ATTORNEY NEWSLETTER
RiverSource Life Insurance Company Deferred Annuities
The financial elder abuse and annuity attorneys at Evans Law Firm Inc. represent clients who have suffered losses on all types of annuity contracts, including fixed, indexed, and variable deferred annuities. These contracts charge sales commissions, rider fees and other benefit charges, and penalties on full or partial surrenders. RiverSource Life Insurance Company issues variable annuities offered under the names RAVA 5 Advantage®, RAVA 5 Access®, and RAVA 5 Select®. The RAVA 5 series (and the predecessor series RAVA 4) is sold through independent agents and brokers and through RiverSource affiliate Ameriprise Financial Corporation and banks such as Wells Fargo. The Evans Law Firm annuity attorneys want to share some observations on surrender charges and other provisions under these complex products. If you or a loved one is a California resident over age 60 and made a full or partial surrender of a RiverSource annuity, call the annuity lawyers today at Evans Law Firm, Inc. (415) 441-8669 for a free evaluation of your particular policy.
Surrender Charges and Results
Fees and expenses on RiverSource RAVA 5 annuities, similar to contracts issued by other carriers, include upfront sales commissions, rider fees, separate account fees on indexed policies, death benefit fees, and subaccount fees for each of the mutual funds that are inside of variable annuities. In addition, you may be charged for any full or partial surrender or withdrawal from the policy for up to ten years. If you are over 60 and surrendered a RiverSource annuity in California, call Evans Law Firm Inc. today at 415-441-8669 for a free review of your particular policy.
These RiverSource RAVA5 contracts are complicated and fees and charges may erode returns. Remember that these products are essentially illiquid for long periods – up to ten years. Sales commissions are paid out up front, however. Fees and other charges may increase over the life of the policy so that actual returns may be less than advertised. The subaccounts you elect for your annuity investment also charge fees that will diminish your return.
Contact Us
If you or a loved one is over 60 and made a full or partial surrender of a RiverSource RAVA 5 annuity in California, contact San Francisco and California annuity attorney Ingrid Evans and the other annuity attorneys at the Evans Law Firm for a free evaluation of your policy and surrender terms 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 including life insurance and annuity contracts. We can help guide any litigation 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.
Other annuity issuers in California are listed below. We are not suggesting in any way that any of these carriers has done anything wrong or issued unsuitable contracts. Rather, the list is provided solely for our readers’ reference.
Allianz Life Insurance Company of North America
American Equity Investment Life Holding Company
American General Life Insurance Company
Ameriprise Financial/RiverSource Life Insurance Company
Athene Annuity and Life Company
AXA Equitable Life Insurance Company
Brighthouse Life Insurance Company
Fidelity & Guaranty Life Insurance Company
Forethought Life Insurance Company
Great American Life Insurance Company
Guggenheim Partners/ Security Benefit Life Insurance Company
Jackson National Life Insurance Company
Life Insurance Company of the SouthWest/National Life Group
Lincoln Financial Group/The Lincoln National Life Insurance Company
MassMutual/Massachusetts Life Insurance Company
Midland National Life Insurance Company
National Life Group/Life Insurance Company of the SouthWest
New York Life Insurance Company
North American Company for Life and Health Insurance
Pacific Life Insurance Company
Principal Life Insurance Company
Prudential Life Insurance Company
RiverSource Life Insurance Company/Ameriprise Financial
Security Benefit Life Insurance Company/Guggenheim Partners
Symetra Life Insurance Company
Transamerica Life Insurance Company
Voya/Reliastar Life Insurance Company
