Apr 22, 2019 by |

Marin County and California Annuity and Financial Elder Abuse Attorneys: Where’s My Money?

ATTORNEY NEWSLETTER

Annuities Are Inherently Costly and Risky

Another Risk: Carriers Sell Annuities

Industry reports say sales of annuities are up. That is not good news for consumers. These insurance products are costly, complicated, and risky and tie up your money for years, hostage to penalties if you need to take your money out.  Our lawyers recommend avoiding annuities of any kind, especially for seniors.[1]  Withdrawal penalties, known as surrender charges, can be steep.  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 any type of annuity, 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.

As if the inherent downsides in these products weren’t enough, there’s a growing trend by issuers to sell their annuity contracts. Over time your annuity may trade hands more than once and the company obligated to pay your benefits to you in the future may well not be the company you gave your money to in the first place.  A number of big annuity deals have happened just recently showing how your money can trade hands:

  • Great-West Life & Annuity Insurance Co. is selling the bulk of its individual annuity and life insurance businesses to Protective Life for roughly $1.2 billion via a reinsurance transaction.
  • Voya Financial Inc. sold more than $50 billion in annuities to three private-equity firms last year. Those assets are now held by a company called Venerable Holdings Inc.
  • The Hartford Financial Services Group last year sold about $48 billion in annuity contracts to a group of six investors.
  • Ameriprise Financial Inc. recently offloaded $1.7 billion in fixed-annuity liabilities to Global Atlantic Financial Group, representing roughly 20% of the company’s fixed-annuity account balances.

Annuities and other insurance products such as whole life insurance, universal life insurance and indexed universal life insurance, are not insured investments like bank deposits.  The promise to pay is only as good as the carrier’s word.  With your carrier changing hands, it’s by no means a sure bet that the company you gave your money to will be the same company you will be getting your money back from when benefits begin.  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 County, San Francisco and California 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

Unum Life Insurance Company of America

USAA 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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