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Jul 19, 2018 by |

Alameda County and California Insurance and Financial Elder Abuse Attorneys: Life Insurance Churning and Twisting


Life Insurance Churning

Millions of older Americans have whole life insurance policies with accumulated cash value. Typically, they were sold those policies when they were much younger as a tax deferred savings vehicle, passing the accumulation on to their children when they died.  Some insurance agents spot these senior policyholders and try and convince them to surrender their policies and replace them with new policies.  The practice is known as “churning” or “twisting” your policy.  The sales pitch is typically that the policyholder can increase the amount of life insurance protection with no increased cost of insurance and without the payment of additional premiums.  Be extremely wary of such a recommendation.  As explained below, churning or twisting of your policy can result in substantial financial loss for you and your family and possible tax penalties.

The Alameda County and California insurance and financial elder abuse attorneys at Evans Law Firm, Inc. represent senior victims who have lost money due to churning or twisting of life insurance policies or annuities by insurance agents and carriers. Such losing transactions for seniors constitute financial elder abuse.  Our financial elder abuse lawyers pursue all remedies available against all parties responsible for victimizing seniors under the California Elder Abuse and Dependent Adult Civil Protection Act and other statutes designed to protect California seniors from financial elder abuse.  If you or someone you know is the victim of financial elder abuse in San Francisco or elsewhere in California, call Evans Law Firm today at 415-441-8669.

What an insurance agent may not tell you when recommending a replacement of an existing policy is that the cash value of the new policy will be less than the old and will require significant additional premiums in a few years in order to stay in force. And if that does not dissuade you, consider also that you may end up with a tax bill on the transaction.  While money grows tax-deferred in life insurance policies, withdrawals and surrenders are taxed at ordinary rates.  Always consult your tax advisor when considering any policy surrender or replacement.[1]

Contact Us

If you or a loved one been the victim of financial elder abuse or securities fraud whether in Alameda County or anywhere in else California, contact California financial elder abuse attorney Ingrid Evans and the other Evans Law Firm financial elder abuse attorneys at (415) 441-8669, or by email at <a href=””></a>. Our attorneys have experience with all types of financial elder abuse, investment and securities fraud and annuity fraud. We can help guide your case through a bench or jury trial, through mediation or arbitration, including FINRA arbitration if required, 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.

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.

Accordia Life and Annuity Company/Global Atlantic Financial Group

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] While we do not offer tax or investment advice, we do represent clients who have lost money due to taxation of churns and twists or other botched life insurance or annuity replacements.

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