ATTORNEY NEWSLETTER
Seniors and High-Pressure Sales Tactics
If you’re close to retirement, chances are you may have received more than one invitation for a retirement planning seminar offering a free meal at a fancy hotel. Maybe it was a flier on your car or a mailed invite. Be careful. Agents and planners often promote highly complex annuity policies at these free lunch or dinner seminars, advertised as “informational.” The San Francisco and California financial elder abuse, annuity and securities fraud lawyers at Evans Law Firm, Inc. have seen too many occasions where agents sell inappropriate/unsuitable policies to seniors at these presentations.[1] We recommend you take a pass on any invitation. These complicated policies are especially dangerous for seniors because they tie up your money for a long time and charge commissions and fees (often hidden) that seriously erode promised returns.
If an agent has already sold you an annuity and you’re over 60 and live in California, we can review your policy for free. Contact the San Francisco and California securities fraud, annuity and financial elder abuse attorneys at Evans Law Firm today at (415)441-8669. A list of the major providers of annuities in California appears below.
Never Be Pressured Into a Quick Decision
In these questionable sales seminar schemes, a “retirement planner” or investment adviser may try to get you to make an on the spot commitment to buy. Don’t fall for any that ploy. If you have any interest at all, take plenty of time after the seminar to make an objective investment decision and always seek the advice of qualified professionals who have nothing to gain by your purchase. The agent trying to sell you a policy stands to make a big commission on any sale. Resist any attempt to railroad you into a quick decision.
What You Can Lose
Deferred annuities are particularly dangerous for seniors. Make no mistake about it: an annuity will tie up your money for a long time. You will only be able to get your money back by paying a surrender penalty. All deferred annuities will charge you a penalty for withdrawals during the policy’s surrender period; in some contracts these surrender periods last for up to 15 years. The surrender charge may run as high as 15% on your withdrawal.
Also remember that surrenders have tax consequences so always consult your tax advisor if you are considering a purchase, surrender, or replacement of an annuity. We can represent you if you have suffered a tax loss on a surrender or inappropriate or unsuitable replacement of your policy.
Contact Us
If you are over 60, live in California, and would like the Evans Law Firm financial elder abuse attorneys to review your policy or if you have paid a surrender charge on a partial or full surrender of an annuity and/or suffered a tax loss as a result of a surrender, contact the San Francisco and California financial elder abuse, securities fraud and annuity attorneys at the Evans Law Firm at (415) 441-8669, or by email at <a href=”mailto:info@evanslaw.com”>info@evanslaw.com</a>. Our attorneys have experience with annuities, life insurance, 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.
Some of the leading providers of life insurance and 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 National Life Insurance Company
Ameriprise Financial/RiverSource Life Insurance Company
Athene Annuity & life Assurance Company
Athene Annuity and Life Company
Athene USA
Aviva Life Insurance Company
AXA Equitable Life Insurance Company/AXA US
Bankers Life Insurance and Casualty Company
Brighthouse Financial, Inc./MetLife
Crump Life Insurance Services, Inc.
CUNA Mutual Group/CMFG Life Insurance Company
EquiTrust Life Insurance Company
Fidelity & Guaranty Life Insurance Company
Forethought Life Insurance Company/Global Atlantic Financial Group
Genworth Life Insurance Company
Global Atlantic Financial Group/Forethought Life Insurance Company
Guardian Life Insurance Company
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
Massachusetts Mutual Life Insurance Company
Metlife/Metropolitan Life Insurance Company/Brighthouse Financial, Inc.
Nationwide Life Insurance Company
New York Life Insurance Company
Northwestern Mutual Life Insurance Company
Pacific Life Insurance Company
Principal Financial Group
Prudential Life Insurance Company
Raymond James Insurance Group
RiverSource Life Insurance Company/Ameriprise Financial
Security Benefit Life Insurance Company/Guggenheim Partners
Symetra Life Insurance Company
Transamerica Life Insurance Company
Unum Life Insurance Company of America
Voya/Reliastar Life Insurance Company
World Financial Group Insurance Agency, Inc.
[1] We do not offer investment or tax advice. We always recommend you get a second opinion from an investment advisor who does not stand to gain from any annuity purchase you make and also that you always consult your tax advisor before making an annuity purchase or before surrender or replacement of an existing policy.
