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PHONE: 415-441-8669 | TOLL FREE: 888-50EVANS

California Annuity Fraud Lawyers

Individuals (including the elderly) can easily become victims of annuities fraud if they are mis-sold insurance or sold an inappropriate type of annuity. If you suspect that you are a victim of annuities fraud, you can schedule a free, confidential appointment with the California annuity fraud lawyers at our firm. We will review your situation with you and provide knowledgeable legal advice that you will benefit from.

The Evans Law Firm has a proven track record advocating for consumers. Our California lawyers represent victims of annuities fraud, consumer fraud, banking fraud and more. Our clients comment on the level of personal service that we provide for them and the level of quality service we deliver. Our team’s interests will be aligned with yours at all times.

Have questions? Contact us to schedule a confidential and complimentary consultation at 415-441-8669.

What are Annuities?

Deferred Annuities or Fixed Annuities are types of long-term investments that often prohibit or preclude withdrawals for at least 10-20 years. Deferred or fixed annuities often also charge excessive fees for early withdrawal of funds. When someone purchases this sort of annuity, he or she deposits a premium in order to receive a “rate of return” that is usually guaranteed for the first year. After the first year, the minimum guaranteed rate of return usually diminishes and stays low over the term of the annuity. One distinguishing factor of deferred and fixed annuities from others is the delayed payment of the purchaser’s money.

In addition, many of these annuities have policies and contracts that are purposefully confusing. This unfortunately makes it easy for financial professionals or agents to gloss over or even omit the full technical details about the different hidden charges and fees.

More and more, the increased sale of annuities to seniors and the elderly is becoming encouraged by financial professionals and annuity-issuing insurance companies. Many senior citizens are lured in by the prospect of stable and dependable returns and “safe” investments, but the truth is that many long-term investments like annuities are generally not suitable nor profitable for elders. This is because elders may frequently need unanticipated instant access to their money for any number of bills, medical situations, or emergencies. Because deferred and fixed annuities require the elder to wait for prolonged periods of time before accessing their money, elders who purchase these annuities may not have the chance to access or use their funds when they need them. Perhaps most tragically, many annuities do not allow payouts or withdrawals until well past the elder purchaser’s life expectancy.

The annuity fraud lawyers at Evans Law Firm is committed to preventing annuities fraud and aiding its victims through litigation against institutions like insurance companies, banks, and agents who deceptively sell annuities and other inappropriate long-term investments to elder adults and seniors throughout California.

What Makes Annuities Inappropriate For California Seniors?

As types of insurance contracts, annuities are generally structured to start providing a return on investment after a long period of time, which can be up to 10-20 years. Several of these annuities – particularly deferred annuities – will limit a purchaser’s access to their initial investment payment for a significant period of time. Should the annuitant wish to access his or her money during this time period, he or she may be subjected to enormous and previously unknown surrender charges. These scenarios effectively trap seniors in deferred annuities: they must either go without their money or pay exorbitant fees in order to access it. This issue can be particularly devastating to seniors in the event of unanticipated medical or financial emergencies.

Another fact about annuities is that their sales generally yield significant commissions to the agents who sell them through banks or sometimes-disingenuous “estate planning seminars.” This results in an increased motivation for the agent to sell annuities, and may constitute a conflict of interest with respect to annuity sales to the elderly. Because of this potential conflict of interest, insurance companies and industries are bound to carefully match their annuities to the needs of individuals over the age of 60. Past lawsuits have alleged that Defendants knew or should have known about the unsuitability of the insurance products that had been targeting and sold to seniors. This is why having an experienced annuity fraud attorney on your side is so important.

What Types of Senior And Elder Financial Annuity Lawsuits Exist?

Lawsuits have been brought alleging the targeting of elders by certain annuity-issuing banks and insurance companies. Further allegations include the use of scare tactics to pressure elders and seniors into moving their life savings into deferred or fixed annuities, which can render those savings inaccessible to the senior for 10-20 or more years (even if an emergency arises); may charge exorbitant surrender fees and severe tax penalties; and can leave complex estate problems after the annuitant’s passing. Deceptively tempting sales pitches to elders often frame annuities as “guaranteed” and “safe,” likening them to having money in the bank that yields a higher return. Complicated and confusing language in the annuity policy and contract can hide the tremendous charges and fees incurred should the senior wish to withdraw money before the pay-out period.

These lawsuits have sought and seek the following remedies: to prohibit the sales of inappropriate annuities to elders; injunctive relief; restitution to the elder victims; disgorgement from Defendants of the profits reaped at the expense of the victims; treble, double, punitive, and compensatory damages; attorneys’ fees, penalties, and costs of suit.

Our California annuity fraud lawyers have been successful in representing individuals in cases involving:

Lawsuits Brought Against Insurance Companies and Banks

Lawsuits have been brought against the following insurance companies and banks:

  • AIG Sun America
  • Allianz Life Ins. Co.
  • American Equity
  • American International Group
  • American National Insurance Company
  • Bank of America
  • Conseco Life Ins. Co.
  • Fidelity and Guaranty Life Insurance Company
  • Jackson National Life Insurance Company
  • National Western Life Ins. Co.
  • Standard Life Insurance Company of Indiana

The following annuity companies have sold deferred annuities to senior citizens:

  • American International Group
  • American General
  • Allianz Life Insurance Company of North America
  • American Equity Life Insurance Company
  • American Investors/AVIVA
  • American National Insurance Company
  • Conseco Life Insurance Company
  • Fidelity & Guaranty Life Insurance Company
  • Equitrust Life Insurance Company
  • Great American Life Insurance Company
  • Jackson National life Insurance Company
  • Midland National Life Insurance Company
  • National Western Life Insurance Company
  • Prudential Life Insurance Company
  • Standard Life Insurance Company of Indiana
  • Standard Life Insurance Company
  • Sun Life Insurance Company
  • Transamerica Life Insurance Company

Experienced Lawyers Working For You

Attorney Ingrid Evans has more than 20 years of legal experience in California and has recovered hundreds of millions in compensation for her clients, with the team of lawyers she works with.  The Evans Law Firm takes an aggressive stance in the courtroom and a personalized approach to working with clients.  Ingrid Evans, the attorneys she works with, and her talented legal staff proactively reply to inquiries, are effective and are results-driven.  When you work with our the Evans Law Firm attorneys and staff, you can set your expectations very high.

Contact the California Annuity Fraud Lawyers at Evans Law Firm

At The Evans Law Firm, we offer free initial consultations for new clients. Call us at 415-441-8669 or CONTACT US ONLINE. We have two office locations in San Francisco and Los Angeles, and we represent clients throughout California, including Alameda County and Marin County. Our annuity fraud lawyers accept cases at an hourly rate and also on a contingency fee basis (no win, no fee). Also, one of the experienced members of our office staff (non-lawyer) speaks Spanish, hablamos Español.

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"Contacted Ingrid on an elder financial abuse case - she was responsive, knowledgeable, and easy to work with. You can tell she is passionate about this area of law and has the experience to back it up. She is an excellent choice if you are looking for a results driven attorney and highly effective advocate."
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