The nation's largest seller of annuity products has a lawsuit against them claiming elder abuse. The class action lawsuit alleges the company intentionally misled elders to purchase deferred annuities that do nothing to improve their investment portfolios. A deferred annuity is an insurance product that requires a lump sum payment, but does not pay out any money for a fixed term of years.
However, seniors allegedly were not informed that the deferred annuities could tie up their money for up to 15 years, that they could not cash in their annuities early without paying a hefty penalty; and that payments advertised as immediate bonuses also were not payable for up to 15 years.
Allianz has reaped huge commissions by selling more than 4,900 deferred annuities, worth about $260 million to people over the age of 70.
Allianz Insurance in the News
APR-27-07: Minnesota files suit against insurance for selling long term annuities to seniors, similar to case filed against
Allianz in January. [
CONSUMER AFFAIRS: ALLIANZ INSURANCE]
APR-26-07:
Allianz Insurance is one of the companies the Attorney General of Minnesota is suing for allegedly committing fraud by selling inappropriate
annuity plans to seniors. [
KARE 11: ALLIANZ INSURANCE]
JAN-22-07: Lawsuit filed against
Allianz claiming the insurance company did not adequately disclose that seniors could have their limited savings tied up for as long as 15 years. [
CONSUMER AFFAIRS: ALLIANZ INSURANCE]
Allianz Insurance Articles
Consumer Lawyer Dee Miles explains Annuities and Allianz
A lawsuit was recently filed against Allianz Insurance Company, alleging it sold annuities to seniors without telling them they may not have access to their savings for up to15 years. This constitutes elder abuse as well as fraud. How can this happen to our senior citizens? Lawyersandsettlements interviews consumer lawyer Dee Miles.
Allianz Insurance Legal Help
If you were sold an inappropriate annuity product from Allianz Life Insurance, please click the link below to send your claim to a lawyer who will evaluate your claim at no cost or obligation.
