Allianz Life Annuities
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About Allianz Life Annuities
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Allianz Life Annuities Reviews
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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.
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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.
5 years later the Allianz annuity began reporting taxable income. I have spent a year trying just to get tax withholding implemented and it’s another nightmare. I submitted the appropriate forms with one checkmark not ticked off in the federal form. Return letters said the federal form needed to be resubmitted and that the state withholding was implemented. I submitted federal form again. Months later I found state withholding was not implemented. So called customer service (in India somewhere) and was assured state withholding would be implemented. It never was, nor has federal. I sent Allianz a letter outlining all my efforts to establish withholding and clearly stated what I wanted withheld and to date, 6 months later have not received the courtesy of any response at all. This is a horrible company with zero customer service. I would not recommend to my worst adversary. Run, don’t walk, as fast as you can from this company.
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.
Every year when it is RMD withdrawal time I went through hassles after hassles, sending emails after emails and talking to one agent and another, and never got a straight answer. This year, after I withdrew my RMD, I got another one in the mail without my authorization, so I sent it back. No response for a month, so I sent them an email inquiring about it and asked them if they redeposited it into my account, instead I received a form for a RMD withdrawal again! I only have one request per year and can't even receive it without grief. VERY FRUSTRATING!!
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!!
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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