Senior Annuity Fraud Attorneys
While California has the largest number of elderly citizens, Florida has the country's greatest percentage of individuals over the age of 65, who make up more than 19% of the state's population. With such a high number of seniors, Florida is constantly on alert to potential financial abuse. Annuities are often offered to seniors with the expectation of a fixed rate of return, luring them in with the promise of a secure investment. When seniors are misled about what an annuity entails, or they are sold an inappropriate investment, they could face financial loss.
If you or a loved one have fallen victim to these misleading facts, you need to know how best to respond to annuity fraud. Contact the experienced insurance dispute lawyers at The Law Offices of Michael B. Brehne, P.A. to schedule a free case consultation.
How Seniors Are Affected by Annuity Fraud
Annuity fraud is especially harmful to seniors because they need their retirement savings to support themselves and to prepare for any possible medical emergencies they might encounter. Seniors often need to take out funds on a short timeline, and when money is put into an annuity, the retirement money cannot be accessed easily. Money in an annuity dribbles back in fixed money payments, and it tacks on a sub-market interest rate, but some annuities do not begin paying a monthly indemnity until the senior has exceeded his or her life expectancy.
Types Of Scams Used On Seniors
Some agents set up annuity contracts so that the money left in the annuity remains with the agent or the insurance company instead of the beneficiaries. Seniors currently make up 30% of fraud victims, and when they fall prey to scams, they generally fall hard. The following are some ways that insurance agents convince seniors. Get help from our insurance attorney in Orlando if you or a loved one need assistance after any of these scams.
- The Grandparent Scam
- Requests for immediate payment posing as the IRS
- Tech Support Scam
- Medicare and Health Insurance Scams
- Counterfeit prescription drugs and fraudulent products
- Funeral and Cemetery Fraud
- Telemarketing Scams
When a senior or elder is persuaded by an intermediary to engage in costly annuities that force them to keep the annuity for 10-15 years or pay a heavy surrender fee, this is known as "twisting." This will leave them with a worthless investment, while the scammer receives a large commission. "Churning" occurs when an agent offers a senior a better insurance policy, but it is actually the same as the pre-existing one.
How Seniors Can Respond To Annuities Fraud
When you contact an experienced elder financial abuse lawyer, they can help victims of this fraud by taking the appropriate legal action to recover compensation for any financial damages that have occurred. Becoming part of a class action case against an insurer or insurance agent can make it possible for a senior to present a claim alongside other victims in a similar situation. Seniors can also bring forth individual claims against the annuity provider or insurance agents to be resolved in court or settled through negotiation.
How Our Insurance Lawyers Can Help
Anyone who wishes to pursue a claim based on annuity fraud should seek the help of a knowledgeable insurance dispute attorney. Our experienced attorneys at the Law Offices of Michael B. Brehne, P.A., can conduct an in-depth investigation into the marketing materials, transaction contracts, and other relevant information that a senior relied upon when deciding to purchase an annuity. Our Orlando law firm can help victims of elder financial abuse gather the necessary evidence of fraud and pursue the most appropriate course of action to recover any monetary compensation for their financial loss.