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Nov 12, 2020 by |

San Francisco and California Annuity and Financial Elder Abuse Attorneys: Annuity Interest Rates Keep Plunging

ATTORNEY NEWSLETTER

Fall Of Annuity Interest Rates Continues

Reassess The Viability Of Annuities

Avoid Getting Stuck In An Annuity

Annuity interest rates have been in a freefall in 2020, and there are no signs ahead of any correction.  Collapsing annuity interest rates translate into collapsing monthly payouts when contracts begin paying out benefits.  Older persons are especially hard hit; annuity payout levels by some industry estimates are less than half the amounts paid out in the 1990s.   The annuity and financial elder abuse attorneys at Evans Law Firm, Inc. can represent you if you’re over 60 and have suffered a loss due to cancellation, replacement, full or partial surrender, or high fees on any type of annuity, call the annuity attorneys at Evans Law Firm, Inc. today at 415-441-8669 (or toll free at 1-888-50EVANS) for a free review of your policy. 

What Lower Interest Rates Mean For You

As one financial advisor recently put it, with interest rates falling near zero there is no upside to considering annuities for retirement: “You’re locking away your money and you’re not getting any return.”  Dropping interest rates is not the only reason to be wary of deferred annuities.  Sales commissions and annual fees further erode your return and surrender penalties are imposed if you need your money back.  These surrender penalties can run as high as 15% and may be imposed for ten years or more under some contracts.  If interest rates were to climb back up, any move out of your annuity would cost you.  In short, getting out of annuity is a lot costlier than getting in one.

Replacement Dangers

If an agent recommends you replace an existing annuity be wary.  First, the clock on surrender penalties will be reset.  If, for example, you have two years to go under the surrender period of your old contract, your new policy will take you back to year one and you might now face another ten years before you can withdraw your money penalty-free. Further, the surrender of your existing policy may incur a tax bill.  Always consult your tax advisor before any annuity transaction because every annuity transaction has tax consequences.

Contact Us

Ingrid M. Evans and the other annuity and financial elder abuse attorneys at Evans Law Firm represent persons over age 60 who have lost money as the result of an annuity transaction or surrender.  You can reach Ingrid and the other Evans Law Firm attorneys at (415) 441-8669 (or toll free at 1-888-50EVANS)  or by email at <ahref=”mailto:info@evanslaw.com”>info@evanslaw.com</a>..

Leading California providers and distributors of fixed, variable and fixed indexed deferred annuities are listed below.  We are not in any way suggesting that any of these carriers or distributors has done anything wrong.  The list is provided solely as a reference for our readers.

AIG/American General Life Insurance Company

Allianz Life Insurance Company of North America

American Equity Investment Life Insurance Company

American General Life Insurance Company/AIG

American International Group, Inc. (AIG)

American National Life Insurance Company

Athene Annuity & Life Assurance Company

Athene Annuity and Life Company

Athene USA

Aviva Life Insurance Company

AXA Equitable Financial Services, LLC

AXA Equitable Life Insurance Company/AXA US

AXA Advisors, LLC

Brighthouse Financial, Inc./MetLife

EquiTrust Life Insurance Company

Fidelity & Guaranty Life Insurance Company

Genworth Financial, Inc.

Genworth Life and Annuity Insurance Company

Genworth Life Insurance Company

Guggenheim Partners, LLC

Guggenheim Partners/Security Benefit Life Insurance Company

 ING USA Annuity and Life Insurance Company

Jackson National Life Insurance Company

John Hancock Life Insurance Company

Lincoln Benefit Life Company

Lincoln Financial Group

Massachusetts Mutual Life Insurance Company

Metlife/Metropolitan Life Insurance Company/Brighthouse Financial, Inc.

Minnesota Life Insurance Company

Nationwide Investor Services Corporation (NISC)

Nationwide Life and Annuity Insurance Company

Nationwide Life Insurance Company

New York Life Insurance Company

Northwestern Mutual Investment Services, LLC

Northwestern Mutual Life Insurance Company

Northwestern Mutual Wealth Management Company

Pacific Life & Annuity Company

Pacific Life Insurance Company

PacLife

Security Benefit Corporation

Security Benefit Group, Inc.

Security Benefit Life Insurance Company/Guggenheim Partners

Security Investors, LLC

Security of Denver Life Insurance Company/Voya

Transamerica Life Insurance Company

Voya Financial Advisors

Voya/Reliastar Life Insurance Company

 World Financial Group Insurance Agency, Inc.

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