Allianz Life Reviews

Have been trying to get my deceased mother's money from an annuity listed in her trust for almost a year. No matter what paperwork I submit they say it's not correct. Beginning to wonder if they even have the money.

Idiotic customer service. This company does not only rip you off with their annuities and their penalties, their delegation process allows approved delegates to make fund transfers and change allocations but cannot confirm the mailing address. What kind of brainless morons run this place?

I bought the 222 from Allianz based on their ability to survive. I believe a serious event could disrupt my income and I’d have a tough time staying warm in cold Seattle winters. I hope it doesn’t match my gloomy concern but if I need it I believe I can count on regular payments!

This is a awful company with even worse "Customer Service". They use every trick in the book to avoid payout. I have been trying for three months to get a cash surrender payout. First they say, oh no problem, just fill out the form and we will pay you within a few weeks. Well that was three months ago. First they couldn't find my policy, they they have the wrong SSN, now they are requesting a new SSN certification form. This form is not online, they have to send it to you. Then you wait again. This feels like a major SCAM. I have paid in for 32 years w/o a single missed payment. This is how they treat you! Stay away from them.

They made a series of mistakes with a very simple distribution request that caused extraordinary stress on top of the normal stress of end of life care for an aging parent. For clients who have a power of attorney handling their affairs, please do not expect needed, urgent distributions for medical care to be handled in a timely manner. They were fast enough about adding me as the power of attorney on the account, giving me false optimism that this would be a smooth process. However, once they were faced with the reality of cashing out money they had held for decades, they threw obstacle after obstacle in my path, including cancelling the whole transaction because they did not understand the power of attorney form, and then by not following the distribution instructions that were very clear on distribution form. Buyer beware.

I've been contacting this company for 5 months now trying to get the situation resolved, the customer service is absolutely useless. My sister and I filled out the paperwork exactly the same way and hers was approved and mine was filed a different way. (The wrong way) I've been trying to get this resolved for the last 3 months and it's not getting anywhere still. I was given a deadline that the paperwork had to be turned in, I had questions with the paperwork because obviously they need me to fill it out differently for some reason and I can't seem to get the lady handling my case to call me back to explain what I need to do. At this point it's looking like I'm not going to get the money like I'm supposed to. What a hassle to deal with, especially after losing my dad.

NEVER use this company if you want your loved ones to ever benefit from your investment. Allianz customer service has been a total NIGHTMARE to deal with for 3 solid MONTHS. We have submitted estate paperwork by mail and electronically multiple times and each time they ask for it again in yet a different way. We've worked with 9 other financial accounts for this estate and all of them easily resolved within a few weeks. This ongoing horror doesn't appear to have an end in sight.

Poor customer service. I submitted a simple address change. It has been over a month and the change has still not been made. I have called three times, spent over an hour on the phone while they "looked into it". I have submitted 2 requests online and have communicated through their chat. My broker called to request action. They still will not make the address change. Each time I call they say "we are in the process of making the change, call us next week." When I call, they simply repeat what they told me in our last conversation.

I would caution you from doing business with Allianz Life Insurance Company. Upon my parent's death, Allianz liquidated an inherited taxable account without my permission. When confronted with their mistake, they refused to return the funds into my account and I was forced to pay a significant tax that I had planned to avoid by taking the inheritance slowly over a period of years. Investors should use caution when moving forward.

I called today and ask to speak to a manager and the representative gave me a hard time. Finally after being on hold for 5 minutes she returned to say a manager would call me in 30 minutes. Needless to say no return call after 60 minutes so I called back. This time spoke to a different rep. and again very difficult to understand and didn't want to get a manager for me unless I told him why. Finally he said he would get me a manager and after waiting on hold only to be told a manager would call me back in one hour. It has been 2 hours since my call and still no return call.

I have a number of accounts with Allianz and have nothing but great servcie from them. I have called them on many occasions and have had not issue. Allianz does ask a great job for me. Also, for the fifth year in a row Interbrand have ranked Allianz as the world's number one insurer in their Best Global Brands Ranking. With a global brand value topping 20.85 billion US dollars for the first time, Allianz has moved up three places to #31– among the fastest growing global brands. They do not have money issue. I have never had issues with them when I wanted to take money out. When they ask for the correct information to send you money they do it to protect you from fraud.

When I was in Long Term Care facility. Allianz said they would STOP charging the annual fee, but they didn't, this unexpected $3k+ withdrawal created several NSF fees at my credit union. The next year, they said they would withdraw the money then return it, but they only withdrew the money - and now the annual fee was over 4k. I contacted my Credit Union to disable the autopay for next year, they provided a few options like sending Allianz a letter, maybe this would have worked because before it was phone conversations, but I decided to close my account to protect my account.

My wife passed away in January 2023. We filed the paperwork and sent the death certificate to this company. Received the check on December 5th of 2023. Bank would not cash due to names not correct on check. Contacted the company on December 19th, they put a stop payment on the check and it was to be reissued with correct name and that would the no more than 15 days. Have given the benefit of doubt to the company and called back on January 16th, was told it is with the claims department and to call back in 2 days. Called back on the 18th. Was told the exact same thing. It's with the claims department. Called again on January 26th. Told the exact same thing. Wait 5 more days. The claims department has had this for over a year and nothing has been done. I depend on that check and the company will not give a straight answer.

When I called to make sure they received my benefit forms was told I was missing forms. They emailed me the missing form which I emailed right back, got an email confirmation, called back, now they are saying more forms missing.

The money invested is tied up for life except for the 10% withdrawal in any year. Very little liquidity. Calculations of the payments are out of your control despite being inaccurate. Promotional materials misleading. Actual interest paid is minuscule. Pay for lifetime income or piv with little to no actual accumulation. Difficult to no customer service. Complex rules governing product. A nightmare for heirs.

I feel this company does not like to pay out to their customers. My mother is 91 and I am trying to assist her and they keep sending more forms to fill out, like we don't complete them to their liking, but they offer no assistance. She has an annuity that should pay the full surrender amount with interest, they sent a check for a minimal amount. I am contacting the Better Business Bureau and a lawyer because they are not forthcoming with paying out the funds. I will continue to post until they pay up!!!

I have had an annuity with them since 2014. Nearly every year I have taken the minimum distribution, they have made errors! This year, I sent the form in 3 weeks early. Called them to insure they received it and they did. However, they said the IRS form they sent me last year was out of date, but that they would handle it there. I not only checked the box for no minimum tax to be withheld, I hand-wrote in a note to that effect. Even though I had a canceled check on file for direct deposit, in past years, they mailed a check, causing a 6-week delay.

Bought this Annuity in 2006. The saleman was very smooth talking, but left out many facts..Never told me you have to be over 60 to begin taking out of an Annuity. Also said how great the returns would be. Did not state how Allianz keeps changing the rules to make it impossible to realize a positive return..In 2006 the capped monthly rate was 3%. In 2023 the monthly cap is now 1.5%.. Even though the markets were up 20% in my 12 month period I did not make a cent last year. This is because the cap can only go up 1.5% but can go down 100%.. I am trying to withdraw money now. I hope things are not as bad as all the reviews show.

DO NOT invest with Allianz. They take your money and provide horrible customer service. When you purchase an annuity they do not explain the limited withdrawal process. If you call their 1800 number you will wait forever until a subcontractor in India picks up the phone. You are then put on hold again (up to 30 minutes) while they verify your account. Then you are told to go to their website to request financial account information. I had two annuities and closed out both. Their penalty charges are insane, but this is what they do to hold your hard-earned money hostage. When you do make a withdrawal there is always a delay or they send your funds to an incorrect bank account. Then you wait weeks for them to straighten out their blunder. This is their game. Do yourself and your money a favor, invest with someone else or bury your money in the backyard, it will be safer.

On January 21st, I scanned a withdrawal. Unfortunately, I put the wrong year. I followed up after 5 days and was told there were no problems. I waited, no check and was advised the year was wrong. Only that page needed to be submitted. To be safe, I resubmitted the entire form with the correct year. I waited again. No check. Called was advised my address had changed. No change. I have a mailing PO Box and a physical home address. Banks list physical addresses on checks. My check had the physical address. The federal form had my mailing address. The funds are being transferred to my bank, not mailed. Allianz stated they were confused. Mind you processing is in business days. I was advised it would take another 3-5 days to process my withdrawal. It’s now February 6th. I have yet to receive a funds transfer. Originally, I was advised that withdrawals are processes within 5 days.

Every negative review on this company is spot on. I inherited an Allianz annuity 7 years ago. At that time it was a nightmare to reach a real person on the phone and messages were never returned. My agent was no help and I learned through documented email conversations that the agent who sold my father the annuity promised benefits that did not exist. I finally had to hire an attorney to deal with Allianz out if sheer frustration. After months the attorney was able to get answers and payments were initiated. We also pursued a grievance against the agent and Allianz in both two states, to no avail.

My financial Adviser sold me this product more than 20 years ago. It was fine when I didn't have to do anything except paying them a service fee annually, until I had to start dealing with them, like taking an annual RMD. I faxed them a request 5 years ago and I never got a response from them. So after two days, I called them and after 30 min. wait, was told they never got it. So I faxed another one. Before I knew it, I received all two of them doubling the amount I needed. When I called them, and talked to at least 4 people, and they told me they would put this back into my account only for this time, like it was my fault. I ended up paying more on my taxes that year because the correction was not made until 3 years later. Each time I called, I would stayed on the phone for at least 1 hour and talked to 4-5 people and would be given only empty promises.

Financial advisor sold me on an Allianz annuity as part of investment portfolio. $220,000 Annuity purchased. Paid commissions to advisor. Now after 8 years I want to cash out (no penalty now). But Allianz has just stalled and dodged and has not liquidated my annuity nor sent the proceeds. Nearly 90 days since distribution requested. Nothing but stalling. They are crooks in cahoots with the financial planning industry. Avoid!!! Allianz Life Insurance Company of North America.

Evidently their business model is to collect life insurance premiums and make the claims process nearly impossible. I've been a practicing attorney for 20 years and I struggled with it. Had my 78 year old mother had to handle this herself, Allianz would most likely have won the battle and kept the 50 years worth of premiums my father invested to ensure her security. Collecting on one of his policies with another company involved one pleasant 10 minute phone call. It doesn't have to be this way. Allianz makes it this way.

Horrible, manipulative, deceptive, crooked, company. Do not work with them. Very bad experience after 12 years. They take your money, Use it, they don't give you much back and when you want it, it takes 10 years to get it back, with penalties, etc.

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.

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!