Why You Should Think Twice About Annuities
Annuities are a hot topic these days as one of our largest generations ages into retirement. The big question that they seem to have is: how do I ensure that I will not outlive my money? That is, how do I, as a retired individual, create a steady income for the rest of my life? The true answer to that question has many solutions. Insurance carriers and agents push annuities as the answer for retired and aging individuals. We caution you always to get a second, professional opinion when it comes to an annuity purchase; often annuities are wholly unsuitable for an individual’s portfolio. The California Insurance Code Section 10509.914 focuses on annuity suitability, and it lists factors for consideration, such as: the consumer has been informed of the features of the annuity, the consumer benefits from the transaction, surrender charges, and many more. At Evans Law Firm, we represent those who have been sold unsuitable annuities, and victims of annuity fraud and financial elder abuse in California. Call us today at 415-441-8669 for a free consultation.
There are many downsides to annuities, but a few stand out over them all. The first of the problems is that these products intensely complex. Oftentimes the individuals purchasing the annuities do not fully understand what they are buying into, and even the insurance agents sometimes do not understand what they are selling. This makes for a very dangerous and uninformed transaction. Surrender periods and penalties are another problem. Annuities can contain long surrender periods, during which any withdrawal of your money will be subject to a penalty, often very large. The details of annuities are often ill-explained or never explained at all.
In sum, annuities, while sold as great investments, are not necessarily that. In some situations, annuities may be the right option for an individual or family, but in other instances, annuities can waste time and money better spent or invested elsewhere. Talk to multiple people before deciding to purchase an annuity or any financial product, preferably someone who has no financial interest in the outcome. At Evans Law Firm, we understand how serious annuity fraud can be. Call us today at 415-441-8669 if you or someone you know has been the victim.
Some of the major annuity and life insurance providers in California are:
- Transamerica Life Insurance Company
- John Hancock Life Insurance Company
- Bankers Life Insurance and Casualty company
- Massachusetts Mutual Life Insurance Company
- Pacific 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
- Lincoln Benefit Life Company
- AXA Equitable Life Insurance
Evans Law Firm, Inc. handles annuity fraud and insurance fraud cases and lawsuits in California. If you have purchased an annuity policy, or are considering purchasing one, and would like to know whether it is a suitable investment for you, contact Evans Law Firm, Inc. at 415-441-8669 or via email at firstname.lastname@example.org.