ATTORNEY NEWSLETTER
Surrender Charges on Whole and Universal Life Insurance
If you are over age 60, live in California, and have surrendered a whole or universal life insurance policy, you may have paid a surrender penalty. You may also have suffered a tax loss on the surrender. The California Insurance Code has very specific rules about the information your insurance carrier must disclose regarding surrenders. The Alameda County and California insurance and financial elder abuse attorneys at Evans Law Firm, Inc. represent seniors who have suffered losses on policy surrenders. If you or a loved one has sustained a loss from surrender penalties, rider fees, or other charges under life insurance and/or annuity policies, or a tax loss, call the Alameda County and California insurance attorneys at Evans Law Firm today at (415)441-8669 and we can review your policy for free. We handle life insurance, annuity, and financial elder abuse cases in Alameda County and throughout California. A list of major life insurance carriers in California appears below.
We at Evans Law Firm, Inc. have represented senior policyholders who suffered surrender charge losses on universal and whole life policies. Sales commissions, surrender charges, rider fees, administrative fees, and subaccount fees all erode returns on investment in any form of whole or universal life coverage. Be wary when an agent recommends these products as retirement savings instruments. While growth in policy value is tax deferred prior to withdrawal, other retirement savings vehicles such as 401(k)s and IRAs are similarly tax-deferred but do not impose surrender penalties on early withdrawals. You may also be hit with an unexpected tax bill on surrender of a whole or universal life policy. We do not provide tax advice but we can represent you if you have suffered a tax loss as the result of a surrender or replacement of your policy. Always consult with your tax advisor on any surrender or replacement of a policy.
Contact Us
If you are over 60 and surrendered a whole life or universal life insurance policy in Alameda County or elsewhere in California, contact Ingrid Evans and the other Evans Law Firm, Inc. insurance attorneys for a free review of your policy at (415) 441-8669, or by email at <a href=”mailto:info@evanslaw.com”>info@evanslaw.com</a>. Our attorneys have experience with complex indexed universal and whole life policies and annuity contracts and cases against large insurance companies. We can help guide your case through a jury trial or toward an equitable settlement. We handle cases involving physical and financial elder abuse, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.
Some of the major annuity and life insurance providers in California are listed below. We do not suggest in any way that any of these carriers or distributors has done anything wrong. Rather, the list is provided solely for our readers’ reference.
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 and Life Company
Athene USA
Athene Annuity & Life Assurance Company
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.
