Annuities Fraud by Company
When it comes to selling annuities, investors, especially seniors, are often targeted with bad investment advice, misleading promises and unexpected fees. While many financial providers sell annuities to seniors with the promise these investments will be safe and will provide steady income during retirement, reality often fails to match up to expectations.
When a senior is sold the wrong kind of annuity or is sold an annuity under false pretenses, the investor’s money could be trapped until after his life expectancy if earlier withdrawals are not allowed. Substantial loss could also occur if the annuity has surprise fees and charges or if an annuity was not the appropriate type of investment for that particular senior.
When an annuity is improperly marketed, sold or administered, this may be considered financial elder abuse and, in extreme cases, annuities fraud. A San Francisco financial elder abuse attorney at Evans Law Firm, Inc. can provide help to victims of any type of financial elder abuse or fraud in connection with an annuity.
Use Caution When Purchasing Any Annuity
Many annuity buyers feel that if they purchase their annuity through a big insurance company that is a household name, their investment will be safe because of the company’s size and reputation. Unfortunately, this is not necessarily true. Evans Law Firm has experience representing clients in individual claims and in class action litigation against some of the biggest companies in the U.S. market.
You cannot necessarily count on any insurer being upfront about fees, costs, and risks of their product offerings, and many insurers use marketing tactics that may fail to disclose pertinent information, violate statutory protections for seniors or disadvantage policyholders.
You’ll need to be aware of the potential for problems with any annuity provider and should do your research carefully. Our firm has extensive experience dealing with a wide variety of annuities providers and can provide expertise in identifying annuity problems and possible violations of law.
A list of major annuity carriers in California follows. We are not alleging that any or all of these insurance companies have done anything wrong, just that they are primary sellers in California. Every case is unique and as attorneys we need to review the policies to determine if there were a violation of law or other problem with the sale or issuance. The major carriers are:
- AIG Sun America
- Allianz Life Ins. Co
- American Equity
- American International Group
- American National Life Insurance Company
- Athene Life Insurance and Annuity Company
- AXA Equitable Universal Life Insurance
- Bankers Life & Casualty Co.
- Bank of America
- Conseco Life Ins. Co.
- EquiTrust Life Insurance Company
- Fidelity & Guaranty Life Insurance Company
- Genworth Life Insurance Company
- Guggenheim Partners (Sun Life Financial) (formally named Guggenheim Partners)
- ING Life Insurance and Annuity Company
- Jackson National Life Insurance Company
- John Hancock Life Insurance Company (formally named John Hancock Life Insurance Company: Life Insurance and Annuities)
- Lincoln Benefit Life Company
- Lincoln Financial Universal Life Insurance
- Massachusetts Mutual Life Insurance Company
- Midland National Life Insurance Company (Midland) (formally named Midland Deferred Annuity Sales)
- Minnesota Life Universal Life Insurance
- National Life Universal Life Insurance
- North American Company for Life and Health Insurance
- Pacific Life Insurance Company
- Penn Mutual Universal Life Insurance
- Principal Life Insurance Company
- Prudential Insurance Company
- Security Benefit Life Insurance Co.
- Transamerica Life Insurance Company
- Zurich American Insurance Company
If you suspect that any annuity, was sold to you improperly or caused you to experience financial loss due to unfulfilled promises or surprise costs and fees, Evans Law has the necessary experience to help you take appropriate legal action. Our firm has proved itself time and again in representing clients harmed by annuity purchases and we can put our extensive knowledge and vast experience to work to help you.
Contact Evans Law Firm, Inc. Today
The team at Evans Law Firm can provide assistance to victims of financial loss from annuities and hold insurers accountable for the issuance of unsuitable annuities and recover compensation for financial loss. You don’t deserve to lose when you were promised a safe investment and our firm can help to ensure that you put the law to work for you to get back the financial security that you were supposed to have. Call today at 415-441-8669 or contact us online for help.