Annuity Riders

This should be a no brainer.  If a policyholder unknowingly attempts to make an “excess withdrawal” that would adversely affect their policy (i.e. reduce their guaranteed lifetime income), the insurer should warn them and give them the opportunity to reverse their decision.    Why insurers don’t already do this is beyond me, but kudos to Michael Maffei of the NY Dept of Insurance for proposing this idea.  

Insurers need to get with the times and go above and beyond what they are legally obligated to do for their policyholders.  This means honest and open disclosure of their products and actively helping to prevent policyholders from making uninformed decisions with their policies that they may later regret.