• (p28) - John Oxendine, NAIC - Georgia Insurance Commission
  • The problem, of course, is that some agents are not trustworthy.
    • Sometimes they sell unsuitable products.
  • Most soldiers already purchased the affordable SGLI and may not need supplemental life products.
  • These supplemental policies are often sold to soldiers as investments rather than as insurance.
  • While it is true that an insurance policy can be one component of an individual’s investment strategy, the investment portion of the policy is, in some cases, being overemphasized and/or misrepresented.
  • Some soldiers have testified that they did not even realize that they had purchased life insurance. Some also testified they thought they were opening a savings account. 

2005 1117 - GOV (Senate) - A Review of the GAO Report on the Sale of Financial Products to Military Personnel, Richard Shelby (R-AL)