by Structured Settlement Watchdog
Shawn Plummer’s Explanation of ” Secondary Market Annuities” is a “Floater”
Any legitimate annuity expert would know that factored structured settlement payments are not an annuity and are not an insurance product.
Despite the clear evidence that:
- the National Association of Insurance Commissioners does not consider factored structured settlement payments as annuity, or an insurance product [ Statutory Issue Paper NO. 160], Shawn Plummer continues to misinform on the subject
- an increasing number of states adopting the NAIC Model Life & Health Guaranty Act it’s clear that the same statutory protections do not apply to investors in factored structured settlement payment streams as they might to owners of legitimate annuities, why is it necessary for Plummer to clog up the information pipeline with misinformation?
- Past and ongoing investor litigation over what Plummer refers to as secondary market annuity, makes the usage of “secondary market annuity” as a sales pitch irresponsible and even reckless.
Six Examples of “Plummer’s Crack in a Single Post
- Refers to a television commercial as a secondary market annuity or SMA No
- “Ever seen television commercials about instantly getting cash for annuity payments or “Sell My Annuity”? This is called Secondary Market Annuities or SMAs” No
- “A secondary market annuity is selling an income annuity to a 3rd party company [(Annuity Buyers (sic)] for cash in exchange for annuity payments”. No as to structured settlements
- “Basically, a secondary market annuity is selling your current income annuity (immediate annuity, deferred income annuity, structured settlement annuity, lottery payout) at a heavily discounted rate to an annuity buyer for a lump sum of cash” No as to structured settlements
- “Secondary market annuities are just income streams currently owned by private parties and resold to another private party” NO as to structured settlements
- The new private party will become the new owner of the annuity contract and the (sic) pocket annuity income distributions as a long-term investment”. No as to structured settlements
Three Secondary Market Annuity Examples that Shawn Plummer gets Wrong
- Structured Settlements No
- SMA No
- Factored Structured Settlements No
If you’re going to call yourself an annuity expert and expect people to rely on you for “annuity expert advice”, then get your facts straight.