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Insurance firm fined over sales to seniors.

Publication: The Register-Guard (Eugene, OR)
Publication Date: 31-OCT-08 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Insurance firm fined over sales to seniors.(Financial)(Bankers Life refunds money to about 20 older clients to whom it sold annuities that weren't suitable for them)

Article Excerpt
Byline: Ilene Aleshire The Register-Guard

State officials have fined a life insurance company that does business in Eugene $150,000 and ordered it to refund money to some of the senior citizens to whom it sold annuities. It also was told to "overhaul the way it does business," said Cheryl Martinis, a spokeswoman for the state Department of Consumer and Business Services.

Bankers Life and Casualty Co. has already given refunds, on the state's orders, to approximately 20 seniors who were sold about 30 annuities that were inappropriate and took most or all of their money, Martinis said Thursday.

"In a huge number of cases, the annuities tied up all their money so they didn't have enough to pay expenses," she said. "One man from the (Willamette) Valley had a very sick wife. (The annuity) tied up money he had had in the stock...

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