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May 7, 2019 by |

Alameda County and California Annuity and Financial Elder Abuse Attorneys: Annuities Are a Bad Idea


The Truth About Deferred Annuities

Buyer Beware

Investment analyst Ken Fisher’s take on deferred annuities is blunt: “I’d rather die and go to hell before selling an annuity.” [1] As over the top that may sound, Fisher’s investment experience has taught him that annuities are costly and complicated and often not in a saver’s best interest. Our lawyers also recommend avoiding deferred annuities, especially for seniors, primarily because the contracts tie up your money for years penalizing you if you need to take cash out and sales commissions, fees and other charges erode returns.[2]  You’re likely to be better off saving for the future by investing in stock and bond funds directly.  However, if you’re over 60 and live in Alameda County or elsewhere in California and have suffered a loss on an annuity already due to cancellation, replacement, full or partial surrender, or high fees, call the financial elder abuse and annuity attorneys at Evans Law Firm, Inc. today at 415-441-8669 for a free review of your policy.  A list of major carriers in California appears below.

Carriers and agents market annuities as safeguards for the future with guaranteed income when you need it. Don’t buy it.  Annuities pay big sales commissions up front and charge multiple fees from day one – insurance fees, administration fees and “rider” fees for extra coverages an agent may sell you.  Exactly how your money grows (or not) can be a mystery. Buried in these long, complicated contracts is fine print in technical jargon that even seasoned investors find confusing. The truth is that withdrawals are subject to penalties and may reduce or eliminate future benefits, returns are capped, fees may increase, “guarantees” are hedged, and  payout options may not be what you need.

Deferred annuities are in fact so complicated that often the agents selling them do not understand how they work. Or, if they do, agents may gloss over details that would kill a sale. Always consult a professional with nothing to gain from a proposed sale and always consult your tax advisor before an agent sells you anything.  In addition to contract penalties, withdrawals have tax consequences and you need to understand what those are before you invest.  Getting your money out of annuity is much more difficult than putting it in one.

Contact Us

If you or a loved one has suffered loss on a deferred annuity in Alameda County or elsewhere in California, contact financial elder abuse and annuity attorney Ingrid M. Evans and the other attorneys at Evans Law Firm at (415) 441-8669, or by email at <a href=””></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 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.

Annuities and life insurance produce large sales commissions for brokers but are often inappropriate products for consumers, especially seniors. Leading providers and distributors of life insurance and fixed, variable and fixed indexed deferred 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 International Group, Inc. (AIG)

American National Life Insurance Company

Ameriprise Financial/RiverSource Life Insurance Company

Ameriprise Financial/Securities America, Inc.

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

Berkshire Hathaway Group

Berkshire Hathaway Life Insurance Company of Nebraska

Brighthouse Financial, Inc./MetLife

Citigroup Global Markets, Inc.

Crump Life Insurance Services, Inc.

CUNA Mutual Group/CMFG Life Insurance Company

Delaware Life Insurance Company

EquiTrust Life Insurance Company

Fidelity & Guaranty Life Insurance Company

Forethought Life Insurance Company/Global Atlantic Financial Group

Genworth Financial, Inc.

Genworth Life and Annuity Insurance Company

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

Lincoln Financial Group

Massachusetts Mutual Life Insurance Company

Merrill Lynch Life Agency Inc.

Metlife/Metropolitan Life Insurance Company/Brighthouse Financial, Inc.

Minnesota Life Insurance Company

National Life Group

National Life Insurance Company/Equity Services, Inc.

National Western Life Insurance Company

Nationwide Life Insurance Company

New York Life Insurance Company

North American Company for Life and Health Insurance

Northwestern Mutual Investment Services, LLC

Northwestern Mutual Life Insurance Company

Northwestern Mutual Wealth Management Company

Oxford Life Insurance Company

Pacific Life Insurance Company

Principal Financial Group

Prudential Life Insurance Company

Raymond James Insurance Group

Reliance Standard Life Insurance Company/Tokio Marine Group

RiverSource Life Insurance Company/Ameriprise Financial

Securities America, Inc./Ameriprise Financial

Security Benefit Group, Inc.

Security Benefit Life Insurance Company/Guggenheim Partners

Security Investors, LLC

The Standard Life Insurance Company

Symetra Financial Corporation

Symetra Life Insurance Company

Transamerica Life Insurance Company

The United States Life Insurance Company in the City of New York

Unum Life Insurance Company of America

USAA Life Insurance Company

The Variable Annuity Life Insurance Company

 Voya/Reliastar Life Insurance Company

Wells Fargo Advisors

Western & Southern Financial Group

The Western & Southern Life Insurance Company

World Financial Group Insurance Agency, Inc.

[1] Ken Fisher is an American investment analyst and founder and chairman of Fisher Investments.  He contributes frequently to the money column at USA Today.  You can read Fisher’s most recent USA Today article on annuities at

[2] The attorneys at Evans Law Firm do not provide investment or tax advice but our litigators represent senior policyholders who lose money through cancellations, surrenders or fees on these contracts or as the result of insufficient disclosures by insurance agents and carriers.

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"I contacted Attorney Ingrid Evans for advice about a financial elder abuse case. She was extremely knowledgeable, bright and informative. I highly recommend her. I am an attorney myself, and know when I am talking to a another excellent attorney."
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