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EquiTrust Life Insurance Company might have mislead senior citizens into buying unsuitable deferred annuity products.
Investigation Source
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Misrepresentation
- Investments
- Unsuitable Investments
- Deferred Annuities
- Unsuitable Annuities
Product or Service
- Annuities
Injury Type
- Monetary Loss
Investigation Details
Investigation and pending a class action lawsuit against EquiTrust Life Insurance Company, claiming EquiTrust Life Insurance duped customers into purchasing annuities products through deceptive sales practices.
The class action lawsuit claims EquiTrust designed a scheme that targets the elderly in an effort to create large product spreads to pay oversized commissions, to lure prospects with illusory bonuses and earn a large profit margin. The class action lawsuit claims the "scheme was devised and intentionally crafted to ensure that plaintiffs and class members would purchase indexed annuities and not receive full benefits from the annuities or be subject to exorbitant surrender charges." The increased surrender penalties and extended maturity dates on the annuity products don't end until plaintiffs' 105th birthday, forcing them to pay surrender charges of 20 percent, the suit claims. Plaintiffs say the class has been forced to pay hundreds of millions of dollars in premiums and surrender charges for annuity products that, by design, could not perform as advertised.
If you purchased an indexed annuity product from EquiTrust from 2004 until present, you are eligible to join this suit.
The class action lawsuit claims EquiTrust designed a scheme that targets the elderly in an effort to create large product spreads to pay oversized commissions, to lure prospects with illusory bonuses and earn a large profit margin. The class action lawsuit claims the "scheme was devised and intentionally crafted to ensure that plaintiffs and class members would purchase indexed annuities and not receive full benefits from the annuities or be subject to exorbitant surrender charges." The increased surrender penalties and extended maturity dates on the annuity products don't end until plaintiffs' 105th birthday, forcing them to pay surrender charges of 20 percent, the suit claims. Plaintiffs say the class has been forced to pay hundreds of millions of dollars in premiums and surrender charges for annuity products that, by design, could not perform as advertised.
If you purchased an indexed annuity product from EquiTrust from 2004 until present, you are eligible to join this suit.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| EquiTrust Life Insurance | EquiTrust Life Insurance sells life insurance and other products. |