Sep 20, 2013 by |

EquiTrust Life Insurance Company Accused of Fraud With Deferred Annuity Sales


Two individuals filed a class action lawsuit against EquiTrust Life Insurance Company alleging that the company engaged in fraudulent business and marketing practices with respect to the sale of deferred annuities.  The Complaint alleges that EquiTrust Life Insurance Company sold a deferred annuity that matured after the buyers 105th birthday.  It is alleged that this sale protected EquiTrust Life Insurance Company from risk and damaged the financial security of the buyer.  Annuities fraud attorneys warn senior citizens that purchasing deferred annuities at an advanced age may not be in the best interest of seniors.

In this case, EquiTrust Life Insurance Company sold deferred annuities to one 80 year-old buyer and another 63 year old buyer.  The Complaint in this case alleges that EquiTrust Life Insurance Company touted the tax benefits of the annuities to help sell the product, the eliminated the tax benefits by extracting large commissions.  The lawsuit also alleges that EquiTrust Life Insurance Company regains costs from policy holders without disclosing all the facts.

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