The Terrible Truth of 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 firstname.lastname@example.org.
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:
- 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
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 email@example.com.