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Feb 21, 2019 by |

Protecting Seniors from Violations of Insurance & Securities Laws by Agents


Annuity Scams Targeted At Seniors

Annuity Fraud

On average, a senior victimized by financial elder abuse loses over $140,000. That level of monetary loss is devastating.  Unscrupulous insurance agents are among the financial predators on seniors, selling them unsuitable annuities and life insurance that line agents’ pockets with commissions but leave seniors hostage to fees and charges and unable to access their cash when they need it.  The Marin and San Francisco financial elder abuse and annuity fraud attorneys at Evans Law Firm, Inc. represent seniors who have lost money through high commissions and fees, withdrawal charges and tax bills as a result of the sales and exchanges of inappropriate annuities and other fraud. If you or someone you know is over 60 and lives in California and is a victim of annuity fraud in Marin, San Francisco, or elsewhere in California, call us today at 415-441-8669. 

In a recent case[1], a financial advisor has been barred from the securities industry for the third time for submitting false suitability information to sell disproportionately large variable annuities to customers.  Suitability is an industry and legal term that means an agent and carrier should only recommend and sell annuity and life insurance policies appropriate to a consumer’s age, income, other assets, debt, financial goals and so on.  When an agent doctors the information to make it look like a client can afford a larger policy than he or she really can, that agent breaks the law.  The particular agent in the recent case booked over $1.8 million in sales commissions on unsuitable annuities before the regulators caught up with him.  His customers also lost thousands of dollars in surrender charges when he recommended they exchange existing annuities for “better” ones, another fraud. 

This kind of financial fraud against a senior breaks insurance and securities laws and constitutes financial elder abuse. Our attorneys pursue all remedies available to senior victims of this kind of financial elder abuse.  California law provides restitution (getting your money back), extra damages (to punish the fraudulent conduct) and awards of attorneys’ fees and costs to the senior forced to bring an action against the wrongdoers.  We handle financial elder abuse cases every day and will work with you to see justice is done and those responsible for your loss pay up.  Lastly, as a word of caution, a background check on your advisor is always important.  In the case discussed above, a check should have revealed the advisor’s prior disciplinary actions and saved consumers from falling victim to fraud again.

Contact Us

If you or a loved one been the victim of annuity fraud in Marin County, or in any California county, contact Ingrid M. Evans and the other Evans Law Firm annuity fraud 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 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 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 Life Insurance 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 Life Insurance Company/Guggenheim Partners

The Standard Life Insurance Company

Symetra Financial Corporation

Symetra Life Insurance Company

Transamerica Life Insurance Company

Unum Life Insurance Company of America

USAA 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] Evans Law Firm was not involved in the case in any way.

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