Breach Of Contract Award

Elderly woman purchases an annuity for life and insurance company stops payments after 5 years

Our client was a woman in her 70s who purchased an annuity for life and 5-years certain. She thought that she would receive a monthly benefit for life and if she were to die within the first 5 years after purchasing the annuity, her beneficiaries would receive whatever monthly benefits were left during the 5-year period. If she were to die after the first five years of the annuity, her beneficiaries would receive nothing. Our client did live during the first five years, but her annuity payments stopped after five years. The firm filed suit against the insurance company in U.S. District Court.

Result: The insurance company was found to be guilty of breach of contract and negligent misrepresentation. Our client was awarded back payments for life and a monetary stipend for her emotional distress. The insurance company appealed the decision to the First Circuit and lost their appeal. Attorney Raipher D. Pellegrino prevailed.

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