AllianzAllianz Annuity

K
This review was posted by
a verified customer
Verified customer
Review updated:

When I applied for an Annuity, I was getting over a stroke and received an inheritance of, well, a lot. Was scared to have that much money in checking acct and my "tax" guy told me to do this. I trusted him. He lied about nearly everything. He is considered by the company to be an Agent. When I realized that the penalties were outrageous, I asked to see a copy of the policy. Never got one. Finally, after almost 3 yrs I get one. It says if you don't want the policy to return it in 20 days and all premiums will be refunded. I was told that they were getting 11% interest. When I requested $35,000 to get some land, I was charged almost $10,000 in penalties. They have said they will give me my money back, but will not refund ANY of the penalties and will only give me 3% interest. They refuse to even try to talk to me about this. I recorded their agent lying to me and recorded THEM, as well. Legal in TN. I feel like I have them dead to rights on this, but they are being real jerks about this. I told them I wanted the remainder of the original amount plus the penalties reimbursed plus 6%. They are trying to bully me and here I am a disabled veteran and that's the only break I'll probably ever have in my life. Between the company and their "agent" they made a pretty penny from my money and if I hadn't "gotten wise' about this, they would have gotten it all. NEVER DEAL WITH ALLIANZ. They are crooks from the word GO.

Sure wish I could talk to anyone who has any knowledge of how to get my money back... the money I deserve.

Responses

  • Ju
    Just my opinion Jul 03, 2009

    I learned the hard way too. I will never trust Allianz. I will never trust their Agents. In my opinion, they misrepresent the products they sell. The amount of money you actually receive, should you need it, is far far far less than what they say you get. To me and others I know, their contracts are like traps - just waiting for you to take the wrong step. Then you lose your leg - and they win big.

    The Attorney General of Minnesota who tried to sue Allianz, indicated their contracts are extra-ordinarily complex. I know of other who felt burned by Allianz. They feel ripped off. I read there are two law firms that are filing a class action lawsuit against Allianz.

    Allianz is one company I will forever stay away from.

    -2 Votes
  • 01
    01BMW325XI Mar 26, 2010

    WE ARE TO RECIEVE A LARGE SUM FROM AN ANNUITY. THIS IS THE ONLY CO. OUT OF 5 THAT HAS NOT PAID AS ALL THE OTHERS DID. I AGREE THEY ARE CROOKS AND WE ARE SUING THEM. I HAVE A BAD FEELING NOW THAT I AM INVESTIGATING. I WOULD LIKE TO CHOKE THE BAST... THAT SOLD THIS TO OUR BENIFACOR. THEY REALLY SCREWED US UP!
    BEWARE IF YOU ARE THINKING OF INVESTING WITH THIS CO. TJHEY ARE CROOKS!!!

    -2 Votes
  • Je
    Jean Howard Apr 09, 2011

    Hi please help me my husband is thinking invest with Alianza..if you know something about this company and they program call Fixed-Annuity ..my husband is 59 years old, thats money is all what we have...Please help us..thanks..
    Jean

    -3 Votes
  • Fa
    FAD Apr 23, 2011
    This comment was posted by
    a verified customer
    Verified customer

    Jean, did you not read the stories here. Stay away.

    These people neglected to tell me about the penalties. The only people that made money here is Allianz.

    -2 Votes
  • La
    lawyerguy07 Jul 25, 2014

    I am sorry to hear about all your bad experiences, but it seems that you all have had the same problem with trying to access your annuity money early, it sounds to me more like your agents werent up front with the costs and penalties associated with cashing in these contracts early, and for that I feel bad. Annuities are a great way to plan for retirement and can provide lifelong income(if you can wait till the contracts mature before using them).

    0 Votes
  • Al
    Allan Farr Aug 10, 2018
    This comment was posted by
    a verified customer
    Verified customer

    @lawyerguy07 Yes, but another thing they don't tell you (its in the policy) is that once you choose the lifetime annuity, which you have to choose to the "Bonus" that they enticed you with to buy the product, there is NO LONGER A DEATH BENEFIT. You die YOU LOSE. Oh, and the annuity rate from 60 - 69 (starting age) is 5% which is 20 YEARS. Just don't get sick and die early or YOU LOSE. I'm taking the 10% Free Withdrawal every year (penalty free) to get a least some of my money back. I will do the Joint Annuity so maybe either me or my wife will live long enough to get our money back. Oh, and the payments are taxable so you lose even more as you don't know what the tax rate will be. Good Luck.

    0 Votes
  • Ji
    Jim1936 Apr 09, 2018

    Allianz and my damn financial advisor are the only ones making money. I hate I was stupid enough to get into these lousy annuities. I have had some great annuities over time but Allianz is not among them.

    -1 Votes
  • Al
    Allan Farr Aug 10, 2018
    This comment was posted by
    a verified customer
    Verified customer

    If we do the Joint Annuity, the payout is not 5% per year but 4.5% per year or 22.2 YEARS total. I cannot start until Age 65, so i'll have to live to 88 to get my money back. Good chance that I will, Lord willing, as I am blessed with great genes! I'm going to live to 95 just to get back at Allianz, lol

    0 Votes
  • Ri
    Rick in Florida Jan 27, 2020

    Add me to the list of those being screwed over by Allianz. I invested several thousands in Allianz annuities for my wife and myself beginning in 2009. Now I am trying to surrender the policies. Called my agent for help but his return voice message informed me he was "retired" He got his cut, and we're holding the bag. I have heard from mutual friends that, as a member of a hospital Board, he sold many contracts to them which also have incurred problems. I do not know where I can turn for help, and at 83 years of age, I' running out of breath and money. Proves the old German theory that "we're too soon old, and too late smart!"

    1 Votes

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