Senior And Elder Financial Annuity Abuse
If you are 65 years or older and have purchased an annuity from a bank or after attending a living trust or estate and financial planning seminar, you may be eligible to join in a class action suit.
For additional information email Ingrid Evans or call 800.226.9880.
What Are These Senior and Elder Financial Annuity Lawsuits About?
Lawsuits have been brought that allege that certain insurance companies and banks target elders and use scare tactics to pressure seniors into investing their life savings in deferred annuities, which can make the seniors' savings inaccessible for 10-20 years (even in the case of emergencies), can carry exorbitant surrender charges and severe tax penalties, and can create complicated estate problems after death.
What Is An Annuity And When Are They Inappropriate For Seniors?
Annuities are insurance contracts. Annuities are designed to begin providing a return on investment after a lengthy period, sometimes as long as 10-20 years. Many of these annuities, particularly deferred annuities, limit an annuitant's access to their initial investment for a period of years, unless the annuitant is willing to incur significant "surrender" charges and penalties. As a result of these significant surrender charges and penalties, many senior purchasers would be unable to access funds trapped in deferred annuities - in the event of medical emergencies or other financial problems - without placing risk to their principal or earnd interest. Additionally, many of these annuity products are sold by agents being paid significant commissions for such sales, creating a potential conflict of interest. For this reason, certain insurance companies, as well as industry standards, recognize that these annuities must be carefully matched to the needs of those over the age of 65. The lawsuit alleges that Defendants know, or should know, that many financial products they sell to seniors over the age of 65 are entirely inappropriate to the population they specifically target, namely seniors. These deferred annuities are often sold through banks or through free estate or financial planning seminars.
Who is Eligible To Join Senior And Elder Financial Abuse Lawsuits?
The lawsuits are designed to be class actions. If you are 65 years of age or older (at the time of purchase) and have purchased an annuity from a bank or after attending an estate or financial planning seminar you may be eligible to bring or join a lawsuit.
For additional information email or call Ingrid Evans at 800.226.9880.
What Remedies Do the Senior Lawsuits Seek?
- To enjoin Defendants' sales of improper annuities to seniors
- Temporary and permanent injunctive relief
- Restitution to the senior victims
- Disgorgement of profits from Defendants
- Treble, double, punitive and compensatory damages
- Attorneys' fees, penalties and costs of suit
What Companies Are Involved in the Senior And Elder Financial Abuse Lawsuits?
Lawsuits have been brought against the following insurance companies and banks: AIG Annuity; AIG Sun America; Allianz Life Ins. Co.; American Equity; American International Group; Bank of America; Conseco Life Ins. Co.; Equitrust Life Insurance Company; Fidelity and Guaranty Life Insurance Company; Jackson National Life Insurance Company; Midland National Life Insurance Company; National Western Life Ins. Co.; North American Company for Life and Health Insurance; Standard Life Insurance Company of Indiana; Sun Life and Health Insurance Company; Transamerica Financial Life Insurance Company; and Washington Mutual, Bank.
Additional insurance companies that sell deferred annuities are: Americo Financial Life and Annuity Insurance Company; Bankers Life and Casuality Company; Great American Life Insurance Company; Great American Financial Resources, Inc.; ING North America; Jefferson-Pilot Life Insurance Company; Lincoln National Corporation; and Sun Life Insurance Company.
What Is Being Said In The News?
By Ingrid Evans: Tips on Protecting Yourself From Elder Financial Abuse
TRIAL magazine: Protecting Seniors from Financial Abuse
Law360: National Western RICO Suit Ok'd To Proceed
AARP Bulletin Today: Are Annuities Your Best Bet? Protect Your Nest Egg Against Unsuitable Investments
Plaintiffs magazine: Who's On First? Protecting California's Elderly from Financial Abuse
The Wall Street Journal: High-Interest Lenders Tap Elderly, Disabled
The New York Times: Who's Preying on Your Grandparents?