing to seniors with even more promises
and the return address is to the National Processing Center.
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These mailings he told SeniorJournal.com, are “sent
out by mailing houses on behalf of insurance agents.”
“This one is aimed at seniors with savings, CD’s,
401k’s, 403b’s, etc.,” he writes.
“I have used them myself,” he says, “to sell
annuities, final expense, LTC and other programs to help seniors with
their retirement.”
He says annuities are safe, offer better interest,
are tax-deferred and a “senior cannot lose money.” Many senior citizens
“have CD’s 401K’s and other investments that “are doing them an
injustice.”
When asked why the return card requests a
signature, he says, “The signature is for a couple of reasons. Many
times I have knocked a door and mentioned the returned card - the senior
then denies sending it in - then I show them the signature.
“Some then say - "that's my wife's writing", some
then remember sending it in. etc but at least they know that I am
genuine and am responding to something that they did send in. Basically
it's proof that they asked for something.”
He says the signature is also requested because of the DO NOT CALL LAWS
– “a signature allows a telemarketer or agent phone them up to 90 days
because they have asked for information.”
Why do they ask for the county of residence, we
asked. “Simply helps the agency to pass the 'LEAD’ on to the correct
insurance agent,” he says.
These cards are most often sent by a mailer who is
acting as a broker. This broker is probably representing many agents and
sends them the leads that come from the territory they serve.
“I actually use my own mailing cards for several
insurance mailings - mine are slightly different,” says or source. “I
care about seniors and my cards DO NOT ask for a signature or date of
birth. Mine ask for age and name. It puts less worry on the senior
sending back an ‘Open’, visible card with personal info on it. I am
proud of my dealings with seniors and as a CSA, I do respect their
concerns.”
“I sell to seniors but follow a very strict code of
ethics!” he stated.
Following is his explanation of the reason for the
“eye-catching promises” in the mailings.
“Yes, they are honest. Here is the truth - if I
mailed you everything, you would either not reply or get confused. Or,
think you understand everything and then make a decision based upon
ignorance.”
“It takes years of training, education, etc., to
fully understand estate planning, retirement planning, tax laws, etc. I
have mailed newsletters out - explaining everything – and I got a zero
response!
“I have mailed cards out- explaining exactly what
it is - I got a zero response!
“I mail cards out - aimed at Seniors Concerns -
Income, Tax, Uncle Sam, etc. - and they respond in the hope that they
can save!
“I dislike mysterious mailings, but, many seniors
say to me - I don't need insurance, yet, when I visit them - they do!”
“Or, - they say about Annuities - "I am not risking
my money on the stock market!” Annuities are guaranteed - not based on
the falls in the stock market.
“Ignorance can mean they miss out, and a little
information is dangerous!
“And, yes - before you ask - they are too good to
be true.! They can only go up!
“Here's a lay way of explaining. How would you like
to buy a lottery ticket, if the numbers come up - you win!, if the
numbers do not come up - you get your original principal back! You
cannot lose.!
“The cards are there to simply grab attention. It’s
then the seniors choice as to whether they buy, but its my job to ensure
that seniors are aware of what's available to them.
“Every annuity I have sold has been for the good. I
have avoided probate, deferred tax, protected siblings from estate
taxes, doubled or tripled their interest over CD's, increased a seniors
income, paid LTC premiums from the interest each year, paid life
insurance premiums from interest to get tax free cash upon death to
cover estate taxes and other costs.
“They are not for everyone - they are complex and
need a professional to present them.
For example - you, with respect are asking
questions which tells me that you are not fully conversant in annuities.
If I ask you now whether you wish to invest today you would say no.
After I have explained everything to you - if they were for you (based
on your needs), you would buy.
“I personally buy as many annuities as I can each
year - I want a very secure retirement.”
SeniorJournal.com has received many emails
concerning these mailing to senior citizens by the American Senior
Alliance or the National Processing Center, but no one has been able to
locate either company. The reason seem obvious, now, that those entities
do not actually exist. The names are just being used by brokers to find
leads they can sell to insurance agents.
We had suggested senior not respond to the
mailings. Now, with this information, seniors can make their own
decisions. A safer option, however, is probably to contact a life
insurance sales person you know an ask them for information about
annuities.
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