Wednesday, December 23, 2009
Seniors who bought inappropriate annuities from Great American Life Insurance Co. may be eligible for refunds
Minnesotans who were 65 or older and purchased a deferred annuity from Great American between Jan. 1, 2001, and Aug. 1, 2008, will get a letter with the information... Seniors who bought inappropriate annuities from Great American Life Insurance Co. may be eligible for refunds, the Minnesota attorney general's office said Tuesday.
About 2,000 policies with an estimated value of $50 million may be eligible for the refund claims, according to the AG's office... It said the Ohio company was deceptive in how it sold the annuities, some of which were not suited for the customers to whom they were sold. Some wouldn't give people in their 70s and 80s access to their investments without sizable penalties for at least 12 years. In some cases, annuities locked up all of the seniors' liquid assets or charged them hefty penalties to get access to their principal...
Star-Tribune: Seniors who bought inappropriate annuities from Great American Life Insurance Co. may be eligible for refunds
About 2,000 policies with an estimated value of $50 million may be eligible for the refund claims, according to the AG's office... It said the Ohio company was deceptive in how it sold the annuities, some of which were not suited for the customers to whom they were sold. Some wouldn't give people in their 70s and 80s access to their investments without sizable penalties for at least 12 years. In some cases, annuities locked up all of the seniors' liquid assets or charged them hefty penalties to get access to their principal...
Star-Tribune: Seniors who bought inappropriate annuities from Great American Life Insurance Co. may be eligible for refunds
Permalink posted by markw @ 7:12 AM 
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