Hidden Charges and Penalties in Annuities
Are you someone who purchased an annuity while over the age of 60 in the State of California during the past year? Have you suffered from surrender charges due to that annuity? Many people have. And often senior purchasers of annuities are unaware of the penalties until those penalties are actually imposed. If you purchased an annuity with steep surrender charges or paid surrender charges within the past year, or if you know someone who has, and would like to have your annuity contract reviewed, contact the Evans Law Firm today at 415-441-8669. Our attorneys specialize in annuities sold and issued in California. Major annuity carriers in California include Fidelity & Guaranty Life Insurance Company, AXA Equitable Life Insurance Company, and Lincoln Benefit Life Company
One of the most difficult to grasp features of annuities are surrender charges. Surrender charges are penalties that an insurance carrier imposes on withdrawals before contract maturity. Typically, surrender penalties on withdrawals continue for anywhere from 4 to 20 year. In the event you surrender your policy, either totally or partially, the policy has built-in protections for the carrier against any loss of its money (not yours) as a result of an early withdrawal. Keep in mind: if you surrender your policy before your surrender period has expired, you will almost never receive a full refund of your money as long as surrender charges are in effect.
The Bottom Line
If you are the owner of an annuity policy, over the age of 60 when you purchased, and suffered surrender charges, please give us a call. There is no charge for review/consultation, and any annuity cases we take are sometimes taken on a contingency basis, meaning we don’t get paid unless there is a recovery for you. To repeat: annuities are extremely complex financial products so please don’t be rushed into buying one. Before purchasing an annuity, understand all your options and the components of the policy, especially surrender charges. Take your time, and consult with a professional advisor who does not stand to gain from your purchase. If you need our help, please call the Evans Law Firm at (415)441-8669. Our attorneys have expertise and valuable experience with annuities sold and issued in California. Major annuity carriers in California include Fidelity & Guaranty Life Insurance Company, AXA Equitable Life Insurance Company, and Lincoln Benefit Life Company.
Annuity and life insurance providers in California also include the following carriers:
- Aviva/Athene/Accordia Life Insurance Company
- Transamerica Life Insurance Company
- John Hancock Life Insurance Company
- Bankers Life Insurance and Casualty company
- Massachusetts Mutual Life Insurance Company
- Midland Life Insurance Company
- North American Company for Life and Health Insurance
- Pacific Life Insurance Company
- Prudential Life Insurance Company
- Genworth Life Insurance Company
- ING USA Annuity and Life Insurance Company
- Lincoln Benefit Life Company
- Metlife/Metropolitan Life Insurance Company
- Unum Life Insurance Company of America
- Voya/Reliastar Life Insurance Company
- Fidelity & Guaranty Life Insurance Company
- AXA Equitable Life Insurance Company
If you or a loved one have lost money due to surrender charges from an annuity in California, contact the Evans Law Firm annuity attorneys at (415) 441-8669, or by email at firstname.lastname@example.org. 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.