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.
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:firstname.lastname@example.org”>email@example.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
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
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.