“Guaranteed Income Advantage” Rider Offered by North American Company for Life and Health Insurance
March 30, 2009 – The law firm of McCabe Rabin, P.A. (www.McCabeRabin.com) has announced that it is investigating possible fraud and misrepresentation in connection with the sale and marketing of certain equity indexed annuities offered by North American Company for Life and Health Insurance. In particular, the firm is investigating the “Guaranteed Income Advantage” rider offered with the “North American Precision Series” and possibly several other annuity products sold by the company. This rider purportedly offered a lifetime income based upon a balance that was guaranteed to grow at 8% per year. Upon information and belief, however, sales agents used marketing materials and brochures that materially misrepresented how the rider worked to investors. As a result, investors may not have received what was represented to them.
Equity-indexed annuities are complicated insurance products that usually pay a high commission to the sales agent and the insurance company. The Financial Industry Regulatory Authority (FINRA) and state insurance commissioners have repeatedly warned of the dangers of these complicated products and the possibility of sales abuses.
If you purchased an annuity from the North American Company for Life and Health Insurance that included a “Guaranteed Income Advantage” rider and you would like a free evaluation of your case, please contact Ryon McCabe at (561) 659-7878 or firstname.lastname@example.org.