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Jan 28, 2020 by |

California and San Francisco Annuity and Financial Elder Abuse Attorneys: Retirement Portfolios Do Not Need Annuities


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.

Contact Us

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=””></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

Athene USA

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.

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