The ING Group is a multi-national banking and financial services corporation offering life insurance, annuities and other financial products. ING has faced multiple lawsuits and allegations of various types of fraud, including allegations of accounting fraud and selling life insurance contracts that do not pay as promised. In 2012, ING renamed itself Voya as part of a rebranding effort – but the new name does not necessarily mean new or different business practices.
ING/Voya ended 2015 with a California judge certifying a class action case for senior citizens so that they could bring breach of contract and fraud claims against the company. ING/Voya also announced plans to try to raise rates in 2016. Current and potential customers of ING or Voya need to be aware of the possibility of rate increases and other issues. California insurance and financial elder abuse attorneys can provide assistance in taking legal action if you believe any insurance company has engaged in dishonest behavior or harmed your financial interests. We will review your insurance or annuity policies for free and we generally take insurance cases on a contingency, meaning we do not get paid unless there is a recovery for you.
ING/Voya Insurance Products and Annuities
ING/Voya heavily markets products to seniors, making promises of generous death benefits and promises of substantial guaranteed income through the purchase of annuity products. Unfortunately, seniors who invest their retirement savings in many insurance and annuity financial products could end up getting much less than they expected.
Seniors have been forced to pursue legal action because of the financial losses they experienced as a result of indexed annuities, which were marketed as providing protection to seniors by reducing investment risks and building up retirement savings. Some investors, however, claim to have lost close to 20 percent of savings immediately after investing with various insurance companies and have experienced ongoing losses because the annuity returns are a fraction of what other S&P investments have paid. Some insurance and annuity companies reportedly misled these investors about products, as well as the investment process, so seniors expecting more financial security ended up with less savings and more worries.
Life insurance through ING/Voya may seem like a safer investment because of a guarantee of promised death benefits to be paid. However, ING Life Insurance Company and Voya, in response to the Federal Reserve’s decision to raise interest rates slightly, may be looking to make up the difference by raising premiums. Some policies prevent rate hikes, but not all do, and those seeking life insurance going forward may face significantly higher costs. When rate hikes are possible, some policyholders may reduce death benefits or choose to surrender policies. However, liquidity charges and other costs can significantly reduce the value of a policy, and surrender values may be lower than anticipated.
Seniors who have spent a lifetime building up assets do not deserve to face financial losses because ING/Voya cannot keep its promises or because the company wants to make up for higher costs imposed on them by the decisions of the Federal Reserve. If you have suffered losses, been victimized by false advertising or misleading claims, or been harmed by the business practices of any insurance or annuity company, including ING Life Insurance Company or Voya, contact the insurance and financial elder abuse lawyers with Evans Law Firm, Inc. today for help. We are available online at info@evanslaw.com or by phone at 415-441-8669 or toll free at 888-503-8267.
