Agents Push Deferred Annuities For Seniors
Understand How Deferred Annuities Work
Always Get A Second Opinion
Insurance agents offer seniors deferred annuities, designed, according to the salesperson, to provide an income stream later in life. Sometimes the teaser rates on these contracts sound appealing. But deferred annuities pay high sales commissions to agents, and there are risks and fees that may not be fully disclosed. Senior consumers need to understand those risks and fees before an agent sells them a policy. Once you are in a deferred annuity contract, there are penalties to pull out. The Marin County financial elder abuse attorneys at Evans Law Firm, Inc. represent senior consumers who lose money on deferred annuities due to fees, undisclosed or misleading information, withdrawal charges, botched replacement transactions, and tax bills. If you or someone you know is over 60 and lives in Marin County or elsewhere in California and has lost money on an indexed annuity, call us today at 415-441-8669 or toll free at (888)503-8267.
If you are a senior citizen considering a deferred annuity, get a second opinion from a professional with nothing to gain from the sale and consider the following:
• Deferred annuities have two different values: an income account value and a cash surrender value. The cash value, or surrender value, is the most important value to the consumer because that is the amount you can withdraw if you need your money back.
• That cash value is never guaranteed, and within the surrender period of the policy (which can last ten years or more) there will be a penalty on withdrawals, sometimes as high as 15%
• The income account value is not an amount you can withdraw or access. Even if this income amount “grows” at some contractual rate that sounds high you can never call the insurance company and withdraw the income value; it is only an accounting number on which your future income is calculated.
• If you need to withdraw your money you will not receive that income account value but rather the lower cash value subject to surrender penalties.
• Your withdrawal will also be subject to taxes, often at ordinary rates.
• Always consult your tax advisor before a sale, exchange or surrender. All annuity transactions have tax consequences.
• Keep detailed records. Get all rate quotes and key information in writing. Once you’ve made a purchase, keep a copy of all paperwork you complete and sign, as well as any documents you’ve been given, including illustrations, correspondence, special offers and payment receipts.
If you are over 60 and live in Marin or elsewhere in California and have lost money on a deferred annuity or indexed universal life insurance contact Ingrid M. Evans and the other Evans Law Firm financial elder abuse, annuity and life insurance attorneys at (415) 441-8669, or by email at <a href=”mailto:firstname.lastname@example.org”>email@example.com</a>. California law provides injured seniors with 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. 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.
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
Athene Annuity & Life Assurance Company
Athene Annuity and Life Company
Aviva Life Insurance Company
AXA Equitable Financial Services, LLC
AXA Equitable Life Insurance Company/AXA US
AXA Advisors, LLC
Brighthouse Financial, Inc./MetLife
EquiTrust Life Insurance Company
Fidelity & Guaranty Life Insurance Company
Genworth Financial, Inc.
Genworth Life and Annuity Insurance Company
Genworth Life Insurance Company
Guggenheim Partners, LLC
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
Metlife/Metropolitan Life Insurance Company/Brighthouse Financial, Inc.
Minnesota Life Insurance Company
Nationwide Investor Services Corporation (NISC)
Nationwide Life and Annuity Insurance Company
Nationwide Life Insurance Company
New York Life Insurance Company
Northwestern Mutual Investment Services, LLC
Northwestern Mutual Life Insurance Company
Northwestern Mutual Wealth Management Company
Pacific Life & Annuity Company
Pacific Life Insurance Company
Security Benefit Corporation
Security Benefit Group, Inc.
Security Benefit Life Insurance Company/Guggenheim Partners
Security Investors, LLC
Security of Denver Life Insurance Company/Voya
Transamerica Life Insurance Company
Voya Financial Advisors
Voya/Reliastar Life Insurance Company
World Financial Group Insurance Agency, Inc.