EquiTrust Life Insurance Company allegedly charged excessive fees that plaintiffs in a recent class action lawsuit claim negated any potential gains. The company, an affiliate of Guggenheim Partners LLC, has sold life insurance and annuities to seniors for many years.
In addition to the high fees, the suit alleged that EquiTrust Life Insurance Company attached excessive penalties for annuity contracts at twice the amount allowed under the Standard Nonforfeiture Law for Individual Deferred Annuities (SNFLIDA). Despite annual declines in the penalties, many class action suit plaintiffs were penalized even though they were over 100 years old at the time of their deaths. The suit further alleged that purported “premium bonuses” offered were nonexistent and were used as enticements to convince senior citizens to purchase the insurance and annuity products.
Claimants in the suit alleged that the EquiTrust Life Insurance Company violated the Racketeer Influenced and Corrupt Organizations Act (RICO) by enticing senior citizens using tactics that were “unlawful, deceptive, and unfair” according to RICO.
If you or a loved one has purchased insurance or annuity products from the EquiTrust Life Insurance Company in recent years, please contact The Evans Law Firm today for a complimentary and confidential consultation regarding your legal rights. You may reach us by email at email@example.com, or call (888) 503-8267 or (415) 441-8669. We are among the nation’s leading litigators in the field of annuities fraud.