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May 1, 2019 by |

Marin County and California Annuity and Financial Elder Abuse Attorneys: Annuity Losses

ATTORNEY NEWSLETTER

Annuities Are Costly and Complicated

Losses From Surrender Charges, Commissions, and Fees

Annuities are complicated and risky and tie up your money for years, subject to penalties (for as long as 15 years under some contracts) if you need to take your money out. It’s easy to put money into an annuity; getting it back may cost you. Our lawyers recommend avoiding annuities of any kind, especially for seniors.[1]  Withdrawal penalties, known as surrender charges, can be steep and seniors who need their money may get hit with penalties and tax liabilities (at ordinary rates) on withdrawals.  Commissions and annual fees can be high, especially if your agent sold you “enhanced” benefits, known as riders.  If you’re over 60 and live in California and have suffered a loss due to cancellation, replacement, full or partial surrender, or high fees on an annuity or rider, call the California financial elder abuse and annuity attorneys at Evans Law Firm, Inc. today at 415-441-8669 for a free review of your policy.  A list of major carriers in California appears below.

Some products come with surrender periods that last a long time.  If you’re going to get locked in for more than seven years or so, think carefully about how well you can predict your future cash needs and the financial strength of the insurance company. Annuities are not insured by any government agency and the promise to pay you in the future is only as good as the carrier’s word.  Do a background check on the agent you’re working with.  One free place to search is https://brokercheck.finra.org/. Question whether the agent is acting in your best interest. Annuity sales are notorious for abuse.  Get a second opinion on any proposal from a professional with nothing to gain from a sale, and always consult your tax advisor before you buy.

Agents push the security of income benefits and advantages of tax deferral when selling annuities. Be wary of those supposed advantages: every type of annuity involves investor risk and actual returns may be less than promised.  Tax deferral can be achieved in direct IRA and 401(k) investments in mutual funds without surrender penalties, caps and high fees.  Also be aware that carriers sell annuities over time and it’s by no means certain that the company you gave your money to will be the same company paying you back when benefits are supposed to kick in.  This is just another risk you’re taking when an agent sells you an annuity.

Contact Us

If you or a loved one has suffered loss on a fixed indexed annuity or any other annuity in California, contact Marin annuity and financial elder abuse attorney Ingrid M. Evans and the other attorneys at Evans Law Firm at (415) 441-8669, or by email at <a href=”mailto:info@evanslaw.com”>info@evanslaw.com</a>. Our attorneys have experience with complex financial contracts and large insurance companies. We can help guide your case through a jury trial or toward an equitable settlement.  We handle cases involving physical and financial elder abuse, qui tam and whistleblower law, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.

Annuities and life insurance produce large sales commissions for brokers but are often inappropriate products for consumers, especially seniors. Leading providers and distributors of life insurance and fixed, variable and fixed indexed deferred annuities in California are listed below.  We are not in any way suggesting that any of these carriers or distributors has done anything wrong.  Rather, the list is provided solely as a reference for our readers.

AIG/American General Life Insurance Company

Allianz Life Insurance Company of North America

American Equity Investment Life Insurance Company

American General Life Insurance Company/AIG

American National Life Insurance Company

Ameriprise Financial/RiverSource Life Insurance Company

Ameriprise Financial/Securities America, Inc.

Athene Annuity & Life Assurance Company

Athene Annuity and Life Company

Athene USA

Aviva Life Insurance Company

AXA Equitable Life Insurance Company/AXA US

Bankers Life Insurance and Casualty Company

Berkshire Hathaway Group

Berkshire Hathaway Life Insurance Company of Nebraska

Brighthouse Financial, Inc./MetLife

Citigroup Global Markets, Inc.

Crump Life Insurance Services, Inc.

CUNA Mutual Group/CMFG Life Insurance Company

Delaware Life Insurance Company

EquiTrust Life Insurance Company

Fidelity & Guaranty Life Insurance Company

Forethought Life Insurance Company/Global Atlantic Financial Group

Genworth Financial, Inc.

Genworth Life and Annuity Insurance Company

Genworth Life Insurance Company

Global Atlantic Financial Group/Forethought Life Insurance Company

Guardian Life Insurance Company

Guggenheim Partners/Security Benefit Life Insurance Company

ING USA Annuity and Life Insurance Company

Jackson National Life Insurance Company

John Hancock Life Insurance Company

Lincoln Benefit Life Company

Lincoln Financial Group

Massachusetts Mutual Life Insurance Company

Merrill Lynch Life Agency Inc.

Metlife/Metropolitan Life Insurance Company/Brighthouse Financial, Inc.

Minnesota Life Insurance Company

National Life Group

National Life Insurance Company/Equity Services, Inc.

National Western Life Insurance Company

Nationwide Life Insurance Company

New York Life Insurance Company

North American Company for Life and Health Insurance

Northwestern Mutual Investment Services, LLC

Northwestern Mutual Life Insurance Company

Northwestern Mutual Wealth Management Company

Oxford Life Insurance Company

Pacific Life Insurance Company

Principal Financial Group

Prudential Life Insurance Company

Raymond James Insurance Group

Reliance Standard Life Insurance Company/Tokio Marine Group

RiverSource Life Insurance Company/Ameriprise Financial

Securities America, Inc./Ameriprise Financial

Security Benefit Group, Inc.

Security Benefit Life Insurance Company/Guggenheim Partners

Security Investors, LLC

The Standard Life Insurance Company

Symetra Financial Corporation

Symetra Life Insurance Company

Transamerica Life Insurance Company

The United States Life Insurance Company in the City of New York

Unum Life Insurance Company of America

USAA Life Insurance Company

The Variable Annuity Life Insurance Company

Voya/Reliastar Life Insurance Company

Wells Fargo Advisors

Western & Southern Financial Group

The Western & Southern Life Insurance Company

World Financial Group Insurance Agency, Inc.

[1] The attorneys at Evans Law Firm do not provide investment or tax advice but our litigators represent senior policyholders who lose money through cancellations, surrenders or fees on these contracts or as the result of insufficient disclosures by insurance agents and carriers.

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