Speak with a Registered Agent: 1-866-223-2121

Speak with a Registered Agent: 1-866-223-2121

Florida Annuity Laws Changed to Protect Seniors


A new year brings new protections for annuities consumers in Florida, says the Tampa Bay Business Journal. With a massive senior citizen population, the state has been targeted by unscrupulous agents and other individuals that recommended innapropriate financial products to seniors, such as reverse mortgages and certain annuities. Many people lost their entire retirement fund as a result. Florida Chief Financial Officer Alex Sink’s office has pushed through this legislation to protect more individuals from being misled.

The amendments to Florida Statute 627.4554, which went into effect on January 1, include these provisions:

  • A consumer who changes their mind about buying an annuity or life insurance product can cancel and recieve an unconditional refund within 14 days of recieving the policy (formerly 10 days)
  • The intentional submission of fraudulent signatures (on applications, contracts, or other policy-related documents) is now a third-degree felony.
  • An agent who misrepresents or misuses their qualifications to make them seem more qualified than they actually are is considered in violation of unfair trade practices. Also, agents cannot invent fake financial certifications to imply greater expertise.
  • Agents with a Florida license must take a class about the suitability of life insurance and annuity transactions (three hours minimum)
CFO Sink would like to make it a state felony to intentionally decieve a senior citizen into buying an annuity product that is innapropriate for them.

For more information about the product mentioned in this article contact us here:

Newest Blog Posts

Information Request Form

If you have questions or would like more information, please complete this form and a licensed professional will be happy to help. For the fastest response, please select 'Phone' as your Contact Preference.

By providing your information and clicking 'Submit' above, you acknowledge that you have read and agree to this site's privacy policy. You also provide your consent to be contacted at the email address or phone number provided above (including any wireless number) by licensed agents or representatives from or on behalf of AFYI Holdings Group, LLC and other companies to provide the information requested and/or offer annuities or financial products. You understand that these calls or SMS messages may be generated using an automated telephone dialing system, a pre-recorded message, or artificial voice. Consent to receive such messages is not a condition to purchase any goods or services. You may opt out at any time by following the instructions in the messages you receive.  Receiving quotes and information through our website is free, and you are under no obligation to purchase any goods or services as a result of this request. You affirm that you are the subscriber of the provided telephone number or that the subscriber authorized you to provide the number. Message and data rates may apply. AFYI Holdings Group, LLC is committed to respecting your privacy and adhering to all applicable laws and regulations, including the Telephone Consumer Protection Act (TCPA).