Category: Annuities

ATTORNEY NEWSLETTER Understanding Income Riders What Are Income Riders? Deferred annuities are insurance policies where the policyholder pays a premium today to receive a series of payments back at some future date. Growth on the dollars paid, if any, is tax deferred.  Income riders are attachments to deferred annuities that […]

ATTORNEY NEWSLETTER Surrender Charges and Taxes Full or Partial Surrenders Whenever an insurance agent pitches a replacement of your existing annuity, think surrender charges and tax consequences. Surrender charges may be imposed on partial or full surrenders for up to ten years and beyond during the life of a policy. […]

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 it disciplinary measures against two brokers who churned client annuities.  The churns (ore replacements) resulted in heavy […]

ATTORNEY NEWSLETTER Understanding Annuities Tying Up Savings and Hidden Costs Annuities are insurance contracts sold to provide guaranteed income for life. Deferred annuities defer that income (and possibly taxes) until a future date. Insurance agents and advisors promote annuities as retirement savings vehicles. We at Evans Law Firm do not […]

ATTORNEY NEWSLETTER Be Wary of Annuities in Any Form What are Deferred Annuities? Tax deferral is the key to successful retirement savings. Annuity salesmen advise consumers to invest in deferred annuities to maximize tax deferral. We at Evans Law Firm counsel caution, especially for senior consumers. Our attorneys have years […]

ATTORNEY NEWSLETTER Insurance Agents and the Fiduciary Rule Putting You First The Department of Labor’s (DOL) long-awaited “fiduciary rule” recently took effect and ushers in significant changes to the annuity and life insurance industry. The fiduciary rule holds advisors and insurance agents to a higher standard of conduct in recommendations […]

ATTORNEY NEWSLETTER What to Expect From Your Financial Advisor Rules Governing Investment Recommendations Every day financial advisors recommend all kinds of investments to American consumers. Recommendations come from stock brokers, insurance agents, bankers, financial planners, and investment advisors. Different government, industry and company rules govern these recommendations. Generally, one of […]

ATTORNEY NEWSLETTER Understanding Death Benefit Riders The Death Benefit Sales Pitch Chances are, if an agent has pitched you on an annuity, he or she touted its “death benefit” as a major selling point. According to the sales pitch, death benefits guarantee your heirs a return of your annuity premium […]

ATTORNEY NEWSLETTER IOVAs: Investment Only Variable Annuities What are IOVAs and How Do They Work? Tax deferral is the key to successful retirement savings. IRAs, 401(k)s, SEPs and the like offer deferral but annual contribution limits are relatively low for high earners. Annuity carriers offer another possibility. Investment Only Variable […]

ATTORNEY NEWSLETTER Beware Annuity Scams Agents Target Seniors Salesmen masquerading as “advisors” or “planners” run annuity scams every day in this country. Their favorite targets are seniors. Seniors make up 30 percent of fraud victims, according to consumer advocacy groups and we suspect the percentage would be much higher if […]