It is recommended that consumers carefully review any policy and consider their options before purchasing any annuity policy.
Annuities are complex products that often have hidden fees and costs, and may not be suitable for all investors, particularly senior citizens. Annuities often have surrender charges, making it difficult for consumers to withdraw funds before a certain period. This makes annuities an illiquid investment. Many consumers do not read the fine print and then are stuck in a long term investment, with high surrender charges that they can’t get out of.
Additionally, California annuity fraud attorneys say that agents selling annuities can often provide misleading information. For example, an agent may offer an enticing interest rate, but not reveal to the customer that the rate will change after the first year. Additionally, many consumers do not realize that they may be paying for the agent’s commissions and/or bonuses.
Transamerica is owned by Aegon, N.V. and provides clients with a variety of life insurance products. Transamerica designates itself as “one of the world’s leading financial services companies.” Through Transamerica, consumers can utilize deferred (fixed and indexed) and variable annuities as part of their financial planning strategy.
Evans Law Firm, Inc. handles consumer fraud cases, including annuity fraud and insurance fraud lawsuits, and is currently investigating potential claims related to the sale of annuities through Transamerica Life Insurance. If you have purchased, or are considering purchasing, an annuity policy through Transamerica and want to know if it is a suitable investment for you, please contact Evans Law Firm, Inc. at 415-441-8669 or via email at firstname.lastname@example.org.