If you have purchased a deferred annuity from Allianz Life Insurance Company of North America (ALLIANZ) you may be eligible to participate in a class action suit
Allianz Life Insurance Company of North America Deferred Annuity Sales to Senior Citizens
The use of deceptive sales tactics for deferred annuities is a growing problem in California. Seniors are easy prey because they have more assets that can easily be shifted into these products. When the stock market is volatile, annuities are often marketed to seniors as a safe haven for their money that is guaranteed to grow over time. This is not necessarily true and the penalties for surrendering the annuities can be extremely high and make their investment vulnerable.
In general, the lawsuits handled by the Evans Law Firm allege that deferred annuities are an inappropriate investment for the elderly due to the high surrender fees, undisclosed costs and fees and the meager returns they provide. They present a substantial risk of loss because they are a long-term investment and highly illiquid. Should a senior need the money tied up in a deferred annuity to pay for health or other age-related costs, they could face significant surrender penalties that deplete their assets.
Lawsuits were originally brought against Allianz Life Insurance Company of North America and by previous law firms against American Investors’ Life Insurance Company/AMERUS and/or AVIVA USA for the sale of deferred annuities to seniors. The complaints alleged that Allianz Life Insurance Company of North America, American Investors’ Life Insurance Company/Amerus and Aviva USA sold annuities with substantial surrender charges senior consumers (over the age of 60 years old or older) and failed to disclose important information in the course of marketing and selling their deferred annuity products.
According to the allegations in the lawsuits against Allianz Life Insurance Company of North America the defendants failed to disclose to purchasers material to senior consumers, including, but not limited to, the products’ high surrender charges; and that the interest credited over the term of these annuities is improperly lowered to recoup high commissions paid to their sales agents and any promised premium bonus.
Certain Allianz deferred annuity products included (but are not limited to):
- Master Dex 10
- Master Dex 5
- Flex Dex
- Bonus Dex
- Flexdex MC
- Power Dex
- Power 7 Annuity
- Bonus Maxx
- Power Rate
If you or a family member were sold a deferred annuity from Allianz Life Insurance Company of North America or another insurance company and you want to investigate the claims, please contact attorney, Ingrid-Evans.