Are You A Victim Of Senior Annuities Fraud?

Over and over, it seems as though our senior citizens get the short end of the stick. In insurance, this is no exception. Many companies will attempt to mislead senior citizens and convince them to purchase annuities that are inappropriate for their needs. As a growing field of investment, it is important that seniors and retirees who have been taken advantage of by insurance companies have legal actions taken on their behalf.

I am attorney Jessica Taylor and I want to make sure that senior citizens in Texas are protected from the predatory practices of insurance companies and their brokers, and can live through their retirement in peace. The best way to do this is by aggressively punishing companies that stoop so low. When you retain my services, you are taking the necessary step to protect yourself.

'What Are Annuities And How Am I Affected?'

Annuities happen when a contract is developed between a person and their insurance company where the insurance company agrees to make periodic payments following the payment of the contract. This is appealing because they are oftentimes tax-deferred and generally less expensive than other forms of insurance.

However, before a person can begin collecting on the annuity, they must go through a period of accumulation of earnings and fees. If they need to obtain the money before the distribution time, they face huge penalties.

Insurance companies will cater these plans to seniors without informing them that they can expect a return on their investment longer than their reasonable life expectancy. If they do not collect the annuity before their death, the insurance company keeps the total amount of the investment. They oftentimes rely on miscommunication, withholding information and false claims in order to achieve this outcome.

Any insurance company or agent who intentionally misleads an investor is said to have acted in bad faith. Insurance bad faith is unlawful and can lead to civil litigation and damages for the victim.

There are many ways that insurance companies will mislead seniors regarding annuities:

  • Long accumulation and maturation periods
  • Large penalties for early withdrawal
  • Inability to access funds when needed
  • High annual costs to maintain
  • Excessive commissions to brokers
  • Risky sub-accounts

It is understandable that our elders are looking to protect their assets, leave funds for loved ones, and make sure that they have a comfortable retirement. It is unacceptable for insurance companies to prey on the elder population and coerce them into purchasing insurance that they will never see the benefits of as a way to bolster their own funds. Insurance companies who make unsuitable investments for their own financial gain are not looking out for their client's best interests, but The Law Office of Jessica Taylor, PLLC, is.

Schedule A Free Consultation With Attorney Jessica Taylor

If you or a loved one has been taken advantage of by an insurance company due to senior annuities fraud, you need the guidance and support of a skilled attorney with experience handling these difficult cases. I spent a portion of my career defending insurance companies in lawsuits, so I know firsthand the tactics that are used when these companies respond to claims.

If you would like to retain my services, contact The Law Office of Jessica Taylor, PLLC, to schedule a free initial consultation. Get representation in your fight to protect your finances and future from manipulative insurance companies. Call 210-265-6759 or contact me online to set up an appointment today.