Category: Deferred Annuities

ATTORNEY NEWSLETTER FINRA Continues Fines on Sales of Unsuitable L Share Annuities Variable annuities are sold as B-share and L-share contracts.  B-share annuities are the more common and sold to investors with long-term investment horizons. B-shares typically have lengthy surrender charge periods.  L Share Variable Annuities are a type of […]

ATTORNEY NEWSLETTER Guggenheim Partners/Security Benefit Life Insurance Company Total Value Annuities (TVAs) The life insurance and annuity attorneys at Evans Law Firm, Inc. represent clients who have suffered losses on all types of life insurance and annuity contracts, including indexed annuities. Indexed annuities are hybrid annuities that offer both a […]

ATTORNEY NEWSLETTER FINRA Levies Big Fines in 2018 for Sales of Unsuitable Annuities and Other Misconduct The Financial Industry Regulatory Authority (FINRA) polices financial advisor fraud including recommendations of unsuitable annuities. The agency detected a disturbing trend of sales to consumers, including seniors, of unsuitable products and “largely unsupervised” inappropriate […]

ATTORNEY NEWSLETTER Full and Partial Surrenders or Cancellations of Athene Annuity and Life Company Annuities Athene Annuity and Life Company, formerly Aviva Annuity and Life Company,[1] issues fixed indexed annuities in California.  These contracts, like all deferred annuities, include penalties for early withdrawals, known as surrenders.  Surrenders may be full […]

ATTORNEY NEWSLETTER FINRA Concerns With L Share Annuities L Share Variable Annuities are a type of variable annuity where the surrender charge period under the contract is shortened to three or four years but administrative fees and mortality expense rates are higher. L-Shares are also often sold with long-term riders […]

ATTORNEY NEWSLETTER Fraud Up as Annuity Sales Increase Unsuitable Products and Churning Annuity sales are up and so are cases of fraud, especially on seniors. The fraud on seniors varies but typically involves either the sale of unsuitable products or unlawful “churning,” where agents convince annuity owners to trade one […]

ATTORNEY NEWSLETTER FINRA Troubled by Recommendations of Unsuitable Annuities Over-Concentration in Annuities The Financial Industry Regulatory Authority (FINRA) polices advisor recommendations of investment products including annuities. The agency recently reported a disturbing trend of advisor recommendations of variable annuities in particular as unsuitable products for certain consumers. The agency also […]

ATTORNEY NEWSLETTER Beware Fixed Index Annuities Phantom Bonuses and Other Downsides Insurance agents and financial advisors are increasingly using our low interest rate/volatile stock market environment to push a product called fixed indexed annuities. Agents claim the contracts offer the upside of market increases (the “indexed” part) with downside protection […]

ATTORNEY NEWSLETTER Keeping Retirement Savings for Yourself The closer you get to retiring the more you try and save for the future. While saving as much as you can is important, where you put those savings is equally important. Insurance agents, financial advisors, brokers, and retirement planners push annuities and […]

ATTORNEY NEWSLETTER Beware Equity Indexed Annuities Modest Yields, Fees, and Withdrawal Charges Annuity carriers and agents push what they claim are “safer” investment products in volatile markets. Anxious seniors, with money to invest and concerns about future income, worry about low rates on insured deposits on the one hand and […]