There are a large number of attorneys and financial advisors who assist former members of the armed forces to file for federal benefits. These attorneys and financial advisors are accredited by the U.S. Department of Veterans Affairs. According to statistics prepared by the Veterans Administration, the numbers of individuals who are accredited to help former service members apply for Veterans benefits are growing.
The Veterans Administration program for accrediting attorneys and financial advisors to help former service members apply for benefits sanctions those individuals to help prepare paperwork needed to apply for the enhanced pension known as Aid in Attendance. The Veterans Administration has been accused of approving some of the applicants without verifying their credentials or doing a background check.
The Veterans Administration program for accrediting benefits helpers has been in existence for decades, but had recently accredited more helpers than in the past. Only 67% of the attorneys and financial advisors who have been approved to assist with veterans benefits have passed the multiple choice exam since 2010.
Some critics contend that the increase in the number of sanctioned helpers is because some people are finding ways to profit from helping veterans apply for benefits, such as the sale of annuities. Critics have advised against using financial advisors to assist with Veterans benefits because they sometimes attempt to sell annuities and other investments to veterans as part of a personal finance restructuring to qualify for the pensions.
According to a Veterans Administration claims advisor, Veterans in need of assistance should seek help for the Veterans Administration instead of personal advisors such as attorneys or financial planners.
A report by the General Accounting Office found that some individuals that have been accredited by the Veterans Administration to be helpers have a criminal history or personal financial problems such as bankruptcy. Critics contend that many times veterans are sold deferred annuities because the agents that sell them receive commissions, and that annuities are not always the best financial product for veterans. Some federal lawmakers have written to the Veterans Administration Secretary asking for improvements to the Veterans Administration accreditation program to help protect veterans.
We are investigating potential claims against the following companies (our investigation does not mean that these companies have engaged in Veterans Aid annuity sales):
Allianz Life Insurance
American Equity Life Insurance
American National Insurance
Bankers Life & Casualty Co.
Equi Trust Life Insurance
Genworth Life Insurance
Guggenheim Life and Annuity
Jackson National Life Insurance
Massachusetts Mutual Life Insurance
Midland National Life Insurance
North American Company for Life Insurance
Pacific Life Insurance
Security Benefit Life Insurance Co
Evans Law Firm, Inc. handles annuities fraud, consumer fraud class actions, insurance and banking fraud, consumer product liability, elder abuse, whistleblower/ Qui Tam, and personal injury cases. If you think that you have witnessed or are the victim of financial fraud by an insurance company, bank or individual then, contact Evans Law Firm, Inc. at (415) 441-8669 for a free and confidential consultation, or email firstname.lastname@example.org.