ATTORNEY NEWSLETTER
AXA is a major international insurance provider and financial company, offering products in a wide array of different areas. They sell travel insurance, life insurance, annuities and numerous other policies. These two products, annuities and life insurance, financial products that are sometimes considered almost indispensable in the modern world, make up a large portion of their sales. Most people believe that by the time they reach retirement, they should have a significant investment in life insurance and annuities to ensure that they have sufficient funds to retire.
However, some financial advisors question both the value these products provide to policyholders, and the methods used to sell them in the first place. It’s not unusual for marketing materials to eschew legally mandated notices and warnings, for brokers to fail to provide important information to potential clients, and for steep fees and commissions to be concealed in policies. Often costs such as surrender fees, which penalize policyholders who need access to money locked up in an annuity, are not disclosed in the sales pitch. Our Alameda elder abuse attorneys have seen numerous cases where information was withheld from seniors and retirees who planned to purchase an annuity or life insurance policy.
In addition, brokers may try to sell policies that are more valuable to them than to the client. Since insurance companies pay a higher commission on policies that earn them more money, brokers may try to sell such policies even when it isn’t a good fit for their client’s financial situation. Seniors are often especially vulnerable, as they may count on these policies as sources of income, and if they must suddenly pay higher premiums or get diminished payouts, they may be unable to compensate and lost their homes or their possessions.
Some of the major annuity and life insurance providers are:
- Aviva/Athene/Accordia Life Insurance Company
- Transamerica Life Insurance Company
- John Hancock Life Insurance Company
- Bankers Life Insurance and Casualty company
- Massachusetts Mutual Life Insurance Company
- Midland Life Insurance Company
- North American Company for Life and Health Insurance
- Pacific Life Insurance Company
- Prudential Life Insurance Company
- Genworth Life Insurance Company
- ING USA Annuity and Life Insurance Company
- Lincoln Benefit Life Company
- Metlife/Metropolitan Life Insurance Company
- Unum Life Insurance Company of America
- Voya/Reliastar Life Insurance Company
If you believe that you may have been the victim on an improperly sold or administered, contact the Alameda elder abuse attorneys at Evans Law Firm for advice and legal counsel. We can be reached at (415) 441-8669, or online at info@evanslaw.com.
