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Aug 1, 2018 by |

California and San Francisco Annuity and Financial Elder Abuse Attorneys: Should I Buy an Annuity?

ATTORNEY NEWSLETTER

Understanding Annuities

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.[1] 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.

Contact Us

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:info@evanslaw.com”>info@evanslaw.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 USA

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.

 

[1] We do not offer investment or tax advice.

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