Category: Annuities Fraud

ATTORNEY NEWSLETTER Seniors Beware of Deferred Annuities Deferred annuities are complicated insurance policies where the policyholder pays a premium today for a series of income payments in the future. Carriers and agents sell deferred annuities with fixed interest rates, variable rates, and in policies offering fixed and variable funds. All […]

ATTORNEY NEWSLETTER The Trouble With Annuity Replacements Churning Annuities In shifting economic climates, insurance agents often recommend replacement of old annuity or whole or universal life insurance policies with promises of better, newer products. For most policyholders, especially seniors, replacements are inappropriate because they are expensive, can trigger tax liabilities, […]

ATTORNEY NEWSLETTER Insurance Agent Takes $1 Million From Elderly Client A Recent Case Makes Headlines We at Evans Law Firm represent clients harmed as the result of insurance agents who financially abuse their elder clients. The harm an unscrupulous insurance agent can inflict is serious and can involve a lot […]

ATTORNEY NEWSLETTER FINRA Cracking Down on Faulty Annuity Replacements Cracking Down on Exploitation The Financial Industry Regulatory Authority (FINRA) is the independent authority that governs the nation’s financial industry, including the sale of annuities to American consumers. Lately, FINRA has begun to look closely at brokers who churn their clients’ […]

ATTORNEY NEWSLETTER Be Wary of Anti-Volatility Gimmicks On Monday, February 5, the Dow Jones Industrial Average fell by more than 1,179 points, the biggest daily point loss in its history. Although the market recovered, many investors, including seniors and those nearing retirement, understandably have the jitters.  In a volatile market, […]

ATTORNEY NEWSLETTER Be Wary of Annuity Sales Presentations Have you ever returned to your car in a shopping center parking lot to find a flyer on your windshield inviting you to a free lunch and estate planning seminar? Such tactics are often used by insurance agents to lure seniors especially […]

ATTORNEY NEWSLETTER What to Expect From Your Financial Advisor Rules Governing Investment Recommendations Every day financial advisors recommend all kinds of investments to senior consumers in Santa Clara County and throughout California. Recommendations come from stock brokers, insurance agents, bankers, financial planners, and investment advisors.  Different government, industry and company […]

ATTORNEY NEWSLETTER Beware of Surrenders, Churns, Replacements, Twists, and Switches Whenever an insurance salesman or financial advisor recommends you replace or exchange an annuity you own, be sure to get a second opinion. Annuity replacements (also known as churns, exchanges, twists, or switches) often result in surrender penalties, new commissions, […]

ATTORNEY NEWSLETTER The High Cost of Surrender Charges If you are over age 60, live in San Francisco or anywhere else in California, and have fully or partially surrendered a deferred annuity, you may have paid a surrender charge also called a surrender penalty or withdrawal charge. California law has […]

ATTORNEY NEWSLETTER FINRA Cracking Down on Faulty Annuity Replacements Cracking Down on Exploitation The Financial Industry Regulatory Authority (FINRA) is looking closely at brokers who churn their clients’ variable annuities. Recently, FINRA announced disciplinary measures against two brokers who churned client annuities.  The churns (or replacements) resulted in heavy surrender […]