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Jun 8, 2013 by |

North American Deferred Annuity Sales to Seniors

Deferred Annuities, also known as fixed annuities are long term investments that often do not allow withdrawals for 10-20 years or more and can carry exorbitant fees for early withdrawal. The purchaser of these annuities deposits a premium in exchange for a rate of return that is typically guaranteed for the first year. After that a lower minimum guaranteed rate of return is offered over the term of the annuity. What distinguishes this type of annuity from others is the deferred receipt of money. Additionally, many annuities are written to be purposefully confusing making it easy for financial professionals or agents to gloss over the technical details of the various fees and charges.

Unfortunately, annuities are more and more commonly being sold to seniors and the elderly 60 years old and older. Much of the money available for transfer into annuities is in the hands of senior citizens who are mesmerized by the idea of a consistent return on their money in a “safe” investment. Even though, long term investments, such as annuities are not typically considered a suitable option for elder adults, who may need immediate access to their money for medical care or other emergencies. Sadly, in many cases payouts or withdrawals are not allowed until after the annuitants life expectancy.

Ingrid Evans and the Evans Law Firm are dedicated to helping victims of annuity fraud through lawsuits brought against the various financial institutions, such as insurance companies, agents and banks, that fraudulently sell long term investments, like annuities, to senior and elder adults.

What Are These Senior And Elder Financial Annuity Lawsuits About?

Lawsuits have been brought that allege that certain insurance companies and banks target elders and use scare tactics to pressure seniors into investing their life savings in deferred annuities, which can make the seniors’ savings inaccessible for 10-20 years (even in the case of emergencies), can carry exorbitant surrender charges and severe tax penalties, and can create complicated estate problems after death. Appealing, yet misleading, sales pitches to seniors often describe annuities as “guaranteed” and compare them to having money in the bank that is “safe” but pays a better return. Confusing language in the annuity contract often obscures the devastating fees involved if money needs to be withdrawn as the senior citizen ages.

What Is An Annuity And When Are They Inappropriate For Seniors?

Annuities are insurance contracts. Annuities are designed to begin providing a return on investment after a lengthy period, sometimes as long as 10-20 years. Many of these annuities limit, particularly deferred annuities, for a period of years, an annuitant’s access to their initial investment unless the annuitant is willing to incur significant “surrender” charges and penalties. As a result of these significant surrender charges and penalties, many senior purchasers would be unable to access funds trapped in deferred annuities – in the event of medical emergencies or other financial problems – without placing risk to their principal or earned interest. Additionally, many of these annuity products are sold by agents being paid significant commissions for such sales, creating a potential conflict of interest. For this reason, certain insurance companies, as well as industry standards, recognize that these annuities must be carefully matched to the needs of those over the age of 60. The lawsuit alleges that Defendants know, or should know, that many financial products they sell to seniors over the age of 60 are entirely inappropriate to the population they specifically target, namely seniors. These deferred annuities are often sold through banks or through free estate or financial planning seminars.

Who Is Eligible To Join Senior And Elder Financial Abuse Lawsuits?

The lawsuits are designed to be class actions. If you are 60 years of age or older (at the time of purchase) and have purchased an annuity from a bank or after attending an estate or financial planning seminar you may be eligible to bring or join a lawsuit.

Contact us for a free and confidential consultation. Email us at or call 415-441-8669 if you would like an attorney to investigate whether you have a potential Elder Financial Abuse claim.

What Remedies Do The Senior Lawsuits Seek

  • To enjoin Defendants’ sales of improper annuities to seniors
  • Temporary and permanent injunctive relief
  • Restitution to the senior victims
  • Disgorgement of profits from Defendants
  • Treble, double, punitive and compensatory damages
  • Attorneys’ fees, penalties and costs of suit

Lawsuits Have Been Brought Against the Following Companies by Evans Law Firm, Inc. or Previous Firms With Which Ingrid Evans Was Associated

Lawsuits have been brought against the following insurance companies and banks: AIG Sun America; Allianz Life Insurance Company; American Equity Life Insurance Company; American International Group; American National Insurance Company; Conseco Life Insurance Company; Fidelity and Guaranty Life Insurance Company; Forethought Financial Group; Jackson National Life Insurance Company; National Western Life Insurance Company; Prudential Insurance Company of America; Standard Life Insurance Company of Indiana.

Ingrid Evans Gives KRON Interview on Elder Annuity Abuse

I-Team Report: Deferred Annuities

Group Educates Seniors Against Scam Artists

Contact us for a free and confidential consultation.

The following insurance companies and banks are known to sell deferred annuities to senior citizens:

  • AIG Annuity Insurance Company
  • AIG Sun America
  • Allianz Life Insurance Company of North America
  • Allstate Financial
  • American Equity Life Insurance Company
  • American General
  • American International Group
  • American Investors / AVIVA
  • American National Insurance Company
  • Americo Financial Life and Annuity Insurance Company
  • Aviva Life and Annuity Company
  • Bank of America
  • Bankers Life and Casualty Co.
  • Conseco Life Insurance Company
  • EquiTrust Life Insurance Company
  • Fidelity & Guaranty Life Insurance Company
  • Forethought Financial Group
  • Genworth Financial
  • Genworth Life Insurance Company
  • Great American Life Insurance Company / Great American Financial
  • Guggenheim Life and Annuity.
  • Hartford Life Insurance Company
  • Jackson National life Insurance Company
  • John Hancock Life Insurance Company
  • Lincoln Financial Life and Group Insurance (Jefferson Pilot)
  • Massachusetts Mutual Life Insurance Company
  • Metlife Insurance Company
  • Midland National Life Insurance Company
  • National Western Life Insurance Company
  • North American Company for L&H Ins
  • Pacific Life Insurance Company
  • Principal Financial Group
  • Prudential Insurance Company of America
  • Security Benefit Life Ins Co
  • Standard Life Insurance Company of Indiana
  • Standard Life Insurance Company
  • Sun Life Insurance Company of Canada (Sun Life Financial)
  • Symetra Financial
  • Transamerica Life Insurance Company
  • Washington Mutual
  • Western-Southern Financial
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