Informing Seniors -SIBOR-August 3, 2020

7 Life Insurance and Annuities • You must be provided with a written notice from any person who meets with you in your home in connection with the sale of a life or annuity policy [CIC § 789.10]. This notice must be provided to you at least 24 hours prior to the meeting and must tell you your right to: • Understand the reason for the meeting, • Invite others to the meeting, including family members, • End the meeting at any time, • Contact CDI for information or to file a complaint, • The name, license number, mailing address and telephone number of all persons coming to your home. Obtain a full disclosure of all surrender charges and related time frame in connection with a life and/or annuity policy prior to purchase. Annuities Only • The law requires insurance agents to ask you questions about your financial situation to make sure the annuity you are purchasing is suitable for your needs and circumstances. Insurance companies can only sell you an annuity if there is a reasonable basis to believe the annuity is suitable based on the information you provide to the agent. [CIC § 10509.914]. • An insurance agent who attempts to sell an annuity or financial product in connection with eligibility for Medi- Cal, must provide a written disclosure regarding Medi- Cal eligibility [CIC § 789.8]. Note: you may contact the Department of Health Care Services (DHCS) to discuss Medi-Cal eligibility rules.