Annuity Agents Target Seniors
Insurance agents are pushing annuities again in a big way in 2018 and our financial elder abuse and annuity fraud attorneys urge you to avoid the push. Some of those agents may not have your best interests in mind. Annuities come with some of the highest sales commissions out there and agents will do anything to sell them even when they don’t make sense, especially for seniors. Our attorneys represent seniors who have lost money on annuities 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 County or elsewhere in California, call us today at 415-441-8669.
Take the time to educate yourself on annuities. The contracts are expensive from the start and even more expensive if you need to get out. You will pay hefty upfront commissions and continuing fees, which can really add up if the agent sells you additional features, known as riders. Most damaging though is the money you will pay (as much as 10-15%) if you need to withdraw your own money or need to get out of the contract. For seniors who may face unexpected or emergency needs for cash, this can be devastating. You will also incur a tax liability and annuity withdrawals are taxed at ordinary income tax rates.
Selling a senior an inappropriate or unsuitable annuity is against the law 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. Before you let an agent sell you any annuity be sure and review it with a qualified financial advisor with nothing to gain from the sale and consult your tax advisor.
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=”mailto:firstname.lastname@example.org”>email@example.com</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
Aviva Life Insurance Company
AXA Equitable Life Insurance Company/AXA US
Bankers Life Insurance and Casualty Company
Brighthouse Financial, Inc./MetLife
Citigroup Global Markets, Inc.
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
Lincoln Financial Group
Massachusetts Mutual Life Insurance Company
Merrill Lynch Life Agency Inc.
Metlife/Metropolitan Life Insurance Company/Brighthouse Financial, 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
RiverSource Life Insurance Company/Ameriprise Financial
Securities America, Inc./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
Wells Fargo Advisors
World Financial Group Insurance Agency, Inc.