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PHONE: 415-441-8669 | TOLL FREE: 888-50EVANS

Feb 28, 2020 by |

California Annuity and Financial Elder Abuse Attorneys: Avoid Annuities In Your Retirement Savings


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.

Contact Us

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=””></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

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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"Contacted Ingrid on an elder financial abuse case - she was responsive, knowledgeable, and easy to work with. You can tell she is passionate about this area of law and has the experience to back it up. She is an excellent choice if you are looking for a results driven attorney and highly effective advocate."
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