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Apr 24, 2015 by |

How to Protect Yourself from the Risks of Deferred Annuities

ATTORNEY NEWSLETTER

California financial fraud attorneys want to provide consumers with tips, tools, and resources to protect against the risks of purchasing deferred annuities. For more on deferred annuities and their risks, read here: /the-risks-of-deferred-annuities-and-what-youre-really-paying-for/.

TIPS TO DETERMINE IF A DEFERRED ANNUITY IS AN APPROPRIATE INVESTMENT FOR YOU:

-Research the product.
-Ask if there are any surrender or death charges.
-Ask how much the agent is earning in commissions.
-Ask what specific fees and charges are featured.
-Ask if the interest rate drops after the first year.
-Consult websites and resources related to senior financial planning in order to learn more about deferred annuities.
-Check to see if there is a pending lawsuit against the annuity/insurance company.
-Check the agent’s credentials. In addition to conducting an Internet search, you can use the State Departments of Insurance website (http://www.insurance.ca.gov for California) or the SEC/FINRA website’s Broker Check tool (http://brokercheck.finra.org).
-Consult with a close friend or family member when making investment decisions. Read your policy carefully.
-Have a reputable financial advisor look over the product.
-Watch out for false “certifications” that misrepresent an agent’s qualifications. These include titles such as “Certified Senior Advisor”, “Certified Retirement Financial Advisor”, and “Certified Senior Consultant.” These titles are often given after only a short course. A Certified Financial Planner (CFP) will have earned an undergraduate degree, undergone course training in 89 topics of integrated financial planning, and passed a ten-hour exam.

If you have already purchased a deferred annuity, you have 30 days to cancel if you are 60 years or older. Most states have laws allowing you to cancel your policy within a certain free-look period (in California, the period is 30 days).

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. handles annuity fraud and insurance fraud cases and lawsuits. If you have purchased a deferred 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. 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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