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Jul 23, 2019 by |

California and Marin Annuity and Financial Elder Abuse Attorneys: Misleading Data on Annuity Applications


The Importance of Accurate Age and Income Information

How Insurance Agents and Advisors May Mislead You and Carriers

Making You “Eligible” for Ineligible Contracts

Our litigators think annuities are not a good investment for seniors, particularly when the application process can be rigged by an unscrupulous agent to make sure a sale goes through. Since information regarding your age, income and net worth are all critical when an insurance company underwrites an annuity, an agent may misstate the information to make sure an application is approved. Most carriers, for example, have age cut-off rules for their annuities prohibiting annuity sales to persons sometimes referred to as “Super Seniors,” that is, 85 (or even younger) and above. If you’re too old for an annuity the carrier will not issue a policy.  Agents know those rules and may submit false information about your birth date to qualify you.  Income levels and net worth figures also determine whether an annuity is “suitable” for you and agents may fudge these figures too in order to qualify you for what they want to sell.  If your insurance agent doctors your application to make you qualify, you’re probably being sold an unsuitable contract.  If you’re over 60 and live in California, call the annuity and financial elder abuse attorneys at Evans Law Firm, Inc. today at (415)441-8669 and we can review the information you’ve been given, the agent’s paperwork on your contract, and the policies you’ve been sold.

Misrepresenting income levels, birth dates and other critical information violates the law too. California law requires agents recommend annuities “suitable for the consumer” that result in the consumer receiving a “tangible net benefit” from the recommended product. Calif. Ins. Code § 10509.914(a).  In order to determine what is “suitable” the law requires agents to gather information about the consumer’s age, financial resources, net worth, and income.  Calif. Ins. Code § 10509.913(i). Carriers are supposed to supervise compliance with these rules. Calif. Ins. Code § 10509.914(f).  Our attorneys have litigated against agents who distort suitability information to sell unsuitable contracts and carriers who fail to supervise compliance as they should.

The payoff for the agent of sliding an application through is the sales commission the agent earns; the bigger the policy the bigger the commission. Annuities and life insurance are commission-driven products.  Whenever you are presented with a proposal be sure and review everything about it (including the application and suitability worksheets) with a professional with nothing to gain from a sale and consult your tax advisor as all annuities and life insurance arrangements have tax consequences. 

Annuities and life insurance are complicated products generating large sales commissions but are often inappropriate 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 Financial Services, LLC

AXA Equitable Life Insurance Company/AXA US

AXA Advisors, LLC

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.

Contact Us

If you or a loved one has suffered a loss as the result of the sale to you of an inappropriate or unsuitable annuity in California, contact Ingrid M. Evans and the other Evans Law Firm financial elder abuse and annuity attorneys 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 FINRA arbitration, 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.

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