ATTORNEY NEWSLETTER
Seniors Targeted For Unsuitable Insurance Or Investments
Always Get A Second Opinion
When it comes to the sale of deferred annuities to seniors, inappropriate sales practices can occur in many ways and come from a variety of sources. “Free lunch” investment seminars may be on hold right now during the pandemic but agents still have products to sell, some of which, like certain deferred annuities, may be unsuitable for seniors. The Alameda County financial elder abuse attorneys at Evans Law Firm, Inc. represent senior consumers who lose money on deferred annuities and misleading life insurance policies due to fees, undisclosed or misleading information, withdrawal charges, botched replacement transactions, and tax bills. If you or someone you know is over 60 and lives in Alameda County or elsewhere in California and has lost money on an indexed annuity, call us today at 415-441-8669 or toll free at (888)503-8267.
If you are a senior citizen considering a deferred annuity, here are a few ideas to keep in mind when approached:
• Always review the contract before a sale. Do not let yourself be rushed. Always have a professional with nothing to gain from the sale review the contract.
• Always consult your tax advisor before a sale, exchange or surrender. All annuity transactions have tax consequences.
• Understand the long-term nature of deferred annuities. Once you’re sold a contract, there will be a penalty if you withdraw your money before the expiration of the surrender period.
• Compare information for similar contracts from several companies. Comparing products may help you make a better decision.
• Ask your agent and/or the company for an explanation of anything you don’t understand.
• Verify that the company and agent are licensed. Watch for red flags: high pressure sales tactics, talk that you have to act fast or will miss an opportunity, and delay in providing credentials
• Check the company’s credit rating. Legitimate insurers have their “creditworthiness” rated by independent agencies such as Standard & Poor’s, A.M. Best Co. or Moody’s Investors Services. An “A+++” or “AAA” rating is a sign of a company’s strong financial stability. Annuities are not insured investments like CDs and other bank deposits; the promise to pay is only as good as the company’s word.
• Keep detailed records. Get all rate quotes and key information in writing. Once you’ve made a purchase, keep a copy of all paperwork you complete and sign, as well as any documents you’ve been given, including illustrations, correspondence, special offers and payment receipts.
Contact Us
If you are over 60 and live in California and have lost money on a deferred annuity or indexed universal life insurance contact Ingrid M. Evans and the other Evans Law Firm financial elder abuse, annuity and life insurance attorneys at (415) 441-8669, or by email at <a href=”mailto:info@evanslaw.com”>info@evanslaw.com</a>. California law provides injured seniors with restitution (getting your money back), extra damages (to punish the fraudulent conduct) and awards of attorneys’ fees and costs to the senior forced to bring an action against the wrongdoers. Our attorneys have experience with complex financial contracts and 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, qui tam and whistleblower law, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.
Leading providers and distributors of life insurance and fixed, variable and fixed indexed deferred 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 International Group, Inc. (AIG)
American National Life Insurance Company
Athene Annuity & Life Assurance Company
Athene Annuity and Life Company
Athene USA
Aviva Life Insurance Company
AXA Equitable Financial Services, LLC
AXA Equitable Life Insurance Company/AXA US
AXA Advisors, LLC
Brighthouse Financial, Inc./MetLife
EquiTrust Life Insurance Company
Fidelity & Guaranty Life Insurance Company
Genworth Financial, Inc.
Genworth Life and Annuity Insurance Company
Genworth Life Insurance Company
Guggenheim Partners, LLC
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
Lincoln Financial Group
Massachusetts Mutual Life Insurance Company
Metlife/Metropolitan Life Insurance Company/Brighthouse Financial, Inc.
Minnesota Life Insurance Company
Nationwide Investor Services Corporation (NISC)
Nationwide Life and Annuity Insurance Company
Nationwide Life Insurance Company
New York Life Insurance Company
Northwestern Mutual Investment Services, LLC
Northwestern Mutual Life Insurance Company
Northwestern Mutual Wealth Management Company
Pacific Life & Annuity Company
Pacific Life Insurance Company
PacLife
Security Benefit Corporation
Security Benefit Group, Inc.
Security Benefit Life Insurance Company/Guggenheim Partners
Security Investors, LLC
Security of Denver Life Insurance Company/Voya
Transamerica Life Insurance Company
Voya Financial Advisors
Voya/Reliastar Life Insurance Company
World Financial Group Insurance Agency, Inc.
