Resist The Annuities Sales Pitch
Sales Commissions And Annual Fees Erode Returns
Bonds And Other Fixed Income Investments Carry No Penalties
The lawyers at Evans Law Firm, Inc. recommend against annuities especially for seniors, because commissions, fees and surrender penalties reduce returns and make it expensive to get your money out if you need it. You already have one tax-deferred annuity for retirement which is your Social Security savings; any IRAs, employer pension plans, SEP IRAs, or 401(k) savings also grow tax-deferred without the sales commissions, fees and penalties. Other investments like bonds may offer the predictable income you seek without the annual fees, sales commissions, and withdrawal penalties. If you’re over 60 and live in California and have suffered a loss due to cancellation, replacement, full or partial surrender, or high fees on any type of annuity, call the California financial elder abuse and annuity attorneys at Evans Law Firm, Inc. today at 415-441-8669 or toll free at 1-888-50EVANS (888-503-8267) for a free review of your policy. A list of major carriers in California appears below.
Bonds, CDs, and money market accounts offer predictable interest without the commissions, fees, and penalties. Advertisements of higher rates on annuities may be misleading. Agents and insurance carriers use teaser rates to pique your interest in annuities. In one recent example we saw, the initial interest rate on a fixed annuity was 1.5%. By the second year of the policy, the real return was -1.0% after fees. Direct investments in stocks and bonds, mutual funds, or bank CDs historically outpace that return and withdrawals are not subject to penalties.
If you are sold an annuity, you should expect surrender fees if you need to withdraw your money for the first several years of the contract. Under some policies the surrender period can be over ten years and the penalties as high as 15% on any withdrawal. Whatever you do, get second opinions from a professional investment advisor with nothing to gain from a sale. Whether it’s a banker, insurance agent, or financial advisor recommending an annuity to you, also always consult your tax advisor before any purchase or surrender.
If you or a loved one has suffered loss on an annuity in California, contact San Francisco and California annuity and financial elder abuse attorney Ingrid M. Evans and the other attorneys at Evans Law Firm at (415) 441-8669, or toll free at 1-888-50EVANS (888-503-8267) or by email at <a href=”mailto:email@example.com”>firstname.lastname@example.org</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 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 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.