American Equity Investment Life Insurance Company review: Annuity

I feel like I was sold a bill of goods. Fourteen years ago, I invested $20,000 in the company’s annuity. Today, after all that time, my account balance is still only about $21,000, with a surrender value of just $19,000.
If I were to start taking payments now at age 70, my annual payout would be only $1,900—about $155 per month. That means it would take me ten full years just to recoup my original investment. I wouldn’t even begin to receive any true “interest income” until age 80.
At that point, I would have had my money tied up for 24 years before seeing any return. I’m not sure how many years beyond 80 I’ll even be around to benefit.
Overall, it’s been an absolutely terrible financial instrument for me. My only advice: RUN if anyone suggests investing in an annuity.