AXA is among the largest insurance companies both in the U.S. and international markets, and is among the top sellers of both annuity and life insurance policies. Like many insurance companies, a large portion of AXA’s policyholders are seniors, retirees, and the elderly. This market can often be very lucrative for financial companies and brokers, for a number of reasons. Chief among them, seniors tend to have sizeable savings, property, or other assets, which means they have access to the money they need to pay for policies like variable annuities and whole life insurance, products that often require large premiums to purchase. In fact, some brokers go out of their way to sell these policies, in no small part because they pay larger commissions than other types.
The issue of annuity and life insurance marketing is one that our San Francisco financial elder abuse attorneys have paid a great deal of attention to, and this year it seems that we’re not the only ones. The Department of Labor and FINRA have instituted new rules and regulations designed to reform the annuity market. In the past, brokers have sold policies essentially as one-offs; once the client signs, the broker has little incentive to continue looking after their interests, and aren’t always held responsible for selling policies that are bad for their client, or for misleading them about the terms of the contract of the returns they can expect.
These new rules require brokers to act as fiduciaries for their clients, compelling them to make the choices that best serve their client. While many people might be surprised to discover that their broker or financial advisor isn’t already obliged to do that, this simple change may be the first step in creating a well-regulated financial product marketplace that doesn’t victimize seniors who put their trust in annuities and life insurance policies.
Coupled with regulations which compel companies to be more truthful with their advertising and financial projections, the new attention that regulators are paying to the annuity and life insurance market can help protect those looking to provide economic security for themselves and their family.
Some of the major annuity and life insurance providers are:
- Aviva/Athene/Accordia Life Insurance Company
- Transamerica Life Insurance Company
- John Hancock Life Insurance Company
- Bankers Life Insurance and Casualty company
- Massachusetts Mutual Life Insurance Company
- Midland Life Insurance Company
- North American Company for Life and Health Insurance
- Pacific Life Insurance Company
- Prudential Life Insurance Company
- Genworth Life Insurance Company
- ING USA Annuity and Life Insurance Company
- Lincoln Benefit Life Company
- Metlife/Metropolitan Life Insurance Company
- Unum Life Insurance Company of America
- Voya/Reliastar Life Insurance Company
If you or a loved one has been the victim of an improperly sold or administered annuity or life insurance policy, contact the Evans Law Firm at (415) 441-8669, or by email at firstname.lastname@example.org. Our San Francisco financial elder abuse attorneys have experience handling cases involving financial products sold by large companies like AXA, and can help guide your case through a civil jury trial or toward an equitable settlement.