ATTORNEY NEWSLETTER
Many California teachers invest in annuities to supplement their retirement income. Insurance agents often attempt to sell teachers annuities because insurance laws in California allow agents to solicit payroll deferrals directly from individual teachers. These payroll deferral arrangements are commonly called “403(b) plans.”
Agents tend to promote annuities over other types of retirement investments because annuities often yield high sales commissions for the agents. But an annuity may not be the best choice for the teacher. In fact, a teacher’s investment return, net of fees and other charges, may be much lower in an annuity product than in other investment choices available to teachers. That means less money for retirement due to the choice of an annuity.
Insurance agents may also target teachers with annuities when teachers start their retirement, persuading teachers to use their retirement savings to purchase a lump sum annuity. The annuity is set up to pay the teacher in retirement, but hidden fees and other charges may under certain types of deferred annuity contracts severely decrease the amount of income that the teacher receives.
We can review any annuity sold to California teachers. If you signed up for an annuity as a public school teacher in California, contact us for a free consultation. Our toll-free number is 1-888-50EVANS (888-503-8267).
Below is a list of insurance carriers that offer certain types of annuities to Californians, including teachers. We are not suggesting that any of these annuity carriers have done anything wrong. We are merely providing the list of carriers and offered products as a reference to our readers.
Life Insurance Company of the Southwest (part of National Life Group)
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FIT Certain Income |
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FIT Rewards Growth |
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FIT Secure Growth |
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FIT Select Income |
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RetireMax |
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SecurePlus |
Midland National Life Insurance Company
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MNL Endeavor |
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MNL IndexBuilder |
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MNL RetireVantage |
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MNL Select |
AIG Retirement Services
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Fixed-Interest Option |
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Long-Term Fixed Account |
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Premiere Flexible Premium Fixed |
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VALIC Assured Choice |
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VALIC ProFlex |
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V-Plan Fixed |
American Fidelity Assurance Company
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AFchoice® |
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Before-Tax Flexible Premium with High Interest Option Rider |
Americo Financial Life and Annuity Insurance Company/Great Southern Life Insurance Company
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Future Provider |
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Platinum Secure |
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Ultimate One Index |
Aspire (Advisor Trust)
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Guaranteed Fixed Interest Fund – Advisor Trust |
Athene Annuity and Life Company
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Aviva Elite Index |
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Aviva Flex |
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Aviva Integrity Index |
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Aviva Progressive Index |
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Strategy Advantage |
Brighthouse Financial
T-FLEX
Empower Retirement
Guaranteed Interest Fund
Great American Insurance Group (Annuity Investors Life Insurance Company)
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FlexMax |
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GreatFlex |
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GreatStep |
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SingleMax |
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The Commodore Distinction |
Horace Mann Life Insurance Company
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Capital Bonus |
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Capital Security |
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Destination |
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Expanding Horizon |
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Group Fixed Annuity |
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Personal Retirement Planner Fixed Indexed Annuity |
Industrial-Alliance Pacific Life Ins Co
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Charter Advantage |
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Freedom Flex |
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GoldenFlex |
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GoldenPlus |
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Select Plus |
IPX Retirement
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Standard Guaranteed Fixed Interest Fund |
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TPX (Teacher’s Pension Xchange) |
Jackson National Life Ins. Co.
Jackson Ascender Plus Select
Modern Woodmen of America
Flexible Premium
National Planning Corporation
Elite Choice Retirement Solutions: Fixed Account
Nationwide Life Insurance Company
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Best of America ® Retirement Advisor Fixed Contract |
New York Life Ins. & Annuity Corp.
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New York Life Flexible Premium Fixed |
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New York Life Secure Term Choice Fixed |
North American Company for Life and Health
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NA Performance Choice |
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NAC RetireChoice |
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North American Charter Plus |
Pacific Life Insurance Company
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Pacific Explorer |
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Pacific Frontier |
PlanMember Services Corp
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Annuity Investors Life GreatFlex |
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Symetra Daily Value Fixed Account |
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The Standard Stable Asset Fund |
Putnam Investments
Empower Retirement – Guaranteed Interest Fund
Security Benefit
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Security Benefit Foundations |
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Security Benefit Total Interest |
Thrivent Financial
Thrivent Financial Flexible Premium Deferred – Security Plus
Transamerica Life Insurance Company
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Guaranteed Pooled Fund |
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TransMarkr 100 |
USAA Life Insurance Company
Flexible Retirement Annuity
Voya – ReliaStar Life Insurance Company
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QuintaFlex |
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Voya Retirement Index Select |
Western National Life Insurance Company
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Plus |
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Vision Flex |
