Class action status is being sought in a lawsuit filed against American Investors Life Insurance Company on behalf of senior citizens in California who were sold expensive annuity policies that offer no benefit payouts for at least ten years. The suit alleges that the company has engaged in unfair business practices by improperly targeting the marketing and sale of these annuities to senior citizens. The suit also includes a cause of action for elder abuse and seeks to prevent the company from issuing age exceptions which enable them to sell annuity policies that are inappropriate for seniors. According to a plaintiff's attorney, "we believe American Investors has in excess of 150,000 policyholders, 90% of which are believed to be seniors, who have been sold inappropriate policies."
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