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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???
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!!
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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.
Wow. This company could be the worst financial/insurance company I have ever dealt with. After my father passed away unexpectedly in July and my mother is trying to recover from a major stroke she had in 2016 this company will not pay out proceeds of a husband's retirement account to a grieving widow. Why you say because according to this company's records they did not have an updated beneficiary on file (but original beneficiary signed and completed naming spouse). This company refuses to pay out the hard-earned retirement benefits to his wife of 61 years, even though they lived in the community property state of CA where by law there must be spousal consent for anyone other than the spouse to be named as a beneficiary on a retirement account. They do not and WILL NOT work with you to find solutions.
Their customer service leaves a lot to be desired as it took me 3 months to speak to someone because I was not named as authorized contact on the policy. Did not seem to matter to them that the policyholder had died! Their excuses for why they cannot pay out funds make zero sense. After fighting with this company for 3 months to pay out annuity claim they still will not pay money to a grieving widow without a court order. Now we have no other choice but to hire an attorney and spend thousands of $ to reclaim money that rightfully belongs to the spouse. Trust me this is the last company you would ever want to give your hard earned money to.
If there is an oversight years and years ago do not expect them to have any compassion and or any solutions to help a grieving family. THEY COULD CARE LESS. Although many other financial companies have solutions in these cases to default the beneficiary to the spouse first, and will work with you to come up with easy solutions to help solve the problem, this company does not!!!
Please do not do business with this company but if you do, be sure you are 1000% that all paperwork is complete down to the last detail. Because if it is not you can expect to spend thousands of $ in attorney and court fees just to collect your own family's money at truly one of the worst possible times of your life. Not to mention the amount of time it takes to go through this entire process.
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.
Allianz Life Annuities Company Information
- Company Name:
- Allianz Life Annuities
- PO Box 1344
- Postal Code:
- United States
- (800) 950-5872