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Oct 30, 2017 by |

California Life Insurance Attorney: Surrenders of Whole and Universal Life Insurance

ATTORNEY NEWSLETTER

Surrender Charges on Whole and Universal Life Insurance

If you are over age 60, live in California, and have surrendered a whole or universal life insurance policy, you may have paid a surrender penalty. California law has very specific rules about surrender penalties for seniors.  The insurance 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 has sustained a loss from surrender penalties, rider fees, or other charges under life insurance and/or annuity policies, or have been the victim of financial elder abuse, 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 throughout California.  A list of major life insurance carriers in California appears below.

We at Evans Law Firm Inc. have represented policyholders who suffered surrender charge losses on universal and whole life policies. Commissions, surrender charges, rider fees, and subaccount fees all erode returns on investment in any form of whole or universal life coverage. Be wary when an agent recommends these products as retirement savings instruments.  While growth in policy value is tax deferred prior to withdrawal, other retirement savings vehicles such as 401(k)s and IRAs also are tax-deferred.  We are not tax lawyers and do not provide tax advice but we have seen policyholders suffer tax losses on surrenders.  Always consult with your tax advisor on any surrender or replacement of a policy.

Contact Us

If you are over 60 and surrendered a whole life or universal life insurance policy in California, contact the Evans Law Firm insurance attorneys 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 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 and life insurance providers in California are:

Allianz Life Insurance Company of North America

Athene Annuity and Life Company

AXA Equitable Life Insurance Company

Bankers Life Insurance and Casualty Company

EquiTrust Life Insurance Company

Fidelity & Guaranty Life Insurance Company

Genworth Life Insurance Company

Guardian Life Insurance Company

ING USA Annuity and Life Insurance Company

Jackson National Life Insurance Company

John Hancock Life Insurance Company

Lincoln Benefit Life Company

Massachusetts Mutual Life Insurance Company

Metlife/Metropolitan Life Insurance Company

New York Life Insurance Company

Northwestern Mutual Life Insurance Company

Pacific Life Insurance Company

Prudential Life Insurance Company

Transamerica Life Insurance Company

Unum Life Insurance Company of America

Voya/Reliastar Life Insurance Company

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