ATTORNEY NEWSLETTER
Beware of Deferred Annuities
Many analysts see a market correction on the horizon as severe as the drop ending the dotcom bubble back in 2000. Insurance agents seize on such negative forecasts when pushing seniors and those soon to retire toward fixed or indexed annuities and life insurance. Proceed with caution. The Marin County and California financial elder abuse, annuities and securities attorneys at Evans Law Firm, Inc. advise against these products, particularly for seniors.[1] If you or a loved one is over 60 and live in California and have been sold an inappropriate or unsuitable deferred annuity or suffered a loss from a full or partial surrender, call the California annuity and securities lawyers today at Evans Law Firm (415)441-8669. We can review a California senior’s contract for free and may be able to help.
Market jitters are understandable these days given the combined effects of trade wars and central bank reversals on the quantitative easing that has kept interest rates low for so long. While there is cause for concern, in our experience representing disappointed consumers, annuities and life insurance are not the answer to market anxiety. These complicated contracts carry big upfront sales commissions, surrender charges on withdrawals, and other fees and charges which can wipe out any variable, fixed or indexed return, however attractive on paper.
Surrender charges in particular often run as high as 15%. Be careful committing to these illiquid investments. If you need to withdraw your money during the surrender period (up to 15 years in some contracts) you will pay a substantial penalty. Your withdrawal is also subject to tax. You already own tax deferred retirement savings in your Social Security account, 401(k)s, and your employer’s pension plan. If you’re considering the purchase of an annuity at all, seek the advice of investment professionals without any stake in your purchase and always consult your tax advisor before making a purchase.
Contact Us
If you or a loved one is over 60 and a resident of Marin County or elsewhere in California and have been sold an inappropriate or unsuitable variable annuity or suffered a loss on a full or partial surrender of any kind of annuity, contact the Marin County and California elder abuse, annuity and securities attorneys at the Evans Law Firm at (415) 441-8669, or by email at <a href=”mailto:info@evanslaw.com”>info@evanslaw.com</a>. 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 also 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.
Some of the leading providers and distributors of life insurance and 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 National Life Insurance Company
Ameriprise Financial/RiverSource Life Insurance Company
Athene Annuity & life Assurance Company
Athene Annuity and Life Company
Athene USA
Aviva Life Insurance Company
AXA Equitable Life Insurance Company/AXA US
Bankers Life Insurance and Casualty Company
Brighthouse Financial, Inc./MetLife
Crump Life Insurance Services, Inc.
CUNA Mutual Group/CMFG Life Insurance Company
EquiTrust Life Insurance Company
Fidelity & Guaranty Life Insurance Company
Forethought Life Insurance Company/Global Atlantic Financial Group
Genworth Life Insurance Company
Global Atlantic Financial Group/Forethought Life Insurance Company
Guardian Life Insurance Company
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
Massachusetts Mutual Life Insurance Company
Metlife/Metropolitan Life Insurance Company/Brighthouse Financial, Inc.
Nationwide Life Insurance Company
New York Life Insurance Company
Northwestern Mutual Life Insurance Company
Pacific Life Insurance Company
Principal Financial Group
Prudential Life Insurance Company
Raymond James Insurance Group
RiverSource Life Insurance Company/Ameriprise Financial
Security Benefit Life Insurance Company/Guggenheim Partners
Symetra Life Insurance Company
Transamerica Life Insurance Company
Unum Life Insurance Company of America
Voya/Reliastar Life Insurance Company
World Financial Group Insurance Agency, Inc.
[1] We do not provide investment or tax advise but can represent you if you have suffered losses on annuities through a partial or full surrender including any tax losses you may have sustained.
