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I have been trying for 6 months to get a cash surrender on my father’s IRA. HE IS 84 years old and in a nursing home. Every time I submit a “required” form to them, they wait a day or two and email me saying something was filled out wrong or we need to submit something else! I spoke to a representative today and really lost my cool! My father had two other investment companies that I had to do the same for - money was surrender and automatically deposited into his account in three days! I have to pay a $20 fee for a wire transfer! How this company stays in business is beyond me. Would love to see them investigated and shut down for fraud???
For three years I have filled out forms, talked to customer service and done everything I need to get Allianz to take Federal taxes out of my required minimum distributions. They have not done it causing me to have excess taxes at the end of the last three years. I never get any useful information on the phone, they don’t seem to be able to tell me what taxes if any were taken out of this year‘s 2019 March distributions. I am going to look into getting out of all Allianz products and I sure wish I had seen this information before I ever invested in them. It has not been a good experience!
This company is scam. They got me run around and when they get no answer they just hung up the phone! They did scammed me twice!! First time, they refused to refund me account because I cancelled my trip within 3 days. Second time, I said I will try them again but I NEVER LEARN!!! Stay away from this company!!
I requested a full surrender on my life insurance policy. Was told it would take 5-10 business days. I also requested that they terminate the automated premium withdrawals from my checking account. I made the deadline so they said no problem. I never got my check and they continued to withdraw from my checking account. I called and was told nothing was done to process my request (this is two weeks after I made my request). I was told that I would receive a refund on my premium same day and that everything was marked urgent since I had already waited so long and that they screwed up by withdrawing another premium.
I called back 5 days later. Nothing was done and was told that they couldn't process the premium refund or surrender check until 10 days later because they were afraid my bank would take back the premium that they stole from me initially. I called back 11-12 days later. Surprise, Surprise - NOTHING was DONE. I started to get angry. I requested to speak to a supervisor. Of course she wasn't anywhere to be found. Was promised a callback - Surprise, surprise no callback.
I call back the next day - was promised everything has been escalated and that the supervisor Danielle ** knew about the issue. I request the new check amount and of course they deducted the surrender charge on my premium that they took without my consent. But of course they can't fix it. So I have to call yet again to get the difference in another check. I haven't seen that check yet. But was told it would arrive 5-10 business days. I have worked in the financial industry for my entire career. This is the shadiest institution I have ever dealt with and I worked in the hedge fund industry for many years.
The way that this company ticket insurance product is should clearly state that it is not actually for any reason at time of sale. This company makes money off of people not understanding what they purchased. More specifically the company doesn't just takes people's money and doesn't provide a service. Nor do they refund the money for people who did not understand what they purchased because they don't clearly explain it in the sales portal for Live Nation. They don't actually fully insure your tickets. They just insure them grade school style and don't have a comprehensive set of "acceptable" terms to not attend. After your purchase you will be interrogated on the phone by offshore customer service that is completely non-sympathetic to how you might feel. While on the phone you will be pushed to file a ticket online rather than having the representative do any sort of work.
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Death and the loss of a family member this difficult enough, then comes Allianz. They are not a real Life company and their products sketchy at best. Poor correspondence or complete lack of. The short of the story is: it took them 3 weeks and calls and emails to get the correct department/person to tell me the policy was closed on 1-28-2010 and could offer no proof and refused to do so in writing. I can only hope that you never have the need to file a claim. I guess that is why their CEO is in the top 100 highest paid in the US and has homes all over the world. Other insurance companies we have filed on were great. This is just an investment company with poor customer service.
Wow. This company could be the worst financial/insurance company I have ever dealt with. After my father passed away unexpectedly in July and my mother is trying to recover from a major stroke she had in 2016 this company will not pay out proceeds of a husband's retirement account to a grieving widow. Why you say because according to this company's records they did not have an updated beneficiary on file (but original beneficiary signed and completed naming spouse). This company refuses to pay out the hard-earned retirement benefits to his wife of 61 years, even though they lived in the community property state of CA where by law there must be spousal consent for anyone other than the spouse to be named as a beneficiary on a retirement account. They do not and WILL NOT work with you to find solutions.
Their customer service leaves a lot to be desired as it took me 3 months to speak to someone because I was not named as authorized contact on the policy. Did not seem to matter to them that the policyholder had died! Their excuses for why they cannot pay out funds make zero sense. After fighting with this company for 3 months to pay out annuity claim they still will not pay money to a grieving widow without a court order. Now we have no other choice but to hire an attorney and spend thousands of $ to reclaim money that rightfully belongs to the spouse. Trust me this is the last company you would ever want to give your hard earned money to.
If there is an oversight years and years ago do not expect them to have any compassion and or any solutions to help a grieving family. THEY COULD CARE LESS. Although many other financial companies have solutions in these cases to default the beneficiary to the spouse first, and will work with you to come up with easy solutions to help solve the problem, this company does not!!!
Please do not do business with this company but if you do, be sure you are 1000% that all paperwork is complete down to the last detail. Because if it is not you can expect to spend thousands of $ in attorney and court fees just to collect your own family's money at truly one of the worst possible times of your life. Not to mention the amount of time it takes to go through this entire process.
My Allianz advisor explained everything very well and continues to as the years progress. I have several annuities: IRA, Roth and regular. The reason I decided on annuities was because I was tired of losing value on my investments especially after black Monday and other significant downturns in the market. The fact that I never lose what the annual value is after my interest is added (which has varied from a fixed rate to over 14%). Now that I have to take out my RMD on my IRA, Allianz processes the RMD after I let them know how much I want taken out for Federal and State taxes. Very pleased.
I met with an Allianz Life representative at my workplace in 2005. When I retired in 2007 I turned my pension and 401(k) over to him. My wife and I were told that the product our money was going into would only grow, and that we wouldn't lose any money - that we would only be drawing on the interest our investment drew. We were told that any interest earned over what we withdrew each month would be added to the capital. My wife even asked how this was possible; how could Allianz have any income when all our interest was coming to us. We were told that the company had so many money-making investments around the world that they could guarantee our growth.
As the next several months passed, I would try to read the statements I was receiving on our accounts. Being unable to decipher what I was seeing, I contacted the agent and asked for a meeting to discuss this. The arrangements were made and on the appoint date and time we met. I handed him my statement and asked him how to read it. He opened it, looked at it for only a few seconds, refolded it and handed it back to me. "You have more money now that when you opened the account, which is what I told you would happen," he stated. I asked how that was determined, to which he responded, "Let me take care of this. Okay?" At that point I should have made some demands. But I didn't. I thought our money was in good hands.
In June, 2018 the direct deposit which should have been made to our checking account on one of the Allianz accounts wasn't made. Thinking probably a computer glitch, I waited until the next day. Again no deposit. I called Allianz. Imagine my chagrin when I was told my account did NOT contain enough money to make the deposit without drawing down to what they considered a "closed account", which meant if I drew my monthly allotment the account would be reduced to less than $10,000. At that point, taxes would be taken out and the remainder deposited to our checking account! My 247,000 dollars was now a little over $11,000! The money that we were told would increase had been steadily decreasing!
We have since contacted another financial advisor and have turned what little remains of our "safe investment" over to him. The only thing I have to say is, DO NOT TRUST ALLIANZ LIFE OR ANY COMPANY ASSOCIATED WITH THEM!! If you will Google Allianz Life, you will see numerous complaints and lawsuits filed against them.
I consider myself a smart person, but I had never had a lot of luck in the stock market. Frustrated by fees, and my broker being the only one to ever make any money it seemed. I was introduced to Allianz, and the 222 by a financial professional. I am very happy with the customer service, and the fact that I am not paying any fees. I want safe consistent investments, and this fits the bill! Thanks Allianz. Great product.
In 2008 an agent for this company convinced me and my wife to transfer money from an IRA into a variable retirement annuity. My investments at that time was more in more riskier funds. One month I would make a few hundred dollars and the next month I would lose a couple of hundred dollars. I told the agent I was wanting a more stable return. He then told us about another fund where our money would double in ten years. When I received statements it always showed that my 17000 would be 34000 and was available to me in 2018. I never had a reason to call the agent because he told me and my wife our money would double.
So I called him last month and was shocked as he explained that I could only receive approximately 1300 a year for the rest of my life or receive 113 dollars a month. Now my wife and I are not complete idiots. We are both college graduates and have managed our other monies well over the years. To get back my full 34000 it would take me about 26 years. I am almost 60 so I would be 86 years old before I could actually get the investment return I was promised.
To make matters worse my initial 17000 dollars has lost value down to 14250 dollars. In the last ten years the agent never made any changes to the funds he originally invested my money. Doesn't a good agent track things like that and make changes or at least call the investor to say, "Hey I think we should do something different." Also the agent told me the company quit selling this product several years ago. Why didn't the agent notify clients like myself when the company deemed this product of poor quality.
Today I have had no other recourse than to get another company to transfer these funds to a traditional IRA account. Also when I contacted Allianz to get a copy of my contract and a delivery ticket I found no signatures whatsoever on this contract. Also I received a separate letter telling me that a delivery ticket is not a legal requirement in the state I live in. I feel activities like this are fraudulent and people should be aware of scams to get your money. In my experience I could never recommend anyone to do business with Allianz. It is my hope that people who read this will learn from my mistakes despite the fact that my biggest mistake was doing business with this particular agent. I am now more mistrusting of other financial and embarrassed to even tell others what happened.
I have experienced many delays in requesting a simple penalty-free surrender of an Allianz Fixed Rate Annuity purchased in Dec. '07. After the correct forms were submitted there was delay after delay. Both my broker and I talked to Allianz Reps repeatedly and we're given conflicting directions. We were told the money had been sent and it did not come. We were told it could not be made out to me, the owner, we were told it was sent by regular mail, overnighted, etc. none of which actually occurred. It took 3 months to finally receive the check! I have filed a formal complaint with Allianz but in reality I don't expect any response. I am also filing a complaint with the National Insurance Commission and the Better Business Bureau. I would highly discourage anyone from investing in this Annuity Co.
I too am experiencing the same situation as the person's review from Feb 2018. I cashed in my Allianz Universal Annuity due to poor performance. I did this 1/23/18 and I am still waiting for this check. Have been given the same runaround. Told several times check has been issued must be in the post office's dead file. Although all other communication from Allianz has reached me in 2-3 days standard mail. I have now talked to 4 different people and still not received check. Supposedly mailed 3/6/18 -- but I do not trust them. Concerned if the check will even clear if I do eventually receive. I would never recommend this company. They play games and are not truthful. Bought this policy in good faith, but apparently Allianz does not practice in good faith. I have lodged a complaint with the Insurance National Commissioner outlining Allianz's bad business dealings.
Bad experience. The past several years we were always able to get our money within several days. Right now we are having difficulties, since January 29 we have been given the run-around. We should have gotten the check by February 6 at the latest, based on past history. It did not come. We phoned, told will be in in 3 days. 4th day, phoned, not in, told would be 3 days. 4th day, phoned, told would be 3 days. 4th day phoned, told would be 3 days. Never got the same person on the phone, always told there is a glitch, they don't know why. There is something bad wrong at this point with this outfit. We would urge caution in dealing with their annuities division. We followed everything we always did to get our money, this time we are getting stalled out. We filled out their form, gave them a voided check, marked any boxes appropriate.
I am POA for an elderly man who has had several annuities with Allianz. My negative experience began when I noticed that there was an error on his beneficiaries on his online account. A large percentage of the annuity was to go to a church and they had typed in a church that we had never even heard of. When I called them to correct the error I waited on hold for somewhere between 20 and 30 mins. I asked them to take my number in case I was cut off so they would be able to call me back so I would not have to wait on hold again.
This obviously offended the girl and she said, "What can I help you with?" I asked her if there was a problem with me asking that, and told her I just didn't want to have to wait in line again. This started us off on the wrong foot. After I explained why I was calling she informed me that in order to have it corrected that I needed to fill out a new form to make the change. I told her that I was not making a change, that they could use the form that I had already sent in as it had the correct information on it, they merely needed to correct the error that THEY had made.
The rep became very hard and insisted that nothing would be done until I sent in new forms. I asked for a manager, and she said that I would not get a different response. I did speak to another person who also told me the same thing. About a week later I received a copy of the form that I had sent into them letting me know the correction had been. Obviously it had gotten into the right hands of someone who made sense of what I was saying.
Next we had a problem with receiving a payment from them because of a detail that we had forgotten about that we were not qualified to receive more than 5 withdrawals and we chose to then annuitize the policy. (With this I felt that instead of waiting for "snail mail" they should also have tried to contact us by email in order to speed up the process. So, close to two weeks had gone by before we knew that there was even a problem.) After calling and finding out what the problem was and making the change to get it expedited, there was to be a wire transfer into the account within three days. This was on a Wednesday and because of the weekend we fully expected it not to be until Monday.
By Tuesday afternoon it had not arrived yet. So, I called my bank and told them that Allianz said it should have been there by now, so they encouraged me to call and get a tracking number so they could try to locate the payment. I called Allianz and was told that it had been done the day before and it should show up within 24 hours. When it didn't, I called again on Wednesday. At this point I received the same stubborn attitude from the rep as I did with the first issue. It "seemed" as though there had been a note written on the account to alert them that this customer was difficult and not worthy of their respect. Either that, or I had the same rep as with the first issue and she remembered my determination from then.
This rep told me that it had not been sent until Tuesday, not Monday, and very emphatically insisted that it takes 24-48 hours. I asked for the tracking number so that I would not have to call back in again if it didn't show up, so that I would not have to hold again for another 30 mins. Whew! This really caused her to "bristle" and she told me I could not have the tracking number because it had not been 48 hours... I needed to wait until then. I asked her why I couldn't just have the tracking number so I wouldn't have to call back in again. I asked what was wrong with me having the tracking number? (Maybe I'm wrong, but all of my experiences in having anything sent with a tracking number, you receive the number JUST IN CASE you need it).
So... to put it in a nutshell... the customer service department is HORRID!!! They know they have you over a barrel and flat out refuse to try to meet your need... and seemingly delight in knowing that they have frustrated you. Needless to say, if I COULD have, I would have removed every dollar that had been entrusted to them. What's worse? I have no way of knowing how to contact someone higher up in their company to let them know the reputation that their customer service department gives them. I believe it's only fair to any company to let them know what's going on before walking away from them or giving them a bad review. But as far as I know I have no other alternative. Of all the institutions out there, the ones who hold another man's money ought to treat them with respect... does a signed contract... having your hands tied mean it's ok? I don't think so... not if your reputation makes or breaks you.
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!
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.
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.
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.
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.
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!
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!
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!!
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.
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.
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.
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.
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!
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.
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!
Allianz Life Annuities expert review by Jim Blankenship
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.
Allianz Life Annuities Company Information
- Company Name:
- Allianz Life Annuities
- PO Box 1344
- Postal Code:
- United States
- (800) 950-5872