A variable annuity is a contract between you and an insurance company. It serves as an investment account that may grow on a tax-deferred basis and includes certain insurance features, such as the ability to turn your account into a stream of periodic payments. The practice of selling an unsuitable or inappropriate variable annuity qualifies as variable annuity fraud. Variable annuities offer a range of investment options. The value of your contract will vary depending on the performance of the investment options you choose. Variable annuities are extremely complicated investment products, which frequently lead to misrepresentations by financial advisors. They are suitable for a client with short-term goals as there are typically large surrender charges if the client wants to gain access to the money invested. The commissions and fees paid to financial advisors are typically large when compared to other investment products, which lead to abusive sales practices. If you have been sold an unsuitable or inappropriate variable annuity you may be able to file for variable annuity fraud, please contact us to assist you in your investigation of this claim.
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