Way back in October 1995, this author had a rather painful experience, meeting a retired senior officer from the automobile industry, who had to beg for some money to feed his old wife and himself. Companies did not provide for pension then.
I asked him why he had not, while in service, purchased an annuity policy from an insurer. He replied that life insurance products were sold only through insurance agents and no agent had ever suggested purchasing an annuity policy.
