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1/26/2005

Annuity Dealers Abuse Seniors

The LA Times reports on predatory annuity sales practices. The central example involves an elderly man purchasing an annuity to support his wife after he died, only for his wife to discover after his death that the annuity doesn't pay off until 2045 - when the man would have been 115 years old. A class action is in the works, as there are 10,000 similarly situated seniors.

California Atty. Gen. Bill Lockyer's staff is investigating a "living trust mill" that "used 60 telemarketers and 200 sales agents to offer seniors free or low-cost estate planning services as a pretext to pitch unsuitable annuities."

Of course, George W. Bush both wants to reduce people's ability to file class action lawsuits and force people to buy annuities to replace their social security benefits.

 

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