Allianz Life Annuities
Overall Satisfaction Rating
  • 5 stars
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  • 1 stars
Based on 89 ratings

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    Allianz Life Annuities

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      130 Allianz Life Annuities Consumer Reviews

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      Page 2 Reviews 11 - 20
      Rated with 5 stars
      Verified Reviewer
      Original review: Oct. 18, 2018

      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.

      12 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Aug. 7, 2018

      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.

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      79 people found this review helpful
      Rated with 5 stars
      Verified Reviewer
      Original review: July 26, 2018

      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.

      32 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: June 25, 2018

      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.

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      80 people found this review helpful
      Rated with 1 star
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      Verified Reviewer
      Original review: May 7, 2018

      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.

      87 people found this review helpful
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      Rated with 1 star
      Verified Reviewer
      Original review: March 7, 2018

      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.

      85 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Feb. 23, 2018

      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.

      73 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Feb. 2, 2018

      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.

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      80 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Dec. 15, 2017

      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!

      50 people found this review helpful
      Rated with 2 stars
      Verified Reviewer
      Original review: Oct. 23, 2017

      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.

      72 people found this review helpful
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      Allianz Life Annuities Company Information

      Company Name:
      Allianz Life Annuities
      PO Box 1344
      Postal Code:
      United States
      (800) 950-5872
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