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DEFERRED ANNUITY SALES TO SENIORS
The Nygaard Law Firm is investigating the practices of a number of insurance companies who are targeting senior citizens for sales of deferred annuities. These investments are often unsuitable for seniors because they carry long-term surrender periods and "lock up" the individual's money in the annuity for a time longer than their remaining life expectancy. These unscrupulous sales practices often cause senior citizens to incur significant surrender charges in order to gain access to their own money! In addition, some insurance companies require that the individual "annuitize" their annuity in order to avoid surrender charges or to take certain "benefits" promised by the insurance company at the time of sale.
Articles Discussing Consumer Protection Related to Senior Citizens
- Associated Press,
- Robert Schroeder, Marketwatch
- Susanna Schrobsdorff, Newsweek
- The Final Indignity (July 19, 2005) (Discusses possibility of elder fraud epidemic as baby boomers enter retirement years).
- Beth Bresnahan, Pittsburgh Post-Gazette,
- Jack Sirard, Sacramento Bee
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