Senate eyes insurer sales to seniors

A Senate committee on Thursday opened an investigation into insurers that train sales agents to approach older consumers with impressive-sounding credentials and controversial sales tactics, according to published reports.
The Senate Special Committee on Aging sent letters this month to insurance companies Old Mutual Financial Network in Atlanta, Allianz Life Insurance Company of America in Minneapolis, and American Equity Investment Life Insurance Co. in Des Moines, requesting copies of training materials and answers to questions about how they screen sales agents.
The committee sent similar letters to the Society of Certified Senior Advisors in Denver, Piece of Pie Strategic Coaching in Rochester, Minn., and Senior Insurance Training Services in Sonoma, Calif., organizations that provide training or certfications related to selling financial services to seniors.
”I am particularly troubled by companies and individuals that hold themselves out as having an expertise in senior financial matters, when in reality they have no training or very little in this extremely complicated arena,” wrote committee chairman Senator Herb Kohl, D-Wis., in the letters.