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Apr 27, 2015 by |

“Free Lunch” Seminars and Other Schemes Used by Insurance Companies and Their Agents

ATTORNEY NEWSLETTER

Insurance companies and their agents may use various schemes to market and sell deferred annuities. California annuity fraud attorneys want to make consumers, and particularly senior citizens, aware of these schemes. To read more about the risks of deferred annuities and how to prevent them, read our previous posts:/the-risks-of-deferred-annuities-and-what-youre-really-paying-for/; /how-to-protect-yourself-from-the-risks-of-deferred-annuities/.

One scheme that insurance companies and their agents often utilize is that of the “free-lunch seminar.” A company may offer a seminar in retirement planning, with the promise of providing a meal. Although the event is often advertised as informatory, the goal is usually to recruit new clients and sell products. These seminars are so common that, according to a 2013 survey by the FINRA Investor Education Foundation, 64 percent of respondents age 40 and older have been invited to a meeting that offered a free meal and “educational” information for some sort of investment. Sales materials presented at these seminars may be exaggerated or misleading. California annuity fraud attorneys and other financial experts advise consumers to do their homework both before and after one of these seminars, to ask a lot of questions at the seminar, and to avoid making any investment decisions on the spot.

Agents may also advise consumers to move “risky” investments into a “safer” financial product, or offer free or very cheap estate planning or living trust services. Some agents will even visit the home of a prospective client.

Another way that insurance companies and their agents may misrepresent themselves or their products is by using inflated titles. Using titles such as “Certified Senior Advisor” or an “expert in senior financial planning” is often a way to misrepresent an agent’s qualifications. For example, to obtain the title of Certified Senior Advisor, one only has to take a 3 ½ day course, and no college degree or prior financial experience is required.

Companies that sell deferred annuities include John Hancock Life Insurance Company, Transamerica Life Insurance Company, The Prudential Insurance Company of America, Lincoln Benefit Life Company, Zurich American Insurance Company, Genworth Life Insurance Company, ING (often sold through subsidiaries including Security Life, ReliaStar, ING Life and Annuity, and ING USA), Aviva Life Insurance Company, Aviva USA/Athene USA, Aviva Life and Annuity Company, and Allianz Life Insurance Company.

Evans Law Firm, Inc. represents victims of financial fraud, including insurance fraud and annuity fraud. If you believe you have been a victim of financial fraud, please contact Evans Law Firm, Inc. at 415-441-8669 or via email at info@evanslaw.com. Some of the companies that sell deferred annuity policies include the following: John Hancock Life Insurance Company, Transamerica Life Insurance Company, The Prudential Insurance Company of America, Lincoln Benefit Life Company, Zurich American Insurance Company, Genworth Life Insurance Company, ING (often sold through subsidiaries including Security Life, ReliaStar, ING Life and Annuity, and ING USA), Aviva Life Insurance Company, Aviva USA/Athene USA, Aviva Life and Annuity Company, and Allianz Life Insurance Company.

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