How Annuities Can Drain Seniors’ Savings

May 8, 2019 by Mark Fazlollah / Staff Writer, mfazlollah@phillynews.com, Erin Arvedlund / Staff Writer, earvedlund@phillynews.com

Sales of the lightly regulated, fixed-index insurance product can bring high commissions for agents and opaque fees that confuse consumers. Pennsylvania insurance regulators have had the highest complaint caseloads in the country.

During the years that Montgomery County insurance agent Richard Piccinini Jr. was looting the savings of two sisters in their mid-eighties, he portrayed himself as only looking out for their interests, always investing their $500,000retirement nest egg wisely.

Courtesy of the Nave family

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Originally Posted at InsuranceNewsNet on May 6, 2019 by Mark Fazlollah / Staff Writer, mfazlollah@phillynews.com, Erin Arvedlund / Staff Writer, earvedlund@phillynews.com.