What Is Annuities Fraud?
Annuities are investment products that are designed to provide regular income or to provide a lump sum of money at a designated time.
There are different kinds of annuities, including fixed annuities, variable annuities, and bonus annuities. Each of the different types of annuities has its own specific rules regarding when and how money is distributed from the annuity. However, most annuities are structured to provide a payoff over time. It could take as long as 10 to 20 years for certain annuities to begin providing a return on investment.
Because annuities can seem, on the surface, like a safe and reliable investment, this type of financial product is easy to market to seniors. Unfortunately, annuities may not be the right investment in many life situations. If an annuity is sold under false pretenses, if inaccurate promises were made to convince seniors to buy, or if the investment was recommended even though it was clearly not the right investment, this can result in claims of annuities fraud.
Annuities fraud is a serious problem for seniors who may have sunk a substantial portion of their life savings into an annuity, especially as marketing efforts towards seniors have only been increasing. If you were tricked into buying this kind of product, or if you otherwise believe that there is a problem with your annuity that could be related to fraud, Evans Law Firm can help.
With more than 20 years of experience, our firm has handled many annuities fraud causes, including cases against some of the most powerful insurance companies. We also pursue claims against purveyors of annuities, like insurance agents and brokers, that were sold under false pretenses. No matter who was to blame, we provide representation in class actions and in individual claims to help clients recover from financial loss.
Understanding Annuities Fraud
Annuities fraud takes many forms. In some cases, seniors may be convinced to buy an annuity, only to discover that their money has become trapped. Since seniors often need money for unexpected medical bills or other expenses, an annuity which does not allow withdrawals for a long time may not be a good fit.
If a senior who is especially unsuited to buying an annuity is coerced into buying one because of aggressive marketing and/or inaccurate information, this could be considered a form of annuities fraud. Insurance agents are often paid well to get people to buy annuities, so there is potential for fraud even with a trusted agent and trusted insurer.
Victims of annuities fraud could face substantial losses due to false promises or an inability to access money when they need it. Evans Law Firm will help to recover funds lost due to annuities fraud by filing a civil lawsuit and taking key strategic steps to maximize your potential compensation.
A California financial elder abuse attorney can provide assistance in evaluating whether a particular annuity is an acceptable investment and can offer advice and representation when annuities fraud happens.
Evans Law Firm has been working for two decades to hold insurers accountable and to stop abusive, fraudulent practices in connection with annuities, and our legal team can assist you in holding a company accountable if annuity problems caused you to suffer any financial loss. Call 415-441-8669 or contact us online to find out more about the ways in which our legal team helps victims of annuities fraud.