Financial Elder Abuse San Francisco: Annuities and Insurance Fraud
Elders in San Francisco suffer financial elder abuse when they are sold fraudulent annuities and insurance policies that are often inappropriate and harmful to their finances and overall wellbeing. An annuity is a long-term investment that nominally promises regular payouts over a certain duration of time, but in actuality often makes it difficult for the insured purchaser to access his or her money for up to 10-20 years. For this reason, it often makes little sense for seniors to purchase deferred or fixed annuities. Nevertheless, many insurance companies and agents continue to pressure elders and seniors to spend their money on these sorts of annuities, with the result that the seniors have trouble accessing their funds – and sometimes lose their funds altogether due to hidden surrender charges and other undisclosed fees. In other tragic circumstances, annuity policies contain clauses that do not allow payouts until dates that surpass the elders’ life expectancies.
Inappropriate Annuities for Seniors
Many annuities are inappropriate for seniors because their timeframes do not align with the needs and realities of elderly lives. When purchasing an annuity policy, the buyer places their money in the policy with the understanding that it will be paid back with interest over an extended period of time. Many annuity policies do not allow the purchaser to access their funds for 10-20 years from the purchase date. This means that an elder may not withdraw from their funds in cases of medical or financial emergencies, or unforeseen costs. Because most elders are retired and rely on their savings for their financial needs, it is almost always disadvantageous to commit to a policy that blocks access to those funds for extended periods of time.
Exorbitant and often-hidden surrender charges are another part of what makes many annuity policies inappropriate for seniors. If someone who purchased an annuity needs to access their funds before their payout period is due to begin, they may be subject to extremely high “surrender fees” or early withdrawal charges. This could mean that at a time when the elder most needs to access their finances, they will be financially penalized. This fact can cause additional strife and stress in situations of unanticipated financial or medical emergencies requiring unforeseen payments.
Annuity and insurance policies that are sold by individual agents often yield very high commissions to the sellers. While not fraudulent behavior in and of itself, this fact often provides disingenuous incentives for annuity salespeople. This, in turn, could mean that the insurance salesperson does not always have the interest of the elderly purchaser in mind. This potential conflict of interest has given rise to a law that insurance companies and industries that sell annuities to seniors over the age of 60 must match their policies to the specific needs of elders.
Elder Financial Annuity Abuse Lawsuits
There are lawsuits that have been brought against various insurance companies and banks. These lawsuits allege that elders have been unfairly targeted by agencies that issue annuities to the elderly using scare tactics; charging unnecessarily high surrender fees and severe penalties; obfuscating sales pitches and annuity policies that conceal detrimental facts about the annuity policies.
Such lawsuits seek and have sought remedies that will prevent elder abuse in the future. Examples of remedies sought include but are not limited to: the prohibition of selling inappropriate annuities to senior citizens and the elderly; restitution; injunctive relief; and double, treble, punitive and compensatory damages.
Eligibility for Representation in Elder Financial Annuity Lawsuits
As intended class action lawsuits, annuity financial abuse lawsuits may include any individual aged 60 years or older at the time of purchase of the annuity.
If you were 60 years or older at the time you purchased an annuity and believe you have been made the victim of financial elder abuse and annuities fraud in California, contact the Evans Law Firm in San Francisco at 415-441-8669 for a free and confidential consultation, or email firstname.lastname@example.org
The Evans Law Firm is committed to preventing annuities fraud in San Francisco 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.
Lawsuits Have been Brought Against the Following Companies In the Past:
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.
Contact us for a free and confidential consultation.
The following annuity companies have sold deferred annuities to senior citizens:
- Allianz Life Insurance Company of North America
- American Equity Life Insurance Company
- American General
- American International Group
- American Investors/AVIVA
- American National Insurance Company
- Conseco Life Insurance Company
- EquiTrust Life Insurance Company
- Fidelity & Guaranty 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