Nov 14, 2019 by |

San Francisco and California Annuity and Financial Elder Abuse Attorneys: Retirement Plans and Annuities

ATTORNEY NEWSLETTER

Regulators Take Closer Look

Investigating Annuity Sales Practices

Our litigators recommend against annuities because commissions, fees and surrender penalties reduce returns and make it expensive to get your money out if you need it. Agents may pitch you on an annuity for your retirement plan. We advise against any such investment and have written before about the dangers of annuities in 401(k)s.[1] Regulators are concerned too; one State has begun investigating sales of annuities to 403(b) Plans, which are retirement plans for educators, nonprofit workers and ministers. The attorneys at Evans Law Firm represent consumers, especially seniors, who have lost money on annuities. If you’re over 60 and live in California and have suffered a loss due to cancellation, replacement, full or partial surrender, or high fees on any type of annuity, call the California financial elder abuse and annuity attorneys at Evans Law Firm, Inc. today at 415-441-8669 for a free review of your policy.

The Wall Street Journal recently reported that State regulators are investigating possible deceptive and unfair sales practices in the retirement plan market. Concerns include whether carriers and agents adequately disclose contract fees, conflicts of interest, and actual rates of return on annuities after fees and other charges. The investigations are in part motivated by policyholder complaints that they were sold certain products without being informed of fees and charges.

Our litigators know from experience that annuity owners are often hit by hidden costs when their policies go into effect. Agents gloss over costs and details and may not themselves understand how a complicated annuity performs over time. The problem is compounded by the fact that once you’re sold an annuity you cannot get out of it without paying a withdrawal penalty and a tax on the amount withdrawn. Be careful before you invest in an annuity or replace an existing one. Always consult a professional with nothing to gain from a sale and always consult your tax advisor before any purchase or surrender of an annuity.

Contact Us

If you or a loved one has suffered loss on an annuity in California, contact San Francisco and California annuity and financial elder abuse attorney Ingrid M. Evans and the other attorneys at Evans Law Firm at (415) 441-8669, or by email at info@evanslaw.com. Our attorneys have experience with complex financial contracts and large insurance companies. We can help guide your case through a jury trial or toward an equitable settlement. We handle cases involving physical and financial elder abuse, qui tam and whistleblower law, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.

Annuities and life insurance produce large sales commissions for brokers but are often inappropriate products for consumers, especially seniors. Leading providers and distributors of life insurance and fixed, variable and fixed indexed deferred annuities in California are listed below. We are not in any way suggesting that any of these carriers or distributors has done anything wrong. Rather, 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

Americo Financial Life and Annuity Insurance Company

Ameriprise Financial/RiverSource Life Insurance Company

Ameriprise Financial/Securities America, Inc.

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

Bankers Life Insurance and Casualty Company

Berkshire Hathaway Group

Berkshire Hathaway Life Insurance Company of Nebraska

Brighthouse Financial, Inc./MetLife

Citigroup Global Markets, Inc.

Crump Life Insurance Services, Inc.

CUNA Mutual Group/CMFG Life Insurance Company

Delaware Life Insurance Company

EquiTrust Life Insurance Company

Fidelity & Guaranty Life Insurance Company

Forethought Life Insurance Company/Global Atlantic Financial Group

Genworth Financial, Inc.

Genworth Life and Annuity Insurance Company

Genworth Life Insurance Company

Global Atlantic Financial Group/Forethought Life Insurance Company

Guardian 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

Legacy Marketing Group

Lincoln Benefit Life Company

Lincoln Financial Group

Massachusetts Mutual Life Insurance Company

Merrill Lynch Life Agency Inc.

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

Minnesota Life Insurance Company

National Life Group

National Life Insurance Company/Equity Services, Inc.

National Western Life Insurance Company

Nationwide Life Insurance Company

New York Life Insurance Company

North American Company for Life and Health Insurance

Northwestern Mutual Investment Services, LLC

Northwestern Mutual Life Insurance Company

Northwestern Mutual Wealth Management Company

Oxford Life Insurance Company

Pacific Life Insurance Company

Principal Financial Group

Prudential Life Insurance Company

Raymond James Insurance Group

Reliance Standard Life Insurance Company/Tokio Marine Group

RiverSource Life Insurance Company/Ameriprise Financial

Securities America, Inc./Ameriprise Financial

Security Benefit Corporation

Security Benefit Group, Inc.

Security Benefit Life Insurance Company/Guggenheim Partners

Security Investors, LLC

Security of Denver Life Insurance Company/Voya

The Standard Life Insurance Company

Symetra Financial Corporation

Symetra Life Insurance Company

Transamerica Life Insurance Company

The United States Life Insurance Company in the City of New York

Unum Life Insurance Company of America

USAA Life Insurance Company

The Variable Annuity Life Insurance Company

Voya Financial Advisors

Voya/Reliastar Life Insurance Company

Wells Fargo Advisors

Western & Southern Financial Group

The Western & Southern Life Insurance Company

World Financial Group Insurance Agency, Inc.

[1] See our blog from last year on the dangers of annuities in 401(k) plans: https://www.evanslaw.com/california-and-alameda-county-financial-elder-abuse-and-annuity-attorney-annuities-in-401k-plans/.

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"We contacted Evans Law Firm when we were unable to collect on a Long-Term Life Insurance policy for an elderly family member. Ingrid responded almost immediately with an offer of a free consultation. I was immediately impressed with her passion for justice!!"