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Allianz Life Annuities
Overall Satisfaction Rating
1.70/5
  • 5 stars
    6
  • 4 stars
    7
  • 3 stars
    3
  • 2 stars
    5
  • 1 stars
    59
Based on 80 reviews that contain star ratings
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    Allianz Life Annuities

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    121 Allianz Life Annuities Consumer Reviews and Complaints

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    Page 2 Reviews 31 - 60
    Rated with 1 star
    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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    48 people found this review helpful
    Rated with 4 stars
    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.

    24 people found this review helpful
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    Rated with 1 star
    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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    49 people found this review helpful
    Rated with 1 star
    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.

    38 people found this review helpful
    Rated with 1 star
    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.

    23 people found this review helpful
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    Rated with 4 stars
    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.

    21 people found this review helpful
    Rated with 3 stars
    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.

    18 people found this review helpful
    Rated with 4 stars
    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.

    20 people found this review helpful
    Rated with 5 stars
    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.

    18 people found this review helpful
    Rated with 4 stars
    Verified Reviewer
    Original review: Dec. 19, 2015

    Offers a high yield indexed fund that is based on market performance. Payments are calculated on a yearly change of market indexes. When the index is lower on the anniversary date than the previous year's anniversary date, no payments are issued. The percentage increase over the previous year less 1.5 percent is added to your principal. After ten years of investing and contributing to the fund, there will be a lifetime monthly payment that is calculated based on what has been accumulated.

    18 people found this review helpful
    Rated with 2 stars
    Verified Reviewer
    Original review: Dec. 15, 2015

    In general my annuity experience is positive. The one aspect of the Allianz annuity I do not like is the way it credits increases. It is based on the S&P 500 like many annuities. This one resets each year on the anniversary date which is fine. What I do not like is how the increased is figured. Each month on the monthly anniversary date the increase or decrease in the market is noted. Decreases have no limit when the market is down. Increases are limited to, this year, 2.6% of the market. In an up and down economy like we have now, one month's loss can take 5-6 months to recoup if the market does really well those months.

    24 people found this review helpful
    Rated with 4 stars
    Verified Reviewer
    Original review: Dec. 13, 2015

    I have had it for a long time! Just sits there earning! I have never looked around for another annuity! My wife has one, but I can't remember which company! Annuities are nice to have and I feel they are a safe bet!

    14 people found this review helpful
    Rated with 4 stars
    Verified Reviewer
    Original review: Dec. 11, 2015

    Bought 10 years ago when offered a nice bonus. Company no longer runs this bonus but it was easy to purchase. The rep was helpful. Easy to collect yearly payouts.

    14 people found this review helpful
    Rated with 3 stars
    Verified Reviewer
    Original review: Dec. 7, 2015

    They are very helpful explaining all my options and deciding what's best for me. Low deposits, low rewards, low risks. Steady and slow was the way to go for me. Others may be different.

    12 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 23, 2015

    I bought into an Allianz annuity after being told it would "beef-up" my retirement money. I invested over $100,000 in the 5 year annuity. It was one of the worst mistakes I've made. In the five years I lost money. Please... don't buy Allianz annuity as part of your portfolio.

    44 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: Nov. 20, 2015

    I was informed by this company I am the beneficiary of a friend's policies but am being given the complete runaround. The company appears to be either dysfunctional or deliberately holding on to other people's money. This has only been going on for three weeks at this point but I am ready to report them to the state Department of Commerce. Phone calls are not returned at all, and they are very evasive about giving out contact information. I advise you: DO ZERO BUSINESS WITH THIS COMPANY.

    32 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 19, 2015

    Went thru ticketmaster to purchase tix and bought their insurance and just like an insurance company didn't want to pay out on a claim. Sell your tixs and save your money from these scammers.

    10 people found this review helpful
    Rated with 1 star
    Verified Reviewer Verified Buyer
    Original review: July 27, 2015

    I have been trying for a month to collect money from my retirement 403B fund. MY MONEY. I have been lied to (said they sent the check, but no check). Every time they screw up in takes 2 to 3 (trust me always 3) business days to try to get an answer to where my money is!!! One of the worst experiences in my life. HORRIBLE COMPANY. If I don't get my money in the next couple of days I will be forced to take legal action.

    40 people found this review helpful
    Rated with 1 star
    Verified Reviewer Verified Buyer
    Original review: July 5, 2015

    We booked 2 rooms to stay in after a concert. The whole tour was cancelled. When I filed a claim for the refund of the rooms, it was denied. The band member having surgery and cancelling the concert is not a covered reason. In the LONG policy I guess I should have been able to figure that out.

    16 people found this review helpful
    Rated with 1 star
    profile pic of the author
    Verified Reviewer
    Original review: June 28, 2015

    All these years I had a company sponsored 401 K. Over 30yrs we had T Rowe and Vanguard, all very fair people. Then I decide to retire. So I get a good financial adviser and he suggest I go with Allianz with a HUGE CHUNK of my retirement 401K. "It'll get 6% (vested over 10 yrs), a life insurance policy for 25% of the amount (of course I have to be dead to get it), you'll never lose the initial amount and on anniversary dates it'll go up to the new amount and you can make some money (up to 18%)," he said. I never pushed him for the past averages because all the companies I've dealt with played fair. If you’re not familiar with Allianz 365i, you have to play a game.

    The game is they take your money and do whatever they want with it for 10 years and you have to play a game of, what will make the most money for me? They offer S&P monthly sum (I know this one good). It had a 1.5% cap each month (only on the profit side, you can lose any amount of it on the negative side). So if there is one bad day that falls on your day (let's say S&P down 6% from your last mark, it'll take 4 months of up 1.5% to get even), that's 5 months of 0's. This isn't easy. At the end of my first anniversary date I receive from Allianz a report stating that the amount of money in my account was the exact amount it was a year earlier except I had earn 1% of the 6% bonus they promised me and I didn't make any money on the HUGE CHUNK I gave them because I lost in the "game of S&P" over the last year (it lost 11% and I only made 9% in "the game" so I got 0.00%).

    If the market had gone down this year or even was so.. so, I would have understood but 2014 this was a pretty good year and I expected something in the way of 8% on the HUGE CHUNK. My friends at work in Vanguard made 16% on their retirement acct last year. I made 0.00%!!! So I had a lively meeting with my financial adviser for the anniversary report and we have begun to get as much money as penalty-free as possible out of the AWFUL Allianz acct. Allianz sent me a note in the annual report that my new cap is 1.4%!!! I ALREADY MADE NOTHING LAST YEAR, ARE THEY AFRAID I MIGHT MAKE A PERCENT OR TWO.

    Last year, before I signed the contract with them, I read some stuff on the computer about Allianz, I half believed it and felt my financial adviser would never put me in this position. They were right, every one of them. What they said and complained about was all true. My gut feeling was not to go with them but the allure of not losing anything in a bad market (which could happen) won out but I never thought that I would not get anything on my retirement money possibly for 10 years. And it is possible!!!

    Allianz is deceptive, they don't outright lie but you do feel deceived. For the record, check out LAW SUITS against Allianz in 2001 Minnesota and 2009 in Cal. You’ll see that nothing has changed with them but the wording on the flyers. All this is true. I didn't have to lie to make my story sound better. BEWARE and READ ABOUT THEM BEFORE YOU SIGN. Biggest mistake I ever made, don't let it happen to you. Good Luck.

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    98 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 25, 2015

    In the spring of 2014 my wife decided to convert her annuity accumulation into an annuity. We filled out the paperwork and chose the NON-INSURANCE option on the first page of the application. We were to get over 3200.00 in one annual payment each year for ten years. A few weeks later we received a check for just $2595.96. In a series of back and forth calls with the Allianz representative we were told that our application showed we'd signed up for the INSURED option. We requested and received a copy of the first page of the application they claimed they received.

    It was clear that someone in their organization had altered our application and had whited out our check mark for the non-insurance option and had checked the insured option instead. We were able to send Allianz a copy of the first page of the application we had sent in (my wife wisely made a copy of the application before sending it in). Without admitting any error/misdeed on their part Allianz told us to send them a second application and to return the $2,595.96 which we did.

    On June 10th, 2014 they sent my wife a letter acknowledging the receipt of the $2,595.96 and information pertaining to paying taxes on the annuity. At the time we thought they were talking about the corrected annuity payment resulting from our second application. It was inconceivable to think they were talking about us paying the taxes on the check we had just returned. We were also told that we had to sign, date, and return this letter in order for the second application to be processed. The paper was signed, dated and returned to Allianz and the second application processed. We received our first Allianz annuity check (for $3220.48) that we were allowed to keep 2-3 weeks later.

    In February, 2015 we finally received our 1099-R from Allianz that showed that they had paid my wife $5,816.44! When I called Allianz to tell them that they had made a mistake and that the 1099-R should have been for just $3220.48 they called attention to the letter they had sent us in June that my wife had signed and returned that had committed us to pay taxes on the $2595.96 as well as the $3220.48. They also admitted that they would not have processed the second annuity application if my wife had not signed and sent in that letter.

    I don't think that letter legally binds us to paying taxes on money that we were not allowed to keep and I plan to report only the $3220.48 as the annuity payment on my federal income tax return for 2014 with an explanation and be prepared work it out with the IRS when they audit my return later on sometime.

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    77 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 15, 2015

    I booked a flight, hotel and car online. Due to personal family issues, our flight was reconfigured and I was able to reschedule the dates with the hotel and car rental. We were supposed to fly from New York to LA this morning at 8:10 am. However, due to a blizzard, Delta cancelled our flight and could not reschedule for days...literally three days. We were only travelling for 5 days for my daughter to tour universities.

    The Radisson Hotel in LA said our hotel was prepaid because we ordered online through a third party (?) and they would not refund the $1,021.46 paid. I turned to Allianz who was paid close to $90.00 for trip insurance that would cover "everything." They were programmed to deny the claim...referring to excuse after excuse why we were not entitled to recover. They claim that because Delta and my family rescheduled the original flight to a different set of days within the same week...for the same period of time, they were not responsible to cover the loss. I am sickened by an outfit that is permitted to conduct business. Their business is a complete SCAM. I am a lawyer and if I could not read small print...and anticipate every ridiculous reason for a denial of coverage, then God help us. This company's behavior is unconscionable and tantamount to larcenous. DO NOT BUY TRAVEL INSURANCE WITH ALLIANZ!

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    33 people found this review helpful
    Rated with 1 star
    Verified Reviewer Verified Buyer
    Original review: Feb. 11, 2015

    I purchased Allianz travel insurance through Travelocity. I am a 68 year old woman who has been battling breast cancer for 8 years. It has been in remission for quite some while and luckily I have excellent doctors who check on me constantly. In October I made resrevations to fly to Chicago to visit my daughter and attend a wedding. I bought the insurance because you never know when u have cancer, when it could strike again. Two days before I was supposed to go, I found out that my cancer had spread to my bone marrow and I would have to start a chemo treatment and needed a blood transfusion. Of course I had to cancel my trip and thought how lucky I was to have insurance.

    Unfortunately, Allianz isn't in business to help people, but only to make money. They said it was a preexisting condition and I had office visits 4 months prior and would not cover it. Never mind the fact that cancer patients have many office visits just to make sure things are all right. Just because I have been treated for breast cancer for many years, means that they won't cover. Please do not buy this insurance. Read the reviews and see how they will go to any lengths to not honor your policy.

    So the bottom line is they won't reimburse someone who has cancer. Even though it is in remission but has just spread to a new area 7 years later. I had to immediately start chemo, thus canceling my trip. but after all this, they say it was a pre-existing condition. Most people go out of their way to help people who are battling this disease, but Allianz cares so little about nothing-but denying your claim. Their claims people have no compassion and are unwilling to help.

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    33 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 21, 2015

    About a month ago, December 2014, we started the process of trying to get money from a policy that my mother in law has with this company. She is residing in a private pay nursing facility and has exhausted all of her savings but still has this account so she does not qualify for Medicaid yet. We sent in the necessary documentation proving that my husband has power of attorney and his father’s death certificate all through email.

    After a couple of weeks we did not hear anything from them so we tried calling. Well you might as well give up on that as all you do is get put on hold and cannot talk to a live human being. I found another number to call and finally got a receptionist who I explained my problem to and she directed me to an agent who finally answered the phone (they claim they have a high call volume and suggest you call first thing when they open or a half hour before they close). This agent also informed me she could not call out to call us back! Well that turned out to be a lie! My husband called her and left a message and her message even states that if you leave your number she will call back! LOL! What a freaking joke.

    Well lo and behold. She actually calls him back after he threatened to contact the Attorney General's office and department of revenue. Then she advised him that we were suppose to send a letter in with the death certificate, which was never told to us. Then.....wait for it......she informs him the $16,900.00 in this account my mother in law will only get 6-7 thousand of it because of not keeping it in there for 10 years. Well she could be dead by then or homeless because of them! This company does not seem trust worthy to me at all. I believe my mother in law was sold this policy under false pretenses. Please don't give them your business. After reading the complaints on here and seeing for myself, I would not give them any business.

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    60 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 21, 2015

    I purchased insurance for the reason in case my job changed my schedule & thinking that I wouldn't lose out my purchase & would get my reimbursement LIKE THEY SAID IN THEIR ADVERTISEMENT. I called & even read their own quote back to them that stated "For any other reason, you will be reimbursed." I didn't think I had to read the ultra fine print to see that I was being scammed. The first representative I spoke to wasn't the nicest but the supervisor was & told me I should file an appeal. I explained that I work for the city & my time schedule changed that I was unable to attend but I was told that I should file an appeal & see where it takes me.

    17 people found this review helpful
    Rated with 1 star
    profile pic of the author
    Verified Reviewer
    Original review: Jan. 8, 2015

    THIS IS NOT COVER TRIP CANCELLATION FOR WHAT MOST THINK IT WILL. IT IS NOT MADE CLEAR IN THE ADVERTISEMENT. FIRST READ THE FINE LINES.... YOU WILL NOT BE REIMBURSED UNLESS: Trip cancellation is under these EXTREME circumstances (Basically a serious medical reason, death, traffic accident, or jury duty...).

    23 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 19, 2014

    For the last month I have been trying to get the money out of an Allianz annuity I had opened for my mother. I need to surrender it early in order to help pay for her nursing home expenses. I have called numerous times and each time I got a different answer. One person told me a check had been mailed but nothing was received. When I called to check on the status, a different person said I needed to send them more paperwork. I ended up faxing them the whole policy and then they said they never received it. I am tired of this run-around. Allianz will profit from the withdrawal penalty so I don't know why they won't send me my money. Unfortunately, I didn't read the other people's complaints until after I purchased the annuity. Has anyone had a successful resolution?

    49 people found this review helpful
    Rated with 1 star
    Verified Reviewer Verified Buyer
    Original review: Nov. 21, 2014

    I have an annuity account with this company and on 11/7/14, I called and asked that they send me a onetime check from my account. The person I spoke with, emailed me the form to fill out and fax back to them. That was 2 weeks ago. I have not received a check nor have I received a response from this company. I have sent them 6 requests to date and I am still waiting for my money.

    38 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: June 27, 2014

    In 2007, I was told by a banker that I should take some of my money, if not all, out of my Money Market Account, and gain more interest. I was given an Allianz card by my banker and was told to contact Scott. I did and he assured me that Allianz was nothing like 401ks or 403bs, and that I would not lose money, I would only gain. I deposited almost $200,000 and immediately started losing money. Now, I have lost over $110,000. I would still have my money if I had left it in my Money Market.

    To me, Allianz is another Bernie Madoff. It should be against the law to be deceived this way and nothing can be done about this. They must know they will burn in "Hell" the way they are treating hard-working, retired and widowers customers. I am a widow, and I could really use that money right about now. Over $110,000 could actually buy me a small home somewhere. Approximately two weeks after I had given Allianz my money, there was a segment on 60 Minutes about the scams Allianz were involved in with their customers. What can Consumer Protection do?! Shame Allianz!

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    88 people found this review helpful
    Rated with 1 star
    Original review: June 20, 2014

    I was in a bike accident just days before purchasing my ticket (and insurance). I didn't think much of it but was later diagnosed with a concussion and my doctor asked that I not fly for a few days. I called to cancel my flight and make a claim at Allianz. Although I submitted all needed paperwork with Doctors note, etc... They denied the claim as preexisting. My headaches etc. didn't really occur until a day after I had purchased the ticket. I just thought that was a lame excuse to deny the claim. I had left plenty of time for the airline to fill the seat and I would guess they made more money rather than lost any. Allianz is a typical lame insurance company selling you a promise and working their ** off to make sure they don't pay out on your claim.

    33 people found this review helpful
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    Allianz Life Annuities Company Information

    Company Name:
    Allianz Life Annuities
    Address:
    PO Box 1344
    City:
    Minneapolis
    State/Province:
    MN
    Postal Code:
    55416
    Country:
    United States
    Phone:
    (800) 950-5872
    Website:
    www.allianzlife.com
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