Delray Beach, FL asked in Insurance Bad Faith and Securities Law for Florida

Q: At age 71 the Mortality Table estimated my death at age 78. Yet a CFP recommended an Allianz Annuity Fixed Index which

would provide monthly payments to begin at 81! And draconian penalties should I seek withdrawals in the first 7 years.

Do these facts indicate a breach of Fiduciary Duty, fraud,etc. on the part of the CFP and or Allianz. My tel.no. is 561 400-2721.

1 Lawyer Answer
Samuel B. Edwards
Samuel B. Edwards
PREMIUM
Answered
  • Securities Law Lawyer
  • Houston, TX

A: Generally speaking, there are very limited reasons to sell an annuity to someone who is over 70. Based on the limited facts you have provided here, it seems like this would have bee a completely unsuitable investment for you and could be a breach of fiduciary duty as well has violation of various securities and insurance laws. You should speak to a securities attorney who can evaluate the situation more fully and see if you have a viable claim. If you would like, we would be happy to do that for you. You can reach me at 800-259-9010 anytime tomorrow. Sincerely, Sam Edwards.

Bruce Alexander Minnick agrees with this answer

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