Comments on: Allianz Lawsuit Goes To Class Action

By: Mad

Mad — Tue, 18 Aug 2009 23:46:55 +0000

I just got off the phone with my agent…who sold me the Allianz annuity. Yep…I never realized it was an annuity. And still, I ask him WHEN can we begin to take out our money and he didn’t directly answer my questions. So I’m looking for info on the internet. YIKES! I hated taking my money out of the stock market when we bought this product…but thought it would be a better bet as we approach retirement. Even with the big losses in the market, I’d rather it there where I can control what I do. This is so disappointing.

By: Ray - Real Name

Ray - Real Name — Mon, 03 Aug 2009 02:54:53 +0000

Hello,

I would recommend getting another agent and have them review the contract to explore all options. It is true that an Index annuity will not loose value if held to maturity, but cashing out early may invade your initial premium.

By: but i was fooled.

but i was fooled. — Mon, 03 Aug 2009 01:56:12 +0000

I was looking for investment when I received a post card invitation to an Italian resturant in century city to hear about investment. I went and had alot of questions.
Later at the appointment the agent who had just moved in to an expenssive Santa Monica office. I remember asking him more than one time if my 200k will be loose value through the years? he said absulutley not.
I had to borrow from my money 3years ago and even if my 200k is not earning any interest I have to pay them about $7,600. a year interest.
I fired my agent the 2nd year after he refused to take my call and questions. I had not received any statement and had concerns. I call Allianze and they were not much help except advised me to get another agent. There were big errors in the statement and took a while to correct the missing money.This September will be 5 years and if I cash out I will only get 60k. Where is my life savings. I am 67 and lost my life savings.
Bravo California for taking care of your grand parents. we are disposable?! Not so soon.
Any advice? Should I cash out or Wait untill my 5th Aniversary?

By: Mike

Mike — Sun, 28 Jun 2009 16:53:27 +0000

Tim H.

We have consistently pointed out the products flaws. Commissions are simply part of the problem as it clouds the judgment of what is right for the client and what is good for the advisor. Frankly, forced annuitization is never good for the client. In other words the client has to wait, what, 15 years to get their money back how the hell is that good?

Until you can prove these products ARE good then I would save your comments. Look around we have always pointed out the flaws of the products and why they stink. Just because people tell the truth and you do not like it does not give you the right to misrepresent the facts.

By: Grace Cruz

Grace Cruz — Thu, 11 Jun 2009 22:17:18 +0000

Hi I have been fighting with Aig Annity for almost fifteen years. This was suppost to be a fixed interest of fife percent. And should I need monty it would be always available. All lies. Now as of today they have the nerve to tell me that this account was opened in 2004. I cannot they can get away with this type of busniss. I have been fightint tith this agent all these years. What the agent and Washington Mutual and AID Annuity and also the agent for AIG is that I have saved every single pieace of paper and the interesest of the AIG annity was going into my checking account all this time. This is how I found out the interest was not almost five percent for the lifetime of the annity. 909-861-6898 I desperately need help. I have been ill since 1986 and all these year fightig with this agent. He is at the point where he thinks the money is his. I want all the interest and all the charges that were added on. I refuse to pay a surredder fees they have added on. I want for all the pain and suffering I have been through this agent and Aig Annuity and Washington mutual bank. Please help me. Now they have the nerve to say this account was opened in 2004 are they kidding me.

By: Linda

Linda — Fri, 29 May 2009 19:22:33 +0000

I feel the same as the above respondents. I can’t believe my financial advisor never told me any of the negatives…I guess it sounded too good to be true…and unfortunately, its been a financial nightmare. Hopefully the courts will help with this fradulent marketing of these products.

By: Nancy

Nancy — Thu, 14 May 2009 00:54:46 +0000

I met with the Dept. of Insurance/Fraud division about the agents who sold my father Master Dex 10 annuities and tried to get them to return the bonus monies they received totally $30,000. That does not include the tens of thousands we lost in penalties. The response from the agents from the Dept. of Insurance was that until we found other people in the area where my dad lived who may have also bought these policies, there was nothing they could do. They also said that they couldn’t take the chance on these agents losing their careers for something like this. I was in total shock and speechless. I am supposed do the investigative work for the Dept. of Insurance? What a total joke.

By: Withheld

Withheld — Sun, 19 Apr 2009 21:08:18 +0000

I hope they put the Agent that sold me this in jail. The only people who will make money is Allianz! I would nver invest money with them again in any account. When you hear Allianz run! Frank in Houston you are worst then the mortgage fraud!

By: Tim H. - agent

Tim H. - agent — Mon, 13 Apr 2009 14:21:59 +0000

To say a product is bad simply due to commissions paid is misleading. First off – 10% is going to the annuity. So only 10% isn’t going.

You should just state the facts about any annuity, instead of misleading the general public with your biased opinions.

I have very little repsect for your opinion and website. As far as Allianz being sued…it seems to be over suitability, and not the product itself.

Unfortunately, there are jerks in every line of business. If anyone feels they were mislead by any agent, they should immediately contact their respective states Dept. of Insurance. They are set-up specifically to protect the consumer on all insurance matters.

As far as this site goes…state the facts, not your opinion.

Instead of bashing a product, show specifics at to why the MasterDex X is a poor product in relation to other annuities of the same type.

Just because a co. pays a higher commission doesn’t mean the product is bad. It could be that other Ins. Cos. are keeping a larger share of the profit for themselves. Or that those Ins. Cos’ have higher overhead. There are many factors involved.

Bottom line is which product is going to be the most beneficial to the client.

That’s it. End of story.

By: Georgia Edmondson

Georgia Edmondson — Wed, 25 Mar 2009 19:53:30 +0000

What has happened to the class action lawsuit I was part of a while ago.We won but I have never been repaid several thousand dollars that was wrongfully held out when the stock sold. We were supposed to get a bonus but instead were penalized. Who is handling the case as of today? I would appreciate getting some up to date information and facts.Thanks for your help.
Sincerely,
Georgia Edmondson