Nov 2, 2019 by |

San Francisco and California Life Insurance and Annuities Attorney: Security Benefit Life Insurance Company

ATTORNEY NEWSLETTER

Class Action Against Security Benefit Life Insurance Company

Three consumers recently filed a national class-action lawsuit against Security Benefit Life Insurance Co. for misrepresentations made by Security Benefit in connection with the sale of certain of its fixed indexed annuities. Evans Law Firm, Inc. represents the plaintiffs.  The suit alleges that Security Benefit misrepresented returns under certain fixed indexed annuities offering returns based on indices such as the Morgan Stanley Dynamic Allocation Index and the Annuity Linked Trader Vic Index (ALTVI).

Security Benefit’s ALTVI is known in the insurance industry as a Proprietary Index. Proprietary Indices are essentially “in-house” indices that allow insurance companies and fund managers to eliminate fees to third-party index managers and tailor indices to their own internal needs and rules.  While comprehensive performance history and methodologies for benchmark indices like the S&P500 are publicly available, proprietary indices are not so transparent. 

Often, the indices offered to policyholders are complicated and confusing. Sales literature and illustrations may be confusing or misleading as well. Bottom line is that annuities may not perform as represented given their structure, embedded costs, risks, and product features.  The litigators at Evans Law Firm represent consumers who have suffered losses under anuuities similar to the losses these three latest plaintiffs have under their Security Benefit Life Insurance Company annuities. 

Contact Us

If you or a loved one has purchased a Security Benefit Life Insurance Company annuity or other annuity in California within the last four years, contact Ingrid M. Evans and the other annuity attorneys at Evans Law Firm for a free evaluation of your policy at (415) 441-8669, or by email at <a href=”mailto:info@evanslaw.com”>info@evanslaw.com</a>. Our attorneys have experience with complex financial contracts including life insurance and annuity contracts. We can help guide any litigation through a jury trial or toward an equitable settlement.  We also 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

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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