Search By:
Products
Injury
Topic
Company
Industry
Life insurance companies might fraudulently induce senior citizens to buy deferred annuities.
Investigation Source
Investigation Scope
Category Information
Investigation Topics
- Misrepresentation
- Over Charge
- Investments
- Unsuitable Investments
- Deferred Annuities
- Unsuitable Annuities
Product or Service
- Annuities
Injury Type
- Monetary Loss
Investigation Details
Investigation and pending class action lawsuit against Amerus Group Co., American Investors Life Insurance Company, and Senior Benefit Services for carrying out an illegal and fraudulent scheme to market and sell deferred annuities to senior citizens. These deferred annuities are bad senior retirement investments because they do not mature for 15 or 20 years, often beyond the elderly person's life expectancy. Also, they carry exhorbitant surrender charges if cashed in before the maturation date. As a result, the annuitant's money is locked up for years, and the victims or their loved ones are forced to pay high surrender charges if they need to get it out early. We are investigating similar practices by other companies.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| Amerus Group Co. | Amerus Group Co. is a holding company whose subsidiaries are primarily engaged in the business of marketing, underwriting and distributing a broad range of individual life insurance and annuity products to individuals and businesses in all 50 states. Aviva acquired AmerUs Group. |
| American Investors Life Insurance Company | American Investors Life Insurance sells annuities and life insurance and annuities through about 3,800 independent agents and brokers throughout the US. It focuses on both equity-index and fixed-rate annuities. |
| Senior Benefit Services | Senior Benefit Services, Inc. is a national insurance marketing company specializing in senior citizen products. |