ATTORNEY NEWSLETTER
Seniors Beware of Deferred Annuities
The devil’s in the details. The old idiom is true of much in life. Insurance contracts surely live up to the saying, and none more so than complicated annuities. The Alameda County and California financial elder abuse, annuities and securities attorneys at Evans Law Firm, Inc. frankly advise against them, particularly for seniors.[1] Our attorneys litigate every day on behalf of seniors harmed by these complex contracts. If you or a loved one is over 60 and live in California and have been sold an inappropriate or unsuitable deferred annuity or suffered a loss from a full or partial surrender, call the California annuity and securities lawyers today at Evans Law Firm (415)441-8669. We can review a California senior’s contract for free and may be able to help.
Deferred annuities are primarily sold as tax deferred retirement investments. But it’s the details that sting: sales commissions, surrender penalties, and fees and other charges are often buried in the pages of these long contracts and overlooked in sales brochures. Eager to book a sale, agents may skip the details, avoid complete explanations of how the policies work, and gloss over future fees and withdrawal penalties. Agents may ignore the tax consequences of withdrawals, which can be disastrous because withdrawals are taxed at ordinary income rates.
Withdrawals are also subject to surrender charges often as high as 15%. Be careful committing to these illiquid investments; if you need to withdraw your money during the surrender period (often as long as 15 years) you will pay a substantial penalty. Always remember that you already own tax deferred retirement savings in your Social Security account, 401(k)s, and your employer’s pension plan. If you’re considering a purchase at all, seek the advice of investment professionals without any stake in your purchase and always consult your tax advisor before making a purchase.
Contact Us
If you or a loved one is over 60 and a resident of Alameda County or anywhere else in California and have been sold an inappropriate or unsuitable variable annuity or suffered a loss on a full or partial surrender of a variable annuity, contact the Alameda County and California elder abuse, annuity and securities attorneys at the Evans Law Firm at (415) 441-8669, or by email at <a href=”mailto:info@evanslaw.com”>info@evanslaw.com</a>. Our attorneys have experience with complex financial contracts and large insurance companies. We can help guide your case through a jury trial, FINRA Arbitration, or toward an equitable settlement. We also handle cases involving physical and financial elder abuse, qui tam and whistleblower law, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.
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Some of the leading providers and distributors of life insurance and annuities in California are listed below. We are not in any way suggesting that any of these carriers or distributors has done anything wrong. Rather, the list is provided solely as a reference for our readers.
AIG/American General Life Insurance Company
Allianz Life Insurance Company of North America
American Equity Investment Life Insurance Company
American General Life Insurance Company/AIG
American National Life Insurance Company
Ameriprise Financial/RiverSource Life Insurance Company
Athene Annuity & life Assurance Company
Athene Annuity and Life Company
Athene USA
Aviva Life Insurance Company
AXA Equitable Life Insurance Company/AXA US
Bankers Life Insurance and Casualty Company
Brighthouse Financial, Inc./MetLife
Crump Life Insurance Services, Inc.
CUNA Mutual Group/CMFG Life Insurance Company
EquiTrust Life Insurance Company
Fidelity & Guaranty Life Insurance Company
Forethought Life Insurance Company/Global Atlantic Financial Group
Genworth Life Insurance Company
Global Atlantic Financial Group/Forethought Life Insurance Company
Guardian Life Insurance Company
Guggenheim Partners/Security Benefit Life Insurance Company
ING USA Annuity and Life Insurance Company
Jackson National Life Insurance Company
John Hancock Life Insurance Company
Lincoln Benefit Life Company
Massachusetts Mutual Life Insurance Company
Metlife/Metropolitan Life Insurance Company/Brighthouse Financial, Inc.
Nationwide Life Insurance Company
New York Life Insurance Company
Northwestern Mutual Life Insurance Company
Pacific Life Insurance Company
Principal Financial Group
Prudential Life Insurance Company
Raymond James Insurance Group
RiverSource Life Insurance Company/Ameriprise Financial
Security Benefit Life Insurance Company/Guggenheim Partners
Symetra Life Insurance Company
Transamerica Life Insurance Company
Unum Life Insurance Company of America
Voya/Reliastar Life Insurance Company
World Financial Group Insurance Agency, Inc.
[1] We do not provide investment or tax advise but can represent you if you have suffered losses on annuities through a partial or full surrender including any tax losses you may have sustained.
