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Aviva

AVIVA, Deferred Annuity Potential Sales to Senior Citizen

AVIVA USA – Life and Annuities company – is a company that sells equity indexed products. Examples of AVIVA equity indexed annuity products include (but are not limited to):

  • Freedom 3
  • Freedom 5
  • Freedom 7
  • Freedom Plus
  • Freedom Xtra
  • MultiChoice Annuity
  • MultiChoice 6
  • MultiChoice 10
  • MultiChoice Advantage
  • MultiChoice Xtra
  • Lifetime Solutions Annuity

Aviva USA is a division of the British multinational insurance company and is the second largest seller of indexed annuities in the United States. Aviva USA and its predecessors became involved in numerous lawsuits, dating back to 2004, related to their marketing of indexed annuities to senior citizens.  Aviva USA predecessor companies that sold deferred annuities include the following companies: 

  • AmerUs Group Company and AmerUs Annuity Group Company (now collectively known as Aviva USA Corporation);
  • American Investors Life Insurance Company (now known as Aviva Life and Annuity Company. 

The largest of these lawsuits against Aviva USA and Aviva Life and Annuity Company recently culminated in a multi-million class action settlement in Pennsylvania District Court. The plaintiffs alleged that Aviva and its subsidiaries, including the following companies, AmerUs Group Company and AmerUs Annuity Group Company (now collectively known as Aviva USA Corporation) and American Investors Life Insurance Company (now known as Aviva Life and Annuity Company,  marketed and sold annuity policies that were unsuitable given the circumstances of the purchasers, and that some of Aviva’s marketing materials failed to disclose surrender charges and other important information to the consumer. In one nationally reported instance, an 85-year-old class member was sold an Aviva annuity with a 40-year contract term and which included hefty penalties for withdrawals within the first decade. The plaintiffs alleged that under such lengthy surrender periods, the purchaser and his or her successors could not obtain full access to the annuity’s principal or income without incurring a loss.  An estimated 360,000 annuities sold by Aviva and its predecessors since 1998 were eligible for relief under the terms of the class action settlement.

There may be more purchasers of annuities from Aviva USA and its predecessors, AmerUs Group Company and AmerUs Annuity Group Company (now collectively known as Aviva USA Corporation) and American Investors Life Insurance Company (now known as Aviva Life and Annuity Company, that were not included in this class action and have not had their day in court.   

Purchased an Indexed Annuity? Get in Touch with a Lawyer

If you or a loved one purchased an indexed annuity in California from:

  • Aviva USA,Aviva Life and Annuity Company;
  • AmerUs Group Company;
  • AmerUs Annuity Group Company;
  • American Investors Life Insurance Company;
  • AmerUs Life Insurance Company;
  • Creative Marketing International Corporation;
  • Insurance Agency Marketing Services;

Please contact Evans Law Firm, Inc. today for a free and confidential evaluation of your rights. We can be reached by email at info@evanslaw.com, or by telephone at (888) 503-8267 or (415) 441-8669.

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