Thursday, April 10, 2008
Thinking that you own an unsuitable annuity and knowing for a fact you own one are two totally separate issues. Let me explain what I mean.
Annuities have advantages and disadvantages. These should be explained to you up front prior to purchase but mostly they aren't. Why you ask. Because, it is not profitable for your insurance agent to tell you the bad things and quite honestly, in my opinion, they just don't. If you knew all the bad things about what you are potentially going to 'buy' or invest in, you might just change your mind.
Annuities: The Pretenses You Purchase Under
It's not whether or not you like everything about your annuity that makes it suitable or unsuitable. It's how it was presented to you and under what pretenses you purchased the annuity. If you were told your equity index annuity would earn 'better than stock market returns' THEN MOST LIKELY YOU WERE DEFRAUDED. You may have purchased this under false pretenses. However, if your annuity didn't quite earn as much as you wish it did because of poor market conditions, that is a totally different story.
Annuities are often misrepresented and sold under false pretenses. Ultimately, proving that, or discovering how it was done is the trick. There are ways to guess and ways to know definitively. It is often not easily discernible by an average consumer. Often times it takes professional help.
But where can you get this help from? I mean, another annuity agent is going to tell you it's bad so he can get you out and into another one. An attorney may or may not be able to help you depending on their experience (By the way, we will be doing a FULL article on why attorneys are often unsuccessful at recovering moneys for clients in an unsuitable annuity).
Getting Help With Your Unsuitable Annuity
There are ways to get help and we will look at those in CLOSE detail in the upcoming posts. In fact, I will identify several points as to how you may be clued into if what was sold to you was unsuitable. This will put you so far ahead of just shooting in the dark.
Annuities are grossly misrepresented but figuring out if you are a victim of annuity fraud is not easy. We are here to help. Feel free to continue reading or go to our site to get more information.