Lawsuits are being filed against Allianz Life Insurance Company of North America by senior customers (over 60 years of age), claiming that they have been sold postponed annuities with massive surrender charges. Victims claim that the insurance company failed to discuss important and accurate information while in the process of selling and marketing their delayed annuity products.
Senior citizens have been an easy prey of deceptive advertising tactics for prolonged annuities since they have more assets that can simply be transferred into annuity products.
This has been considered a growing problem in the state of California. Such tactics usually occur when the stock market is unpredictable and annuities are marketed to seniors as a secured investment for their money and that it is sure to grow over time. Allegations claim that Allianz Life Insurance Company of North America intentionally commits insurance fraud and deceived their senior citizen clients through misleading statements and by not disclosing the penalties for surrendering the annuities. Such penalties can make their investment at risk and most of the time extremely expensive. They offer a large risk of loss since they are a long-term investment. In general, these deferred the penalties for surrendering the annuities. Such penalties can make their investment at risk and most of the time extremely expensive. They offer a large risk of loss since they are a long-term investment. In general, these deferred annuities are considered wrong investment for the elderly because of the high surrender fees, undisclosed fees, costs and meager returns that they provide. So when a senior citizen should need the money invested in a deferred annuity to pay for age-related expenses such as health costs, they could face expanded surrender penalties that drain their assets. In addition to these allegations, victims claim that the insurance company also failed to disclose that the interest credited above the terms of these annuities is inappropriately lowered to recover any promised premium bonus and high commissions paid to their sales agents.
Certain Allianz deferred annuity products:
- Power Rate
- Bonus Maxx
- Power 7 Annuity
- Power Dex
- Flexdex MC
- Bonus Dex
- Flex Dex
- Master Dex 5
- Master Dex 10
According to a California federal court, as of November 10, 2014, Allianz Life Insurance Company of North America has reached an amount of $251 million as settlement for luring 230,000 senior citizens into purchasing disappointingly performing deferred annuities with cruel surrender policies. If you or anyone you know were sold a deferred annuity from Allianz Life Insurance Company of North America, you may be eligible to take part in a class action suit and investigate your claim. Please Contact Us and provide any details along with contact information. If you prefer to leave a voicemail you can call 1.858.236.9020. GetClassActionMoney.com can then forward these requests to our network of attorneys that may contact you if a Class Action Lawsuit is to be pursued.
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