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Dec 7, 2017 by |

San Francisco County and California Annuities Attorney: Surrenders Charges and Other Fees on Deferred Annuities

ATTORNEY NEWSLETTER

The High Cost of Surrender Charges

If you are over age 60, live in San Francisco or anywhere else in California, and have fully or partially surrendered a deferred annuity, you may have paid a surrender charge also called a surrender penalty or withdrawal charge. California law has very specific rules about the disclosure of surrender charges for seniors.  The San Francisco and California annuity and financial elder abuse attorneys at Evans Law Firm Inc. represent seniors who have suffered losses on surrender penalties.  If you or a loved one paid surrender charges on a full or partial surrender, or have paid rider fees, or other charges under an annuity policy, call Evans Law Firm today at (415)441-8669 and we can review your policy for free.  We handle life insurance, annuity, and financial elder abuse cases in San Francisco and throughout California.  A list of major annuity providers in California appears below.

Deferred annuities, whether fixed, indexed, or variable, are insurance products and carry most of the same costs as life insurance policies. Sometimes the fees and charges are buried in the policy details. Commissions, surrender charges, rider fees, and subaccount fees all erode returns on annuities.  Be wary when an agent recommends these products as retirement savings instruments.  While growth in policy value is tax deferred prior to surrender or withdrawal, other retirement savings vehicles such as 401(k)s and IRAs also are tax-deferred.  (And almost all of us already have one tax deferred annuity – Social Security.)   Policyholders, however, can lose tax deferral benefits on some withdrawals or policy replacements.  We are not tax or ERISA lawyers and do not provide tax advice but we have seen policyholders suffer tax losses on surrenders and/or replacements.  Always consult with your tax advisor on any full or partial surrender or replacement of an annuity.

Contact Us

If you are over 60 and surrendered an annuity in San Francisco or elsewhere in California, contact California annuity attorney Ingrid Evans and the other annuity and financial elder abuse attorneys at the Evans Law Firm for a free review of your policy at (415) 441-8669, or by email at <a href=”mailto:info@evanslaw.com”>info@evanslaw.com</a>. Our attorneys have experience with complex indexed universal and whole life policies and annuity contracts and cases against large insurance companies. We can help guide your case through a jury trial or toward an equitable settlement.  We also handle cases involving physical and financial elder abuse, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.

Some of the major annuity providers in California are:

Allianz Life Insurance Company of North America

Allstate Life Insurance Company

American Equity Investment Life Holding Company

American National Insurance Company

Athene Annuity and Life Company

AXA Equitable Life Insurance Company

EquiTrust Life Insurance Company

Fidelity & Guaranty Life Insurance Company

Guggenheim Partners/First Security Benefit Life Insurance Company

Forethought Life Insurance Company

Genworth Life Insurance Company

ING USA Annuity and Life Insurance Company

Jackson National Life Insurance Company

John Hancock Life Insurance Company

Lincoln Financial Group/The Lincoln National Life Insurance Company

MassMutual/Massachusetts Life Insurance Company

MetLife/Metropolitan Life Insurance Company

Midland National Life Insurance Company

Mutual of Omaha

New York Life Insurance Company

Pacific Life Insurance Company

Prudential Life Insurance Company

Guggenheim Partners/Security Benefit Life Insurance Company

Transamerica Life Insurance Company

Voya/Reliastar Life Insurance Company

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