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RayAnswers, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 41668
Experience:  30 years as Texas lawyer representing consumers
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My father-in-law purchased a deferred annuity (lump sum) at

Customer Question

My father-in-law purchased a deferred annuity (lump sum) at age 88. He does not understand the contract. How can he possibly benefit from such a insurance? What can we do to get out of it? The 30days to reverse the contract has expired and we just found out about it.
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  RayAnswers replied 1 year ago.

Hi and welcome to JA. Ray here to help you tonight.

He benefits only in that his money is invested and he gets a monthly payment.His named beneficiary would get the balance of the payments.Perhaps he bought it for peace of mind leaving the balance to the named beneficiary.

I understand your frustration here.But is presumed to have capacity here, you may need to get a POA or guardianship to manage his affairs if he lacks the capacity here to do so.This may be a wake up call for you.I am sorry this happened, please don't shoot the messenger but he is allowed to make such a purchase until a court finds he lacks capacity.It is unlikely they will let him out of the contract here.

Make sure he has a named beneficiary for the balance of the annuity here.He gets payments for his lifetime and the balance goes to the beneficiary.

I appreciate the chance to help you tonight.Let me know if you have more followup.Thanks again.

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