Avoid The Push Toward Annuities
Your Retirement Portfolio Does Not Need An Annuity
Annuities are insurance policies not investments like CDs, stocks and bonds, or mutual funds. Like other insurance products, annuities are complicated contracts and produce high commissions for the agents that sell them. Our litigators recommend against annuities of any kind especially for seniors, because commissions, fees and surrender penalties reduce returns and make it expensive to get your money out if you need it. If you’re over 60 and have suffered a loss due to cancellation, replacement, full or partial surrender, or high fees on any type of annuity, call the annuity attorneys at Evans Law Firm, Inc. today toll free at 1-888-50EVANS (503-8267) for a free review of your policy. A list of major carriers appears below.
Simply stated, here are the main reasons you do not need to buy an annuity:
- The commissions are high. You already have one annuity in the form of Social Security which pays no commissions and is indexed for inflation. Sales commissions on annuities are high and it takes a long time to recoup that money.
- Withdrawal charges/surrender fees lock you in for six to seven years, and maybe even longer. This can hit older policyholders especially hard if they need to withdraw money for a medical emergency or other unexpected expense.
- Especially today, interest rates are low, which means the cost of buying that guaranteed income is particularly high. You have a long time to live. Interest rates will change and you may be locked into a low-interest rate annuity that will not cover your future income needs.
- There are other options including actual bonds, cash and a mix of investments also generate a steady income stream and do not generate high commissions for sellers or impose withdrawal penalties if you need to take your money out.
Remember that money in an annuity is not covered by FDIC insurance. Surveys indicate that many older persons believe that money invested in an annuity sold by a bank or credit union is insured. It isn’t. Always consult a professional with nothing to gain from a sale and always consult your tax advisor before any purchase or surrender of an annuity.
If you or a loved one has suffered loss on an annuity in San Francisco or elsewhere in California, contact annuity attorney Ingrid M. Evans and the other attorneys at Evans Law Firm at (415) 441-8669 or 1-888-503-8267, 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 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.