The American Council of Life Insurers (ACLI) is promising to improve disclosure about annuities in cooperation with the National Association for Variable Annuities (NAVA), according to “User-Friendly Annuity Documents Planned,” an article on the Financial Advisor website.
Maybe they could start with the so-called “easy to read tip sheet” for seniors on their website. It sports plenty of jargon. Like “current credited interest rate”–a term that I couldn’t even find in the ACLI’s glossary. The same goes for “subaccount.”
The ACLI and NAVA are tackling a tough job. I wish them good luck.