If you are over 60 and nearing retirement, the question of whether you should purchase an annuity as part of your retirement savings plan is likely to come up. Insurance agents and advisors, who stand to make a commission on any sale, promote annuities as important retirement savings vehicles. Or you may have an existing annuity that an agent suggests you replace with a “better” one. Be cautious whether you’re a first-time buyer or you’re considering replacement of an existing policy. Ultimately, the decision on whether to buy an annuity is yours alone but make sure you understand how they work and get a second opinion before any purchase or surrender/replacement, including from your tax advisor.
We at Evans Law Firm represent clients, especially seniors, who have lost money on surrenders and replacements of annuities or from high commissions and fees on new or existing contracts. There are significant downsides with these complicated investments especially for seniors and agents and advisors often prey on seniors in marketing annuities. If you or a loved one has suffered a loss from an unsuitable annuity, surrender and/or replacement of an existing annuity, or other form of financial elder abuse in San Francisco or elsewhere in California, call the Evans Law Firm at (415)441-8669 and we can help. Below we list several important considerations when deciding on an annuity purchase or replacement.
Whenever considering an annuity, remember that you already own one in the form of your Social Security benefit. You can always find out what your benefit is estimated to be by asking the Social Security Administration for a statement of your benefits. You may also have a pension where you work and that is another annuity you already hold. You can also take advantage of tax-deferred retirement savings by contributing to IRAs and 401(k) plans without sinking your money in an annuity.
If you or a loved one is over 60 and lives in California and has suffered loss on an unsuitable annuity, annuity replacement, or paid surrender charges on a deferred annuity or any other annuity or has been the victim of financial elder abuse in San Francisco or elsewhere in California, contact Ingrid Evans and the other Evans Law Firm annuity 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 FINRA arbitration, 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.
Some of the leading providers of life insurance and 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 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
Athene Annuity and Life Company
Athene Annuity & Life Assurance Company
Aviva Life Insurance Company
AXA Equitable Life Insurance Company/AXA US
Bankers Life Insurance and Casualty Company
Brighthouse Financial, Inc./MetLife
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
Massachusetts Mutual Life Insurance Company
Metlife/Metropolitan Life Insurance Company/Brighthouse Financial, Inc.
Nationwide Life Insurance Company
New York Life Insurance Company
Northwestern Mutual Life Insurance Company
Pacific Life Insurance Company
Principal Financial Group
Prudential Life Insurance Company
Raymond James Insurance Group
RiverSource Life Insurance Company/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
World Financial Group Insurance Agency, Inc.
 We do not offer investment or tax advice.