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Zamansky LLC Investigates Voya Financial Advisors Over Sales of “L Share” Annuity Contracts With “Guaranteed” Minimum Benefits Riders

June 25, 2015 Active Cases & Investigations

The law firm is investigating Voya Financial Advisors over sales of its “L Share” variable annuity policies.   Voya Financial Advisors is a division of the New York-based insurance and retirement benefit group formerly known as ING U.S. Inc. Voya Financial Advisors recently announced that it wound not longer sell type of variable-annuity contract known as an “L share” if the annuity contract includes riders, according to a report by InvestmentNews.

The reason is that Voya Financial Advisors received “guidance” from FINRA, which regulates annuity sales, that L-share variable annuities with riders are presumptively unsuitable, according to news reports.   L-shares typically charge higher ongoing fees in exchange for a shorter-than-normal period of time before clients can withdraw their premium payments or exchange their contracts without paying a surrender charge.   This is inconsistent with long-term investing which is the purpose of a variable annuity.

There is also concern over “double charging.” Riders usually provide additional guarantees of benefits to investors at an extra-cost. The extra cost of a rider may be unnecessary to an investor who holds an L share.   The impact of the extra or unnecessary costs to investors from the combination of these two features of a variable annuity may not have been properly disclosed to investors.

Our law firm is investigating whether investors in L shares received proper disclosures, particularly if they also purchased riders. If you purchased an L share variable annuity with a guaranteed income or minimum benefits rider through Voya Financial, please contact our firm for an evaluation of your rights. You can contact Jake Zamansky by telephone at (212) 742-1414 or by email at jake@zamansky.com.

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