Allianz Life Annuities
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    Allianz Life Annuities

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    Last updated: Dec. 15, 2017

    112 Allianz Life Annuities Consumer Reviews and Complaints

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    Verified Reviewer
    Original review: Dec. 15, 2017

    Rate less than zero if possible. My brother passed days before a concert we had planned to attend. I called to file a claim and was told I had to supply proof of death. UNEXPECTABLE. This is a very hard time for me and my family. We are talking about a little over 100.00 dollars. Perhaps they would like some dust from his cremation!

    Verified Reviewer
    Original review: Oct. 23, 2017

    I have had annuities for 3 plus years, was promised a 10% bonus after 10 years. The profits don't seems to be there each anniversary and there is no way of tracking performance or fees. I can't seem to get through on the phone and my rep tells me he can track my funds but not me? Looking for a change soon even if I forfeit the bonus.

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    Verified Reviewer
    Original review: Oct. 18, 2017

    Product locks you in for 10 to 20 years with promise of great returns and no losses. However, Allianz reduces the limits on returns each year so that the earning potential of policy is reduced considerably, much worse than if just left $ in market. Agents make huge commissions on the policy, and they do not care about whether product is a good investment. Allianz customer service will not answer any policy questions, only administrative questions. This is a total rip off.

    Verified Reviewer
    Original review: Aug. 18, 2017

    I have been paying on a life insurance policy for years. I paid my normal payment in June... In July I got a random credit for this amount back on my checking account. I tried to call many times but no one answers and there is no valid email address to contact anyone. Yesterday I got a letter that they are canceling for nonpayment. Really??? They sent the payment back for no reason. I contacted the BBB... I want every penny I paid sent back to me. Total scam. I have no way of contacting them and have no clue why they sent my payment back. Over the years they have changed the name of the company backing this. When I try to find them online there is a different address than what was given.

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    Verified Reviewer
    Original review: Aug. 3, 2017

    I am thinking about lowering my life insurance because I can't afford $220+ every month. I am retired and been calling to speak to my agent and leaving messages to contact me to call or come by and nothing. I have been calling the business office and so many times I can't connect. I even called after receiving a notices stated I was going to be cut off. The receptionist stated to send some money “so your account can stay active.” Well I did and still trying to close my account. I can't get anyone to listen or call me back. This is the worst insurance ever.

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    Verified Reviewer
    Original review: May 5, 2017

    Unbelievable. Started two months ago trying to move money from one of my fixed annuities to another insurance company. After a few weeks, I called because funds were not moved. (Notice that they never contact you that there's a problem). I was told that the type of account was different. I had a 403b and was moving it to a IRA. They said you couldn't do that. So, the new company sent another request with 403b. They said they never received it. I had to call again. They said I needed to fill the form out AGAIN stating IRA, not 403b. I did. Nothing happened for another week. I called AGAIN. They had no record of my previous conversation with the phone rep or the doc I sent. It's as if all the calls and work never happened.

    I asked to speak to a supervisor because the phone reps answering couldn't deal with it. I was put on hold for 45 minutes. No one came back. No one helped. At this moment, I still have not resolved this issue. I was so upset, I'm spending time waiting on the phone writing this review. DON'T EVER USE ALLIANZ. They don't have a clue about customer service and don't monitor their reps to know when they're doing their jobs correctly. Not good when they're holding our money!

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    Verified Reviewer Verified Buyer
    Original review: April 19, 2017

    Insurance? I don't think so! Allianz Global Assistance is a complete scam! Do not fall for their bogus marketing trap and purchase insurance. There are loopholes in their policy which they will email you after you purchase the policy. I am so upset and want to share so others don't fall for this ploy! The people you talk to repeat over and over that they must adhere to the policy. Complete show of bad business practices. It's obvious they only care about their bottom line profit and not their reputation or their customer service. Steer clear of these jokers!

    Original review: March 8, 2017

    We went to a couple of seminars in NH and fell for the smooth-talking rep about the Allianz 222 fixed index annuity. He told us there is a 20% cash bonus. After speaking with Allianz directly, and as noted on their website, there is no cash bonus. The 20% goes towards the protected payment base. You definitely have to take a stream of income after 10 years. Don't be fooled by what sounds like a cash bonus!!

    Verified Reviewer Verified Buyer
    Original review: March 4, 2017

    Just like the other complaints. Totally misled 4 years and it's lost money every year at a time that market has had huge gains. When I complained to the agent he couldn't read or even understand the statement. I tried to speak to customer service. They were rude and told me I should have known better and I was stuck with what I have. I am warning everyone to stay away from this company.

    Original review: Feb. 22, 2017

    I purchased an Annuity through a Financial Advisor who I thought knew the product. Come to find out, I purchased a product that does not mature. I cannot ever withdraw the full amount in the Annuity. I can however annuitize or withdraw the money over a 10 year period. I complained about the sales pitch and misrepresentation of the product because I would never buy anything that I could not take my money out of after so many years. The Rep informed me I was given and signed a Contract. Be careful - when an Advisor tries to sell you something - make them show the points in writing they use as product benefits. Always ask what happens when you die - make them show you that info in writing as well. I am stuck with a Product I never would have wanted.

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    Verified Reviewer Verified Buyer
    Original review: Jan. 31, 2017

    I cancelled a flight. Received notice of cancellation from Allianz on the 16th. The amount of the insurance was 131.16. They assured that my account would be credited for half of what was taken from my account. I made the correction. The flight insurance was for my husband & I. As of 1/31, after many calls my account has not been credited. The service presentation "was not able to give me that information." I asked for his name & he hung up on me after I asked him to spell it. I know he will say we were disconnected. I will never use priceline because of Allianz Ins. Co. I "will" get my money refund. It's not much, but it's principal. He said to call his supervisor at 8:00 Am. They are based in Mexico, so, I really don't know when to call back.

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    Verified Reviewer
    Original review: Jan. 30, 2017

    My husband and I took out 2 annuities with Allianz because our advisor said they were a good company and we should make at least 5% on the account. In the 2 years we have had these 2014 to 2016 our money has gone backwards from what we put into it. The fees they charged actually take out more than the account makes over a year. Of course, we are locked into this for 7 years or we will get a penalty so if we take it out now we will lose the fees for the last 2 years and also the penalty and they win. If we leave it in they will continue not to make us any money and take fees and they win. We are so sorry we listened to our advisor, she made a terrible mistake. We worked so hard for this money to save towards retirement and now it is going backwards.

    Verified Reviewer
    Original review: Jan. 24, 2017

    I bought an annuity from Allianz and I am oh so sorry that I did that! It has been a complete fiasco since the annuity was purchased! The salesman came to my home, sat at my dining room table and outright lied to me and my wife about the annuity he was attempting to sell me! He told me the annuity was a 10 year annuity that paid 7% interest per year thus doubling my money in the 10 year period! Come to find out that the man lied to me because the annuity was actually a 30 year, 2% interest annuity!!! For the final 20 years of the annuity Allianz will pay me ZERO% interest and I will only be able to access 5% of the total amount of money each year for 20 years!!!

    When I contacted Allianz corp headquarters I was treated horribly and was told basically "too bad you bought it so you own it!" They totally didn't want to hear anything about my problem and they certainly didn't try to help my dilemma in any way! They were condescending, rude and totally not interested in helping one of their customers! If you were thinking of purchasing an Allianz product you should do some research first and be aware that they have had several class-action lawsuits that represented over half 1 million dissatisfied customers!

    This is not a company that you want to do any business with or put your hard earned money into an account where once they have it you will be lucky if you ever get back what they promise you! Do your due diligence, do your research and then run away from this unscrupulous company as fast as you can! They are not nice people or a customer oriented business organization!

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    Verified Reviewer
    Original review: Nov. 9, 2016

    I dealt with the customer service on a monthly basis. I had to take partial withdrawals and it was very easy to call in and get what I wanted. The customer service is polite and understanding. There are many options with Allianz. Partial withdrawals are easy to just call in and they are processed within 24 hours. They also have programs to take distributions on an automatic monthly basis. I took a full withdrawal a few years after nine eleven. It was a simple process of writing in a letter with my signature guaranteed. I mailed it to the process center and within 48 hours I had it wired into my account with was highly efficient and easy. There are many different funding options. I opened my annuity moving it from a previous IRA. It was very easy and the paperwork was user-friendly and simplistic to go over with my financial officer.

    Verified Reviewer
    Original review: Oct. 26, 2016

    What a great experience I have had with Allianz. My grandmother has an Annuity with them and needed to take a withdrawal to do some repairs to her home. Both her agent and the customer service people made everything so easy. We just had to fill out a form with our agent and about a week later we received a check in the mail. Thank you Allianz!

    Verified Reviewer
    Original review: Sept. 15, 2016

    In the past couple of months I've had some questions about my statement. I was able to talk to a live person, who was able to give me the answers I needed. I had several available based on my needs. They were also very clear about any applicable penalties that might be incurred. All the options were favorable. The options were great ranging from check to direct deposit, or even to reinvest the withdraw into other investment options. I liked having the various options. This was nice. I could set it up to have funds put into my account from my paycheck. This way I could fund my account without worrying about missing a deposit.

    Verified Reviewer
    Original review: Sept. 3, 2016

    After the death of our father this past January (2016) we learned our parents had purchased three annuities. My siblings and I chose our method and timing of disbursement late January or early February. Approximately May 19th, 2016 we received a letter from Allianz with header of "Complaint Determination: Justified". The letter contained a lot of legalese but stated "Because the complaint has been determined to be "Justified," you are being offered a single cash payment of a full refund of your share of the funds paid into the above-mentioned annuity, less any funds removed." The amount offered was approximately 41% of each of our portion of our annuitization value. In bold print the second paragraph began, "You are not required to accept this relief. Accepting this relief award would result in your receiving an additional cash payment. If you do not wish to accept this payment you should do nothing and not accept the relief offer.

    Confused, we had our attorney draft a letter for clarification. Response stated our father had logged the complaint. Our father had not even written a check. My sister handled all his business affairs after our mother passed away in 2010. We were advised by our attorney that accepting our "Justified" cash payment would result in the surrender of the balance of our policies. Considering an Allianz annuity? Form your own opinion and beware.

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    Original review: Aug. 17, 2016

    Allianz Life insurance Company of North America holds an Annuity we purchased some 30 ago; The fund performed very poorly however we kept it because it had a guaranteed death benefit of $50,000. After my husband turned about 70 Allianz kept trying to put it into annuitization. We kept declining this. In 2015 we notified them that we wanted the maturity date postponed to the 100 year age limit (which now they conveniently have no record of). On July 12 2016 our broker received a letter and form to be signed by husband and I, to postpone annuitization. The form was filled out, dated and signed and returned however it was a couple days late, as the requested response date was 20 July as we were out of the country.

    In the meantime our broker also received a letter on July 14 stating the annuity had gone into a non-revocable annuitization, which was six days prior to the requested response date, of July 20th. A few days later the first check arrived and was dated August 1; which we have not cashed. We tried many times to reach out and communicate with Allianz and explain that we had indeed filed the paper to postpone the maturity date to the 100 year age limit in 2015; As well as via our broker in 2016. We finally were able to speak with a supervisor (Jamie) who advised us our case would be reviewed by the accommodation committee, after several phone calls; they finally returned a call to us they stated that they would not revoke the decision and return it to annuity status. Because I could not prove we had signed and returned the form which extended the maturity date to the 100 year age limit; as it was sent via regular mail.

    Allianz states they had sent a request prior to the forced annuitization, which we did not receive. They did not mention the same form to postpone the annuity to the 100 year age limit which was faxed to them by our investment broker July 2016. Seems to us they had already made their decision, (July 14) as no life Insur. Co. wants to pay out the death benefit which is much greater than the market value of annuity.

    Upon further review, nowhere, on said form does it state the form needs to be returned via registered mail. (however Jamie at Alliance indicated that because it wasn't, we had no recourse) We have also reviewed our original contract, no where do we see anything that states Allianz has the right to put the annuity into forced annuitization without our specific consent to begin receiving monthly payments. (as neither of us have reached the 100 year age limit)

    We have requested that Allianz provide us a copy of the contract, and specifically indicate where it states we must begin annuitization prior to age 100. Which they have not done so yet. We have discovered Allianz has a bad reputation for trying to take advantage of the elderly. Seems they intimidate and distort facts to confuse people into accepting Allianz's decision. This imposes a hardship on the elderly who rely on the death benefit to cover their final expenses. BAD COMPANY!!!! BEWARE.

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    Verified Reviewer
    Original review: July 7, 2016

    My father has had an annuity/Life Insurance policy with Allianz since 2012. He has never taken any income from the annuity as of this time. He is in an Assisted Living Facility and is not mentally or physically capable of managing his own finances. In June 2016 I received a letter stating that there had been an address change for his policy. I checked the property tax records for the new address and found that the house belonged to someone with the same name. Considering the fact that you have to provide the account number, previous address, and last 4 of social prior to conducting any business with Allianz, it is inconceivable how this could happen.

    I then logged onto his account online and the account was there, but the money was GONE!!! I then called the automated customer service number and when I entered his last 4, the computer said there was no record of that number. Then I had to drive 3 hours to have him sitting next to me while he gave them permission to talk with me about the account (he lives by my sister now, but she has a business to run). When we gave the HUMAN on the phone his last 4, she said that # was not associated with the account. After going round and round about the situation, her conclusion was that he was receiving statements on an account that was not his.

    I believe we have it straightened out now (after about a week). Had he been childless, without an advocate, he would not have found out that he was broke for at least a year. By then, they would have written him off as a senile old man. He would have been kicked out of the ASL facility and placed in a run down government/medicare approved facility, where they pack them in like sardines and the paint is peeling off the walls (I've seen those facilities when he went in for rehab).

    It is absolutely MIND BLOWING how this could have happened. The employee responsible should have been fired IMMEDIATELY if not put in jail. I reported their actions to Florida Elder Abuse hotline (just to get it on record) and to Florida Dept of Financial Services and submitted a complaint (again to get it on record). If it happened to him, it's happened to others.

    It will haunt me for years when I remember an old lady in a nursing home my dad had stayed in for rehab. She told me the court assigned someone (an attorney I think), to handle her affairs. She told me, "they took all my money. Now they just move me from one nursing home to another." Her room was barren of personal items except 2 photos. A lifetime of memorabilia was gone. I wrote her off as being senile. Now it saddens me immensely that she may have been telling the truth. So not only does the policy pay an absolute MINIMAL amount of interest (No matter what the broker says), but their handling of customer's retirement savings is REPREHENSIBLE!! The stress they caused my family is INEXCUSABLE!

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    Customer increased Rating by 1 stars!
    Verified Reviewer Verified Buyer
    Resolution response: June 25, 2016

    My savings has finally been returned to me and no overnight delivery fees were applied. Glad to hopefully have this "bad" experience over. Will deposit the check into my credit co. account, and wait for an additional 10 days so my adviser is assured that their dollars are good now. All I can say is...Allianz, what a mess this has been.

    Original review: June 17, 2016

    Started with a IRA account that I presume will be doing well! Then proceeded to add another acct, a investment acct... with non-qualified funds. Allianz people added these $$$ to my IRA already started. That, I understood, was a "wrong" thing to do. I caught this when I checked on my accts through computer. The rep at Allianz immediately moved to a different investment acct, 3 days later... but too late, I lost trust that this company is knowledgeable regarding "Other People's Money"... mine.

    Now, 4 weeks later, and way too many hands touching my funds and way too many calls to "whoever answers the phone". For 3 weeks, all they're keep saying, "these were IRA funds" and now a whole bunch of paperwork is required. Allianz made these $$$ an IRA. Finally, someone named Greta in Customer Relations... was finally "allowing my" $$$ to be mailed to me, the owner of my savings. But, that did not happen! Today, just got off the phone with another rep and he told me funds are allocated to be mailed out on Mon, 6/20/16. A week later than promised by Greta. This time I stated that I want overnight delivery, now am worried that this #1 rated co. will charge for the service, as noted in another critical review... even though... they have caused this whole adventure from hell. All I can say is be very careful before considering Allianz, and I must also add... anyone promoting this "outfit"!

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    Verified Reviewer
    Original review: June 11, 2016

    Kenmore is a good company. I have used them before and will always use them.

    Original review: June 7, 2016

    I needed to take a partial surrender from my retirement account for an emergency. I called on two separate occasions, and spoke with two different reps, to verify the information I was given was correct. I was given the same answer from two different people so I was certain at this point that I could move forward with the withdrawal. Without going into great detail, the information I was given was in fact WRONG, and the transaction did not go the way it was planned or the way I was told it would go. Due to INCORRECT info given to me TWICE my account now has a balance of over $38k LESS than should be. This has now created a legal situation on my end due to the incompetence of Allianz and their support team. Just to verify their incompetence, once I received the money and knew what was going on I called to express my concerns and ask how we could reach a resolution. But before that I decided to ask for a third time what the procedure was.

    Once I was told yet again about their procedure [in detail] I proceeded to tell the guy how it actually happened. His response: "Umm, I actually just told you wrong. That's not how it actually goes. We actually do this..." After I brought him up to speed on everything he assured me a manager would be in touch within 24-48 hrs. Over a week later and I HAD TO CALL THEM BACK and ask what the problem was. It wasn't until then they realized my whole situation was reported to the wrong department! I was again assure someone would definitely be in contact with me again within 24-48 hrs. “GUARANTEED” he said.

    After 4 days I had to call them back yet again. To this moment, still no resolution!! I am now transferring every dime of my remaining retirement monies from this company and placing it with someone capable of communicating accurate information and will do what they say. No way I want these idiots handling my retirement!! There are far too many choices out there. So, if you're considering Allianz, I recommend you go the other way.

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    Verified Reviewer
    Original review: March 23, 2016

    The rep gave me a detailed scenario for fixed & variable annuities - what outcome would occur upon receipt & how the fluctuation of the market affects them. The repayment of the funds and early withdrawal penalties were explained in detail. She was VERY patient as I asked many questions in my attempt to understand more fully. She was very clear of the timeline for payment, any withdrawal penalties prior to that time and how their protocol of having that if the need arises.

    Verified Reviewer
    Original review: Feb. 24, 2016

    I have had an annuity with Allianz for over 4 years. I put the money in; I got a bonus; it grew and didn't lose money. All was good... UNTIL I requested a penalty-free withdrawal. When they received my request they IMMEDIATELY deducted the amount from my balance and they CLAIM they sent me a check... which I never received. Just sent it regular mail - no tracking, no insurance, no signature required. They said I should allow 10 business days for the check to process through US mail. It didn't show up.

    They offer to stop payment and issue another check - which will take 4 more days - and send the new check the same way: regular mail with no tracking, etc. If I want special handling it will cost extra. If I want the money deposited directly into my bank account it will cost extra. AND of course they will not credit the amount of the missing check back to my account. Don't most checks get subtracted when they are CASHED? Not with Allianz. So the withdrawal was deducted from my account but I still don't have the money and probably won't for who knows how long. Allianz gets the benefit of my money and any interest it earns for a month or more. I WILL get all my money out of this company as soon as possible and I recommend you find another place to put yours.

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    Verified Reviewer Verified Buyer
    Original review: Feb. 19, 2016

    I received a 1099-R from Allianz for tax year 2015 that was incorrect. Many attempts via e-mail, phone and US mail have been ignored. A promised response from a supervisor in the policyholder service department was never forthcoming. It has been more than three weeks since I first tried to resolve this matter. They simply 'stone wall' my repeated requests.

    Verified Reviewer
    Original review: Feb. 5, 2016

    Its Feb. 5 and still no 1099. It's bad enough that I haven't received my paper 1099 yet. This company doesn't even offer the option to get it electronically or by import through Turbo Tax. HELLO! It's 2016. Get on the ball, Allianz.

    Verified Reviewer
    Original review: Dec. 29, 2015

    It has been a very good investment for me and my husband in our retirement years. I highly recommend it to all. Comes in very handy for little unexpected cost, like when our a/c went out in the middle of summer and we needed a cans infusion, it was there for us. Nice to know you have it when emergencies come along.

    Verified Reviewer
    Original review: Dec. 27, 2015

    Very helpful answering questions and offering options. They described at least 10 different ways to better my annuity and helped me by allowing me to withdraw enough to buy a coop and guided me with putting the money back without incurring fees. They also assisted my husband in opening an annuity fund and he has been happy with them as well. The smaller type companies seem to be more compliant than some of the larger ones we have previously dealt with.

    Verified Reviewer
    Original review: Dec. 26, 2015

    I've had no problems. Allianz provides me with statements on a regular basis. When I had a name change due to divorce, there were no hoops to jump through. I also appreciate the ability to change my allocation percentage options annually.

    Verified Reviewer
    Original review: Dec. 22, 2015

    I have several annuities. They're great supplemental income. I highly recommend them and Allianz customer service has been very helpful when I needed to make changes. You Can Get cash, payments, or savings policies.

    Allianz Life Annuities expert review by ConsumerAffairs

    Allianz Life Annuities was founded in 1896 and is backed by the large global corporation, Allianz SE. Allianz was listed as the 31st largest company on the Fortune Global 500 list.

    • Financial strength: Allianz boasts a high level of liquidity as well as large cash reserves and a strong operating margin.

    • High financial ratings: The major rating companies have consistently rated Allianz with their top-tier ratings.

    • Conservative philosophy: Allianz stresses their conservative investment philosophy that focuses on diversified risk and long-term results.

    • ABCs of Annuities: Alliance provides concise and clear education about annuities for consumers via the ABCs of Annuities web portal.

    • Online access: Registered users can access documents, submit forms, and check account values via the online customer portal.

    • Best for: Savers, savers plus income generators and Social Security recipients.

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    Allianz Life Annuities Company Information

    Company Name:
    Allianz Life Annuities
    PO Box 1344
    Postal Code:
    United States
    (800) 950-5872

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