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We spent months trying to get answers about performance and costs to evaluate whether we wanted to continue with this investment. We never got full satisfaction and decided to cut ties with them. Just got our checks from them with no accounting, no information, and no return of overcharged premiums. I am sure we are going to spend more months trying to get them to return the money they charged us for years.
My mother was the beneficiary of my father's IRA... My father had moved part of his IRA funds that were invested in a reputable company and invested it with Allianz through recommendations of a financial agent named Steve **. Beware!!! This is a horrible scam and definitely no investment. My father's hard earned income that was invested with this company lost value instead of gaining value and then when my father passed away my mother who was the beneficiary only received about 1/2 of what the balance was on their last statement. The only person who actually benefits from these annuity scams is Allianz and the agent.
DO NOT BUY AN ANNUITY FROM THIS COMPANY! Our annuity salesman was not very clear even though we trusted him. Our returns were less than what you can get for a CD today. We sent in the termination form on 6/21 knowing that we would receive $20,000 less than our total amount. On 6/21 they sent us a letter telling us to call them?? I called and said we sent you the termination forms...we want our money. On 6/25 we received another letter stating that we would receive $20,000 less and they wanted to make sure we still want to terminate the annuity. I called them on 7/1 and said to send us our money.
On 7/8 I called and asked where is our money...it's been 17 days since 6/21 and we received nothing. The Rep indicated that nothing had been done. Can you believe this? I said I wanted them to send our $$$ FedEx today. The Rep said that he had to REQUEST (request?) the Processing Department to send us the check and that it could be an additional 11 days. That would make is 28 days since 6/21. A Supervisor is supposed to call me and let me know when they are going to send it. I also called and left a voicemail to with the CEO's Executive Assistant. I haven't heard back from either as yet. If you want more info call Gerry at **.
I invested two years ago in an Allianz Life Insurance Company Annuity through Jeff Sachs Financial. I am only getting 1% return. They are capping the stocks. In other words they are stealing my returns. How does a 7.5% in index funds only make 1% return? I want my money back!
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???
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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.
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.
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