Oregon fines Bankers Life over annuity sales
The State of Oregon Department of Consumer and Business Services reportedly fined Bankers Life and Casualty Co. $150,000 over its sale of unsuitable annuities to seniors. Bankers’ Life reportedly refunded premiums to approximately 20 Oregon seniors who were paying so much on annuity contracts that they could not afford to cover living expenses.
Interesting legal question as to whether Bankers’ Life sharp practices qualify as elder financial abuse under ORS 124.110. That statute is designed to protect seniors from financial abuse. It’s a powerful law that provides a means of checking physical or financial abuse of Oregon seniors.
I don’t have any knowledge of the State’s actions, other than the media reports. It’s good that the State took action. My hope is that the affected seniors got fairly compensated for all of their harms and losses. I have to wonder whether there are other victims out there, as it’s hard to imagine that Bankers’ Life only sold 20 of these types of policies to vulnerable Oregon seniors.
David Sugerman
Tags: Bankers Life fined, elder abuse, Oregon, sugerman
January 22nd, 2009 at 5:33 pm
My husband and I took Banker’s Life Insurance, what a nightmare. We should have just let it be, but he took his 401k out and put it in an annuity. It wasn’t much, but it was still all we had extra. We are both on SS Disability.
We signed the original paper 31 July 2008. Our agent, from Allentown,PA., finally brought us the paper work for Bob to sign in 13 Dec. 2008. This was after many phone tag playing.
We told her we were having money difficulties and need to take money out to pay debts.
We signed the paper, she called and said all was taken care of.
We waited and waited,come Jan 2009 I kept bugging him to call and find out where the check is so we can catch up with our debts. Amanda Wright, our agent, never called us back.
We finally called the office in King of Prussia. They had no record of us wanting any money.
Well on the 12 Jan 2009 a women overnighted the application, and saif she filled everything in, just sign where the sticky paper was, so we did, and on the 13 Jan 2009 overnighted the paperwork. The check never came.
This week we call the women she isn’t in, left her a message, left Amanda a message,no return calls. So we call the Chicago office, they say they have no record of us wanting money. I tell the women we need this money for our mortgage, and bills, and I have a medical problem and must go to Philadelphia in Feb. So she says after 45 mins. on the phone fax her a form, and she will submit the paperwork.
We go to staples pay to fax 3 pages, I call today, and get another person, she says there is no record of us faxing anything to her. Fax the papers again to another number, she will give the work to a man named Brian personally, and he will call me when he gets the paperwork. I give my cell number, it is now 8:30pm and never got a phone call.
Please people DO NOT USE BANKER’S LOFE. WE HAVE HAD NOTHING, BUT TROUBLE.
If my husband has a heart attack from this, I will sue. The stress if getting to him and me.
He had to take his Nitro today, because he is just so upset. If we ever get the check, we will then get all the money out and put it in the bank.
Banker’s Life preys on the elderly it seems. If they are like this to everyone, something must be done about them.
Thank’s for letting me vent. I am going to repoirt them to the Better Business tomorrow.
January 22nd, 2009 at 5:44 pm
Thanks for your comment. This sounds terrible. I don’t know what state you’re in, but rather than the Better Business Bureau, I would call your state Attorney General’s office that handles consumer complaints. Good luck to you and your husband.
David Sugerman
August 10th, 2011 at 11:17 pm
I was behind the suit against Bankers Life……… they had taken my father in laws savings and coerced him into putting all his money in a 10 year annuity earning only 3% ! I went after then with the state of oregon and got Sue Ellen Sykes barred from selling insurance in Oregon. She got him to believing his family didn’t care about him and she would look out for safe being and financial situation. She even tried to take what little money he had in his savings account! I got power of attorney so I could act on his behalf and ordered them to return his money…they then threatened to sue me !! Just a scare tactic, i sued them for his 200,000 and $95,000 for elder abuse and won!
Bankers then got fined 150,000 by the State of Oregon ! DO NOT BE AFRAID OF THEM ! If you have problems contact your states consumer affairs. They are nothing but ghetto punks !
August 11th, 2011 at 4:30 am
Randy-
Sounds like a nightmare. Your willingness to stand up for what is right is a great thing. Thank you for sharing your success. I would love to hear more about it. Please note that this blog and page are pretty inscribe. I can be reached via http://www.davidsugerman.com
Your story is an important one. I would like to hear more about it.
David Sugerman