Yes, they were given a prospectus however most people have a BIG problem understanding percentages. If people don't read the prospectus, then they are not prudent investors. Its not an indictment against the industry or registered representatives, its an indictment against stupidity. It is not possible to legislate common sense, despite the efforts of the left wing social engineers. Such as offering bigger payout for certain products over others.
Actuarial science is no game.
Not even close. I include the nonsales oriented, nonlicensed fee-only advisors in the lay person group since most of them do not have what I consider an appropriate understanding of the insurance business. The more you convince yourself that you got a good deal, the more likely you overpaid. When they do their job, you think you practically stole a car. Jewelry markups are similar to new furniture.