VARIABLE ANNUITIES FRAUD
VARIABLE ANNUITIES ARE SUITABLE ONLY FOR CERTAIN INVESTORS
Variable annuities are insurance contracts providing payments that fluctuate according to the performance of underlying mutual funds or sub accounts. Variable annuities are marketed by insurance companies as attractive ways to invest your retirement savings, and they have some of the highest commission and fees of any investment being sold. Those approaching retirement age, and those investors who had variable annuities placed into IRA or other qualified accounts are especially at risk for fraud.
What are Questionable Variable Annuity Sales Practices? Among the abusive and improper sales practices by sellers of variable annuities are the following:
- Unnecessary replacement of old variable annuities with new ones to create unnecessary commission payments and surrender fees;
- no clear explanation of complex language and fee structures; variable annuities may be unsuitable for senior citizens because of the long term commitment involved.
- purchased for a tax-qualified retirement account (eg. a 401K plan or IRA); fees and commission payments are not disclosed;
- risks are not disclosed;
- tax benefits are overstated;
- often investment advisors will concentrate all your savings into variable annuities; and
- switching to new variable annuities every few years. The problem arises here when the new annuity has a higher fee, lower death benefit, and forces an investor to pay a “surrender fee” for withdrawing money from the old annuity too early.
SKILLED AND KNOWLEDGEABLE VARIABLE ANNUITY ATTORNEY
Heiner Law offices has represented countless investors that have been victims of variable annuity and other insurance sales abuse practices. We are familiar with all the rules and regulations involving sales practices of insurance products and variable annuities.
When you contact us we will discuss the facts about the sales pitch and look at your documentation. We know exactly what to look for and if we determine you have been improperly sold one or more variable annuities for any number of reasons, after you hire us, we will aggressively pursue the firm or individual that caused your losses or damages.
It takes an experienced and skilled law firm to successfully prosecute these cases. Heiner Law Offices has ability to thoroughly and relentlessly represent your interests, and we will. We will fight hard to help you recover your losses.
CONTACT US FOR A FREE CONSULTATION
Contact our office today to discuss your case. We offer a free initial consultation. You can reach us by phone at 801-366-5200 or via email. We try to take every case on a contingency basis which means we don’t collect a legal fee unless we successfully make a financial recovery for you.