As a result of the annuities fraud action that was filed against North American Company for Life and Health in 2008, a senior person from the state of California was given a substantial judgment. According to the allegations, North American Company for Life and Health coerced the elderly person into obtaining a delayed annuity that he would never be able to collect on. In this particular instance, the elderly person was offered a delayed annuity when they were 82 years old. At that time, he was residing in an assisted living home and was suffering from Alzheimer’s disease as well as dementia. During the time that the broker was selling the senior citizen the delayed annuity held by the North American Company for Life and Health, it was claimed that the broker did not inform the senior citizen that the insurance would not become active until he reached the age of 97. The general public is cautioned by lawyers who specialize in deferred annuity fraud to carefully analyze annuity contracts. Please do not hesitate to get in touch with the lawyers at Evans Law Firm, Inc. for a free assessment of your legal rights if you have any concerns. Large surrender penalties were attached to the delayed annuity that was marketed to the older person in this particular instance. When money is taken out of an annuity prior to the date it is scheduled to mature, the investor is subject to surrender penalties. In this particular scenario, the monies would have been committed for a period of time that was longer than the older citizen’s expected lifespan.
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