An insurance policy provides a measure of control and security in an uncertain world, and choosing the right policy for yourself and your family is important in order to plan for the future. But when insurance policies are tweaked in just the right—or wrong way—you could wind up paying a lot of money and placing all your trust into a fraudulent plan that will not deliver when you need it most.
Insurance fraud basically amounts to stealing, when you are paying a company hundreds—sometimes even thousands—of dollars in premium payments and fees, and that company does not deliver on the product they promised to provide. At the Evans Law Firm, Inc., a San Mateo insurance fraud law firm, our attorneys help victims of theft and fraud, particularly those who have been lied to or cheated by their insurance provider.
You count on your insurance policy to cover the unexpected, and if your coverage is not as extensive as you thought, or if your company tries to throw up red tape to prevent you from getting the funds you need, you may find yourself in serious financial trouble. Despite making the best plans, and being prepared, if your insurance provider is not on the up-and-up, you could pay the price.
Older Californians and Insurance Fraud
Many older Californians are at increased risk for insurance fraud, especially due to the large-scale sale of deferred annuities, in which a policy-holder pays an insurance company the premium required, and the insurance company pays out the policy over a pre-determined period of time. Often, these deferred annuities are used to supplement a retirement income or life insurance policy for senior citizens planning for their futures.
In these policies, the insured benefits from the tax-free interest that is accrued during the period of payout from the company. However, insurance companies can trick consumers into purchasing these annuities with an unnecessarily long timeframe, especially if the consumer is older, and may not expect to live for another twenty years or so. The company gambles that they will win out because the older policy-holder must pay the premium up front, and the company pays out over the extended period of time.
Fraudulent Annuity Sales
Many individuals are easily victims of annuities fraud if they are miss-sold insurance or sold an inappropriate type of annuity. Previous lawsuits have been brought for annuity sales practices against the following insurance companies (Some by Evans Law Firm, Inc., and some by other firms):
- Aviva Life and Annuity Company (previously known as AMERUS or American Investors Life Insurance Company)
- Bankers Life and Casualty Co.;
- EquiTrust Life Insurance Company
- Fidelity and Guaranty Life Insurance Company;
- Genworth Life Insurance Company;
- Guggenheim Life and Annuity;
- Jackson National Life;
- Massachusetts Mutual Life Insurance Company;
- Midland National Life Insurance Company;
- North American Company for L&H Ins;
- Pacific Life Insurance Company;
- Principal Life Insurance Company;
- Security Benefit Life Ins Co.
If you have any questions regarding any of the above companies, contact our firm today. We have experience with annuities fraud cases, and can help you determine your next legal step.
California Insurance Fraud Attorneys
Prosecuting fraudulent companies and policy providers after the damage has been done is only half the battle, however. The attorneys at our San Mateo insurance fraud law firm encourage you to retain legal counsel when you go to choose your insurance plans. This way, you can discuss your options with your attorney and a financial advisor, and uncover any potentially fraudulent attempts to deceive or trick you before you sign any paperwork and begin making payments.
At the Evans Law Firm, Inc., a leading San Mateo insurance fraud law firm, our attorneys want to help you protect yourself from scams, false advertising, and lies from your insurance company. If you suspect that your policy may contain fraudulent claims, or that your insurance company may be dealing in shady business, contact an Evans Law attorney at 415.441.8669 or online at www.evanslaw.com for a free, no-strings consultation about your case today.