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Ronald&eva of Pikeville, TN December 9, 2008
they will not let you get your money for 15 years without lossing up to 15%. i would like all my money now. i am 72 i will probly die before i get my money. thank you
Michael of Midwest City, OK September 23, 2008
Sold my wife and I to roll over our 401Ks into an annuity, that we could not lose our principal and we would get a 10% bonus for signing up and after 10 years would be able to with draw and/or annuitize. Facts pointed out just recently show that we can not pull out before 13 years with out considerable penalty and then we would only get our original money plus 1.5% per year.
If I pull out now and try to recover, I will lose approx 24K. I am too old to lose this much but want to retire and use this money before the thirteen years.
Kim of Virginia Beach, VA August 14, 2008
I purchased a whole life policy from Fidelity Union (now Allianz Life) about 42 years ago. I was told at the time of purchase that the policy would become paid-up life insurance after premiums were paid for five or six years. I made the required payments and received no more bills from the insurer. Now the insurer is saying that additional payments are necessary to keep the insurance in force.
I am now retired and will lose 60,000 in life insurance if payments are not continued.
Nancy of Tomball, TX May 28, 2008
Want to comment on the article just read about not knowing about inability to access money in annuity. My husband passed away suddenly in April 2006. He had no life insurance. I had to withdraw 15000 from my annuity to pay final expenses. Not only did I have to pay a steep penalty for withdrawing this money, I also had to pay a penalty on 2500 that I had withdrawn in Nov. 2005 penalty free. The actual amount the was taken from the account was 22000. It cost me 7000 to access this money. This was not explained to me clearly when I converted my 401K to this annuity.
The damage will be in the future when I need the money from this annuity for living expenses. There will be considerably less to draw upon.
Brooke of Evansville, IN May 24, 2008
Allianz sold my Mother & Stepfather an annuity in their early 80's that is not worth full value for 10-years. My stepfather recently passed and my Mother needs the money for income and is forced to pay a 15% penalty if whe withdrawls it in the next 10-years. They were also paid a transfer bonus of 10% which isn't payable for 15-years. This was deceptive, fraudulent and taking advantage of the elderly.
My Mother may be forced to lose 15% of her principal investment in a little over 1-year because she now needs the money to live on with the loss of my Stepfather's pension income.
Kathleen of Pacifica, CA April 27, 2008
I just read your report regarding the State of Minnesota suing Allianz Insurance Company for selling deferred annuities to seniors on January 22, 2007.
The charges the State of Minnesota filed against Allianz Life apply to me: 1. I was led to believe that my annuity funds were tied up for only 5 years, and that after 5 years, I could withdraw them without penalty. 2. However, in speaking with Patrick Thomas, my agent at the time of purchase, and with customer service at Allianz,this month, April 2008, I find out I am paying hefty penalties to withdraw more than 5% of my original deposit in a lump sum.
The alternatives are monthly, quarterly, semi-annual or annual payments of: 1. Interest only 2. Principal and interest 3. another plan I don't recall the name of. THESE ARE FOR A MINIMUM PERIOD OF 10 YEARS, AND ONCE I MAKE A CHOICE, I AM LOCKED IN FOR THE WHOLE 10 YEARS AND CANNOT CHANGE THE PLAN FOR WITHDRAWAL, MEANING MY FUNDS WILL HAVE BEEN TIED UP FOR 15 YEARS, AND IF I WANT TO TAKE OUT MY MONEY, IT COSTS ME BIG TIME.
Cris of Redding, CA March 18, 2008
My mother was sold an annuity from Alliance Life. She was told it was a good investment because of this bonus they would pay for the first 5 years of the annuity. She was withdrawing money from another annuity into this annuity to gain the bonus. The agent would come over and fill out the paperwork for the transfer. Problem is he didn't fill out the right paperwork to keep my mother from paying taxes. The correct paperwork would have asked annuity A to send money directly to annuity B and the transfer would have been tax exempt under the IRS exchange code 1035. Instead he was having the money sent to my mom which immediately made it taxable. I called the company to complain and there is no direct line or some one that well even talk to me. Instead they asked that I write a letter of complaint. I feel like I have no recourse because they can throw my letter away when they get it.
My mother put this money in these annuities so that some day the kids would get some sort of inheritance. All I see is the IRS getting a good portion of this in the way of taxes. The annuities are based on the stock exchange and well I do not see how this has been a good investment for my mom and the kids. It seems that the annuity companies and the agents are the one's who are getting the most benefits.
Frances of Homer Glen, IL February 13, 2008
We purchased an Allianz High Five Annuity for 45,000 in Feb. 2007. It has continued to dissipate, and the surrender value is down to 37,100 in just one year. I can only withdraw a small portion per year without penalty.
We are emotionally stressed that our savings is just going down, as we were told this is a wonderful plan that will beef up our retirement savings.
Jeannette of Liberty, Mo, MO January 4, 2008
They sold us a product (an Annuity) that was not what we had duscussed regarding that product. When I called them in 2005 they told us that the product would not mature until Dec 2007. Then we got a statement never mentioning the 10% bonus DEX for putting our money with their company.
If we surrender this policy, as we thought we could after our fifth year as fully vested, with thier terms we stand to lose 7,000. It translates to them using our money for five years and we made only 1,300, not near what they said we would make if we purchased this product from them!
Charles of No. Richland Hills, TX November 28, 2007
I sold two Allianz annuities that were supposed to have matured in ten years. Upon maturity tried to cash in annuity value only to find we have to keep them another five years or take monthly payments for five years to get the value, or take about 25% less for cash in. We are 77 years old, in bad health and would like to do other things with our money. This has caused mental anguish. We understand there is a class action suit pending on these policies.
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