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May 26, 2017 by |

Contra Costa County Financial Elder Abuse and Annuity Attorney: Annuity Fraud

ATTORNEY NEWSLETTER

The Terrible Truth of Annuities

Annuities

A lot of people are talked into annuities as a way to save for retirement. Please think twice (or three times) before you are sold an annuity. As more and more people, seniors particularly, end up with annuities, it becomes clear that they have some serious downfalls that most buyers are not aware of up front 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 info@evanslaw.com.

Why They Pose A Problem

Of the pitfalls of annuities, surrender charges take the cake. Often, annuities keep your money locked up in a surrender period, which means that you cannot take your money from the policy until a specified number of years. If you take money out before the surrender period is over, then you are slapped with a fee, or surrender charge. And surrender penalties are very steep. Sadly, most individuals who are sold annuities do not understand surrender charges and/or periods (if surrender charges are even mentioned), and this leads to a dissatisfied – potentially ruined – policyholder years down the road.

The Bottom Line

Other common downfalls of annuities are low investment returns and the sheer complexity of annuities as a whole. It is important to understand that annuities are very complicated insurance products and sometimes the agents and insurance carriers are not even certain of the fine details. Before jumping to buy an annuity, take some time to understand exactly what an annuity can offer. Know that agents and insurance carriers often prey on elders and convince them to buy these unsuitable policies. At Evans Law Firm, we understand that annuities are not for everybody, and it is our job to help the public understand that as well.

Some of the major annuity and life insurance providers in California are:

Contact Us

Evans Law Firm, Inc. handles annuity fraud and insurance fraud cases and lawsuits in Contra Costa County and in all other counties in California as well. 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 info@evanslaw.com.

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