Seniors Scammed By Annuities
As seniors in our communities of Santa Clara and elsewhere age, we find that their abilities to sniff out scam artists and their tactics becomes more difficult. This is particularly true when it comes to the purchase of annuities. We have found that sometimes financial advisors are looking out for their own self-interest when selling these financial products to seniors, forcing the senior into an unsuitable situation, financially or otherwise.
Why This Is A Problem
Seniors, on average, save about $120,000 for retirement. Annuities may seem like a good investment, considering the potential of income and safe investments. Yet, annuities often have a plethora of downsides, some of them being surrender periods/penalties, hidden fees, and profits that rarely equal what’s promised. Not to mention, these products are intensely confusing and difficult to understand; one cannot even be sure that the investment advisor or insurance agency selling the products fully understands it. This makes it almost impossible for any ordinary individual to know and fully comprehend these products. That, in itself, is an unsafe situation.
Our senior population is rising rapidly, with 10,000 individuals turning 65 every single day. Tips for protection against annuity fraud start with always asking for a second opinion from an individual who has no affiliation or anything to gain from the situation. Be wary of salesmen who sell products with upsides only, because there is no such thing as a risk-free financial product.. Finally, always be sure that you are making the proper decision for yourself only, as these purchases can impact your finances and, ultimately, your life.
If you or a loved one is a victim of annuity fraud in Santa Clara County or in any California county, contact the Evans Law Firm elder attorneys at (415) 441-8669, or by email at firstname.lastname@example.org. 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.