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Variable annuities are designed to be long-term investments, to meet retirement and other long-range goals. Variable annuities are not suitable for meeting short-term goals because substantial taxes and insurance company charges may apply if you withdraw your money early.
Variable annuities also involve investment risks, just as mutual funds do.
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Facts about Annuities Fraud
Annuities are designed to be safe, long term investments that guarantee to protect your principal. They can be used to generate income or to accumulate tax deferred gains. An annuity is the payment of a regular income by a life company to an annuitant in exchange for a lump sum either for life or shorter periods.
Annuities fraud is one of the top kinds of investment fraud scam artists practice.
There are two basic types of annuities, fixed annuities, which pay a fixed income backed by fixed dollar investment such as secure bonds and mortgages, and variable annuities, which vary in payment according to the value of stock and bond investments.
Legal issues related to annuities include:
- Improper Fee Disclosure
- Annuities Securities Fraud
- Investment Fraud
- Embezzlement
- Annuities Sales Misconduct