Florida Fixed and Variable – Deferred and Immediate Annuity – Fraud and Misrepresentation Litigation and FINRA Arbitration Attorney:

FAQ’s About Annuities:

An annuity is a contract or agreement with an insurance or investment company that provides a source of income or series of payments, from the investment either now or at a set future date, such as retirement. There are two basic types of annuities, deferred and immediate. Deferred annuities allow assets to grow tax-deferred over time before being converted to payments to the annuitant. Immediate annuities allow payments to begin within a year of purchase.

Annuities involve a long-term commitment and are not the right investment tool for individuals looking for short-term opportunities. Current law requires insurance companies and agents offering annuity products to seniors older than age 65 to clearly document the basis for selling the product, including consideration of a senior’s financial and tax status, as well as investment objectives.

Florida law also requires a cover page be fixed to any annuity policy informing the purchaser of the unconditional refund period described above. The cover page must also provide contact information for the issuing company and the selling agent, and the department’s toll-free help line. The cover page is part of the policy.

It is strongly urged that you carefully review and consider all of the advantages and disadvantages of any new purchase or replacement product. If an offer is made by an agent and/or company to move funds from a current annuity into a new annuity product, it is important to know that the new annuity will include a new surrender charge schedule and the guaranteed minimum interest rate in the new contract may be lower than the current annuity.

Please keep in mind that this information is being provided for educational purposes only. It is not designed to be complete in all material respects. Thus, it should not be relied upon as providing legal or investment advice. Annuities are complicated contracts. What is represented as a feature of the product has to be contained, in writing, within the contents of the contract. If what you have been told is not in the contract, it is a sign of fraud.

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With extensive courtroom, arbitration and mediation experience and an in-depth understanding of insurance and securities law, our firm provides all of our clients with the personal service they deserve. Handling cases worth $25,000 or more, we represent clients throughout Florida and across the United States, as well as for foreign individuals that invested in U.S. banks or brokerage firms. Contact us to arrange your free initial consultation.

At the Fort Lauderdale Law Office of Russell L. Forkey, we represent clients throughout South and Central Florida, including Fort Lauderdale, West Palm Beach, Boca Raton, Sunrise, Plantation, Coral Springs, Deerfield Beach, Pompano Beach, Delray, Boynton Beach, Hollywood, Lake Worth, Royal Palm Beach, Manalapan, Jupiter, Gulf Stream, Wellington, Fort Pierce, Stuart, Palm City, Jupiter, Miami, Orlando, Maitland, Winter Park, Altamonte Springs, Lake Mary, Heathrow, Melbourne, Palm Bay, Cocoa Beach, Vero Beach, Daytona Beach, Deland, New Smyrna Beach, Ormand Beach, Broward County, Palm Beach County, Dade County, Orange County, Seminole County, Martin County, Brevard County, Indian River County, Volusia County and Monroe County, Florida. The law office of Russell L. Forkey also represents South American, Canadian and other foreign residents that do business with U.S. financial institutions, investment advisors, brokerage and precious metal firms.