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Prudential Annuities Reviews
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I understand that I likely purchased this annuity at a time when the market was falling. However, my other 401K and IRA's have been increasing since the market has turned itself around a bit and returned to their prior balances. However, with the Prudential Flexguard, I'm still at a significant loss. I so regret buying into this annuity and advise everyone to take a long hard look before jumping in. I don't know what kind of investment mixes they utilize but they're not lucrative by any means. Am considering pulling what money I have in the annuity and taking a hit. This is the bulk of my retirement savings and don't want to be at a continual loss long term.
My wife and I discovered that we had been victims of unethical business practices by our “trusted financial adviser”, had been giving us false information, verbally and in writing, taking actions that were clearly not in our best interests. He then made false assurances, provided fraudulent financial reports, to delaying our discovery of his deception, until he earned yet another commission.
We discovered and reported this pattern of deceit to Prudential and provided a detailed timeline showing just how this deception unfolded as well as numerous emails, voicemails, and text messages supporting our claims. After several months Prudential's response was that their statements and contracts had proper info, and that my complaint was after the right to cancel time period. Don't trust these people, and be very careful to read everything.
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My father had a small (<$5000) annuity left when he died in January of this year. There are six beneficiaries named. I am one of them. My portion comes out to <$700 total. I filed the claim in June (there were several delays, they sent me an outdated claim form). I had called Prudential customer service for assistance in filling out the claim forms and opted for a lump sum payment. I received a letter from Prudential that I will be paid monthly payments via paper check for $8.63 until, hold on, MARCH OF 2029. I was not told when filling out the form that a lump sum payment was not an option. In fact, I was told to choose between lump sum and monthly payments.
It seems that a Fortune 500 company would make a more fiscally sound decision to cut one check and be done with the claim than to pay for monthly checks. Direct deposit was not a option. So they will end up spending much more than $8.63 per month in the cost of watermarked checks, postage and processing just to not pay me a tiny amount of an annuity in a lump sum. RED FLAGS!!! So they sent me 6 checks to me at my house but they were made out to my daughter, whose name is similar to mine. She does not live with me. She is a beneficiary herself, but had not sent in a claim when the checks were sent. So essentially Prudential sent my checks but I can't deposit them.
I have spent the last 2 months trying to get this corrected. Customer service is overseas. They only have first names, which I assume they are assigned when they go to work each day. ("Today your name is Andrew.") They barely speak understandable English and cannot understand me, I have to spell out my words. Also the phone connection is crap, low volume and static in the line. 2 months, numerous phone calls and 15 customer service reps later I haven't received a single check. My daughter hasn't received any checks. When I called today, some guy Earl told me that the claim was "being reviewed by the back office". Really? Of course that's a lie.
These people are tricksters and simply don't want to pay. So much aggravation for so little money. But in the name of doing what's right I'll take it to the next level and file a grievance with the Pennsylvania State Insurance Commission. Prudential Annuities is a scam. They have a documented history of unscrupulous practices and have stolen money outright from policy holders. Google the facts.
After losing my father in September 2019 I began the process of collecting on his annuities policies left for me and my sister. I have continually been given incorrect information first by Kathy ** in Delaware who sold my dad the policies. Once the paperwork was sent in with information on how I wanted to have the funds distributed I received a call from a man who did not identify himself properly. He wanted me to give permission over the phone for payments to start immediately. Not knowing if it was a legitimate call from Prudential and because it completely went against the paperwork I had filled out I repeatedly said no and requested the information be sent to me for review. This call was ignored and the checks began arriving. I have not cashed them as this was not what I wanted.
Recently I spoke with Kevin **, Senior Customer Service Representative who looked into my issues. It took him more than a month to send me a letter denying my request to follow my original paperwork. Because there is no extension I am not able to reach out to Mr. **. When I call the customer service department I am connected to a new rep each time and the investigation into my claim starts all over. Most representatives have no idea what they are doing nor how to resolve the issue. They are rude, disconnect me and fail to call back. Since you rarely get last names and there are no extensions to reach specific individuals you are never able to resolve anything.
I am beginning to believe Prudential continually runs scams like this. I WOULD NEVER INVEST WITH THEM AS I DEEM THEM DISHONEST. In the end they will do as they please despite my wishes. I strongly recommend steering clear of Prudential. I have found annuities make more money for the agents than the policyholders. In particular I would never trust or work with KATHY ** FROM THE DELAWARE OFFICE. She was dishonest, lacks knowledge and now ignores my calls and messages. KEVIN **, SENIOR CUSTOMER SERVICES REPRESENTATIVE FALLS INTO THIS CATEGORY AS WELL. I have given one star as zero stars is not an option.
I rec'd my tax form, did not take out enough tax on the distribution I requested in Sept. 2019. Called for amended tax form, couldn't understand the person in customer service, have to jump through hoops to get to c/s - really don't like this company, but too late to change now. Finally, after demanding that I get a revised tax form for taxes held - will email me the proper form. FINALLY!!!
1 - Customer Service reps are mostly subcontractors located off-shore. Difficult to understand. Not very helpful. They keep asking the same questions over and over again. Purposely undertrained.
2 - When finally getting to the point of being able to withdraw your funds, the ONLY option one is given is to pick a DATE of the month. Considering Prudential takes 1 day to balance your account, 1 day to send the funds out EFT and DAYS for one's bank to process the deposit, you could wait up to 7 DAYS (maybe more) for YOUR money depending on holidays or weekends.
Requests for Prudential to allow withdrawals on the DAY of the month similar to SS (example - 3rd Tuesday of every month) is simply ignored. RARELY will you get your funds in a reasonable and predictable timeframe. They always have an excuse using the DAY of the month method. "We can't process withdrawals on a weekend or holiday." "Your bank can take 3 to 5 days to release the funds," (Banks never take that long). "The bank is closed for the weekend or a holiday. The stock market is closed for the weekend or a holiday." "Prudential is closed for the weekend or holiday." "It takes us 1 business day to process." "It takes 1 business day for the EFT to process." Based on the 3 business days to process, all the federal holidays and weekends, 8 months (maybe more) out of 12 you won't get your money in 3 days. No salesperson will EVER tell you this when TAKING your money.
I called Prudential to ask some tax related questions for my grandma who is a US citizen if doesn’t live on the US. After asking me a million questions about my name and other stuff and basically treating me like I’m some nuisance to get rid of despite my politeness the lady transfers me to a certain David who can help me. After David has zero interest in finding out what my question is because he obviously doesn’t like his job he tells me he can’t tell me anything and I need to get data from the IRS and gives me completely incorrect data about what my grandma needs to fill out.
Then he hangs up telling me to continue to the survey which I agreed to do and actually cuts me off from doing it. Very unpleasant very impolite two customer service reps. No interest in help, you're a nuisance, a piece of garage to dispose of. I absolutely gave no reason for this. I was very detailed in my question and answers and very patient and nice. I did nothing on my part to warrant this kind of treatment.
Prudential and the representative agent are only agreed to take your money, not caring how to better manage your savings & retirement. They work for their own profit only! Be aware of this if you choose Prudential. I want to state this, so this will not happen to other people!! I had an annuity account with New York Life and was not happy with the 1% given, and was advised by a Prudential agent that they could handle and do better than the 1 %, to end up making 0%!
I have $74K and had to lost $2K in surrender fee and after the first year, the agent came with "good news", "You didn't make any, but didn't lose any too!" He persuade and convinced me that whatever I would make on Prudential, would compensate the loss on penalty paid for taking the money out to make nothing! When questioned, they just said I agreed with everything and the agent is not suppose to handle my account anymore! I am fighting to get the money out from these greedy people! Stay away from Prudential!!!
I also am the victim of a huge financial annuity loss December 2018 by Prudential/AXA! Like those who have lost upwards of $60-70,000 in value of their portfolio I experienced the same. I have tried for six months (as of April 2019) to close out my account and have been unable to! From an agent not showing up for a scheduled meeting to calls to the head office to close the account, nothing is moving! Once these crooks have your money, you can kiss your financial future goodbye! Prudential is a Ponzi scheme as many here have related. Without your hard earned money coming into their pockets they have nothing!
Apply for a hardship loan after my son had cancer and receiving a bone marrow transplant. Had all paperwork from the hospital doctor. Bills over $47,000. 2 months later we had a hail storm and wind damage in my house with $15,000 of damage. Requested $25,000 out of my $50,000 available. Gave them over 300 pages of documents and they continue to say not enough paperwork, not enough proof then I was approved then denied then approved then denied over three times. I'm at the end. I never got a penny. Never got a dime out of them. I gave up. Oh after 2 months of fighting for my money the money I put in they will not give me anything. This is an overseas account. They are still in the American money. It's racketeering. Someone needs to get together and have a class action lawsuit against these people. It's unfair. It's not right what they're doing to the American people. They're stealing our money.
Prudential Annuities author review by Jim Blankenship
Prudential, also known as "The Rock," has been in business for nearly 140 years. Today, Prudential is one of the most recognized and one of the world's largest financial services institutions. Prudential was also one of the few companies that declined to participate in the TARP program in 2009.
Service online: This secure online resource allows customers to access their account any time for checking values, making transfers, and downloading statements.
Retirement Red Zone: Prudential helps to educate and inform consumers through its Retirement Red Zone, named for the years during which it is crucial to turn retirement savings into cash that will last a lifetime.
Highest Daily Lifetime Income: This optional purchase with Prudential variable annuities allows consumers to lock in new account highs daily.
Find a Financial Advisor: Consumers wishing to discuss Prudential annuities can use the online tool to find local Prudential and independent financial advisors.
Roadmap to Retirement: Prudential provides this educational reference to current and prospective customers outlining the steps to take, and the conversations to have, when planning for retirement.
Prudential Annuities Company Information
- Company Name:
- Prudential Annuities
- One Corporate Drive
- Postal Code:
- United States
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