The Evolution of VARIABLE Annuities.

The Evolution of VARIABLE Annuities.
by A. Scott Logan

Read THIS link.
Very long but very good FACTS.

Quote:

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As I put together notes for this talk, I searched the Internet and discovered that the first reference to annuities in the United States occurred in the Continental Congress of 1772. It applied to salaries of government representatives. It didn't have the same features and benefits that we see today, but annuities have a very long and distinguished past.

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In addition to what Mr. Logan wrote two significant things happen that has lead to the explosion in annuity sales.

#1) In 1995 Fixed Indexed Annuities were introduced.

#2) In 1999 President Clinton signed into law:
The Financial Services Modernization Act of 1999.

Click THIS LINK to read for yourself.

That legislation broke down many Federal and State legal barriers to affiliations among banks, securities firms, insurance companies, and other financial service providers.

Now banks can offer securities and sell insurance, securities firms can sell insurance and offer banking and insurance companies can offer banking, securities and insurance.