About Allianz Life Annuities
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Opened an annuity in 2001. Trying to make a partial withdrawal in 2022 and twice denied. First denial because signature did not match; second denial for no reason. AVOID!! This company has cash problems.
My husband and I purchased a Whole life policy in 1988. Although we divorced in 1998 we agreed to continue paying on this policy naming myself as beneficiary and our children #2 in the event of my death. It's clear, it's documented and has been from the moment we purchased the policy. John passed almost 5 months ago and my adult children and myself have yet to receive anything but more requests for bogus paper work. It's awful. I lost my parents 2 years ago and State Farm paid within 5 days. RUN.
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My mom passed away August 18 2021. 2 months later we are still trying to get the insurance she paid for. There are 3 sisters..Mutual of Omaha had a check within 3 days (they rock) I have been trying for 6 weeks. They sent me a 35 page "packet." Mutual of Omaha looked up the obituaries and sent a check within 3 days. This company is stalling. We don't have a million dollar policy..they act like we do. This company will make it EXTREMELY hard on you when you are at your lowest. 35 pages??!! Ridiculous. Go elsewhere!!
There should be an option for 0 stars on this review. I cannot express how much Allianz has been the absolute WORST company to deal with. My aunt passed away last year - one of her investments was an Allianz annuity and I was among 4 beneficiaries. After having been issued a claim check that was over $30k less that my initial paperwork stated - over a year later, multiple follow-ups on my part, multiple changing stories from Allianz, they now say that the initial paperwork was incorrect. One lie after another! Do yourself a favor and avoid all products from Allianz. Your beneficiaries will thank you.
My advisor recommended buying their life insurance as an investment. After 5 years, it is worth less than what I paid. Stay far away! I am sorry I bought this, and sorry that I trusted my advisor. It's a scam!
There is little to say. I bought this policy many years ago. It is an involved policy set up by my CFA. It involved premium paying, and loans of some type to keep the premium down. Today it is worth a lot of money, should I decide to cash it in.
In December 2006 I was looking to roll over a 401(k) into an IRA. A friend recommended Allianz which offered a new product called an indexed annuity. The rep praised this product as it had no downside risk. If the market went up, the account values went up. In the event that the market went down in a given year, the investment would not ever go below the 2% mark. He however failed to mention that this complex contract had a NEVERENDING SURRENDER CHARGE. The only way to access the money in the future would be to take a monthly income. The initial investment was $51,000. After 14 years of a great stock market run, my account had only $89,517 in it. That alone is really poor performance in my opinion.
The truly sad part is that it's now the end of 2020 and I would like to have all my money. I called and spoke with a "live" person who told me that if I wanted a full surrender, I would only receive $62,870. Really? The surrender penalty is the difference between the two numbers, i.e. $26,647. I was astounded and angry. There was no way around it and I have sustained a loss, but I am writing to warn other potential clients of this company to beware of their representatives who misrepresent what they sell.
My financial advisor sent in the request for RMD with my signature in February of 2019 to start distribution in Nov 2019. I followed up with Allianz to see where we were on RMD. They claimed they have no record for the RMD paperwork in January of 2020. I contacted my financial advisor of no allianz record and he contacted allianz. We filled out another request with my signature and for the two accounts. I checked my accounts to see if the my accounts were set up.
To my surprise only one of the two request for RMD was set up thus I contacted my financial advisor and he called Allianz. They account and they did not bother to check rest of the paperwork. I personally would not do business with Allianz. Each time I call they tell have a different person and they have a different story and I tell them the story keep changing and what is the actual fact. I have three accounts with Allianz and when my investments matures I am pulling all my money out from them. STAY AWAY from ALLIANZ.
My wife and I have Allianz 222 annuities. They have performed as promised. We've been able a access our money as needed without a hitch. We feel the problem is not with the company but the people that sell them. Allianz is a good company that pays as outlined.
When I first moved some of my money from my 401K to Allianz, the broker didn't even submit my correct Social Security number that identifies my account and then tried to blame it on me and said I wasn't doing something right when I was trying to set my account up online with my contract number. After making several more phone calls and then finally talking to the broker's daughter that was decent enough to listen to me instead of turning it around on me and saw that they submitted my Social Security number wrong so they had to send me a form to fill it out to get my SSN right. That was the first issue. After the first year I got my statement I was shocked that I had only received a 1.45% interest rate and then I found out the broker wasn't even a fiduciary but yet my coworker said they received a 6% interest rate that year but they did invest more money than I did.
I called Allianz and then they reassigned me to a fiduciary without letting me know anything until I got a call from the new broker that was a fiduciary so I signed the paperwork to have it transferred. This year has been one thing after another with me and I needed to get some of my money and they made it so hard to get my money and they are on the other side of town from me. It would have been nice if Allianz had given me a fiduciary broker that was closer to me. Anyway, the broker said I had to come in to sign my forms to get my money and would not fax or mail it to me but said I had to come in. I drove for 2 hours yesterday just trying to find the office that is over 35 miles away from me and I never could find them. I called the office several times trying to find out how to get there and I still couldn't find them so I finally gave up and said called them back and told them to forget it.
The lady I was talking to at first was really sweet and trying to help but when another girl got on the phone with me she was rude. After that I was done and just said forget it again and that I'm turning around to go home and she said, "You have to come in and sign this form" and I had to keep telling her I was done and she repeated herself again and finally had to hang up on her because she wasn't going to listen anyway. Not only was she rude, she was confrontational, I hate confrontation and driving around in circles was giving me anxiety and the girl being confrontational gave me more anxiety. On my way home I called the company that I have my 401K with that I took out to put in an IRA based on the first broker's big talk that she did not deliver on. I have not had a good experience with this company and will never do business with this company again.
Allianz Life Annuities author 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.
Allianz Life Annuities Company Information
- Company Name:
- Allianz Life Annuities
- PO Box 1344
- Postal Code:
- United States
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