Seniors Should be Cautious When Purchasing Deferred Annuities

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Financial Conduct Authority says the deferred annuities market is messy, so seniors and elders need to be more careful when buying.

A report released by the Financial Conduct Authority in February 2014 said that the deferred annuities market is messy and that customers are not getting the deals that they deserve.

Deferred annuities are a type of investment popular with seniors and elders. Athene USA, known more as Aviva USA, is one of the major sellers of deferred annuities. However, deferred annuities are usually
not right for seniors and elders because they have a long surrender period with a high surrender fee and can become very expensive. Seniors and elders should be careful when purchasing a deferred annuity and make sure they thoroughly understand what a deferred annuity is, what type of deferred annuity they’re purchasing, etc. Seniors and elders should consult someone they trust when considering the purchase of deferred annuities, but should also keep in mind that, in general, they are not right for seniors and elders.

In 2014, the government put a cap on the sale of deferred annuities. This cut to the deferred annuities market has prompted a possible merger of Athene USA, formerly Aviva USA, with Friends Life.

ABOUT THE AUTHOR: Evans Law Firm, Inc.
Ms. Evans is with Evans Law Firm, Inc. in San Francisco and practices in the area of consumer fraud, insurance and elder financial and physical abuse cases, as well as toxic torts. Ms. Evans has represented public entities in private attorney general actions, has extensive experience in complex civil cases and was undefeated in jury trials as a former deputy city attorney in San Francisco. Ms. Evans serves on the Board of Directors for Consumer Attorneys of California and is the first Chair of the Womens’ Caucus. She also serves on the Board of Governors for Public Justice, and the American Association for Justice (formerly ATLA) and is Co-Chair of the Class Action Litigation Group for AAJ.

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Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.

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