Have you ever heard of an annuity? They are very expensive and don’t do much for you at retirement, but they’re still selling like mad these days. Why? Salespeople are working overtime pitching them to you and me, and it’s working. Annuity salespeople get a huge commission for selling them. The L.A. Times reports that one insurance company is selling annuities that won’t deliver until long after the buyer’s death. One doesn’t pay benefits until age 115. Yet, hundreds of people have bought the product. Another company is using 60 full-time telemarketers and 200 salespeople to sell these products. The pitch may talk about seminars on living trusts, but when you get there the product is really annuities. Except for teachers, who have to put their retirement in annuities, no one should buy these things. The benefit is overstated and the penalties are massive. Salespeople are targeting older people, some of whom are very trusting. So, get involved in your parents’ financial life, especially if they are elderly. Tell them never to let an insurance salesperson in their home and to never attend one of these seminars. You may be left picking up the pieces years from now. More states need to follow California, which now requires salespeople to give people 24 hours notice before they can appear on your doorstep.