The Truth About Deferred Annuities
Investment analyst Ken Fisher’s take on deferred annuities is blunt: “I’d rather die and go to hell before selling an annuity.”  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. 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.
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=”mailto:email@example.com”>firstname.lastname@example.org</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
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.
 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 https://www.usatoday.com/story/money/columnist/2019/04/14/annuity-reasons-why-annuities-bogus/3447557002/.
 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.