1 x 5 annuity

[Allen Trent]

I forget who the 3rd big carrier

Wasnt National Western, Midland, Aviva/Athene some of the others involved in either the class actions or some states AG actions?

Great advice on the post. I completely agree the agent was most at fault as they have an obligation to read, digest & study the entire product. However, the carriers have the biggest pockets and also produced sales literature that was pushed by incentivized wholesalers that only shared the positives of the contracts & not all the small print. (to some extent, this happens still today in IUL or VUL space)

 

[scagnt83]

Wasnt National Western, Midland, Aviva/Athene some of the others involved in either the class actions or some states AG actions?

Great advice on the post. I completely agree the agent was most at fault as they have an obligation to read, digest & study the entire product. However, the carriers have the biggest pockets and also produced sales literature that was pushed by incentivized wholesalers that only shared the positives of the contracts & not all the small print. (to some extent, this happens still today in IUL or VUL space)

Not sure about Aviva, they did sell a lot of FIAs back then. NWL yes, I think yes to Midland/NA too.

NWL is by far the worst carrier Ive ever dealt with. They could pay 100% comp and you would still have to put a gun to my head to sell them. 12 week wait if the client wants their money back... that is company policy, I saw it in writing. (60 business days). And Ive never had a carrier deny transfer paperwork so many times... their fax machine seems to constantly print out "illegible" faxes and then they send a letter to the client 4 weeks later informing them. If Ive ever witnessed something borderline criminal by an insurer, its how NWL handles outgoing funds. Id testify against them in court in a heartbeat. No room for a carrier like that in this industry. jme

Oh, and NWL still has (or recently had) a very long surrender product almost similar to the ones that got them in trouble in the past.

 

[Allen Trent]

NWL is by far the worst carrier Ive ever dealt with

I am 90% certain it was a NWL I helped a relative with that 15 years into still had surrender charges on a death claim unless they took the crappy payout annuity payments to get the perceived 2 tier bucket of money. It was horrendous & I even had the selling agent apologizing saying it was not a proud moment of his career as he had no idea this is how it worked

 

[scagnt83]

I am 90% certain it was a NWL I helped a relative with that 15 years into still had surrender charges on a death claim unless they took the crappy payout annuity payments to get the perceived 2 tier bucket of money. It was horrendous & I even had the selling agent apologizing saying it was not a proud moment of his career as he had no idea this is how it worked

Not surprising. Ive apologized for every single NWL annuity I sold.

Horrible renewal rates, they use teaser rates to get biz. And the way they handle outgoing transfers is criminal.

I regret ever falling for such a shady and immoral insurance carrier.

They key to getting your funds transferred in a normal timeframe with them is to threaten a DOI complaint. If you dont, they will take 12 weeks to send funds... industry standard is 5-7 business days. And that is not an exaggeration, they will actually send a letter telling the client in writing that company procedure is "60 business days".

 

[LostDollar]

So, in early 2024, is American Equity still seen as a good company?

 

[Allen Trent]

So, in early 2024, is American Equity still seen as a good company?

Rely on others that write them currently.

However, I still hold a grudge against them as one of the bigger abusers 30+ years ago on excessively long surrender charges, surrender charges at death & some of the marketing abuses that led to class action lawsuits & regulatory issues with several states attorney Generals

 

[LostDollar]

Rely on others that write them currently.

However, I still hold a grudge against them as one of the bigger abusers 30+ years ago on excessively long surrender charges, surrender charges at death & some of the marketing abuses that led to class action lawsuits & regulatory issues with several states attorney Generals

Thank you.

Would that same concern or prejudice extend to Eagle Life?

 

[Allen Trent]

Thank you.

Would that same concern or prejudice extend to Eagle Life?

not sure, possibly.

Some of these carriers have changed their names or been acquired or bought out other carriers. Is Eagle Life a subsidiary of American Equity?

 

[LostDollar]

not sure, possibly.

Some of these carriers have changed their names or been acquired or bought out other carriers. Is Eagle Life a subsidiary of American Equity?

About Eagle Life Insurance Company

At Eagle Life Insurance Company®, we know retirement isn't an ending - it's a beginning.

www.eagle-lifeco.com

This says it is a member company of
American Equity Investment Life Holding Company

 

[LostDollar]

Rely on others that write them currently.

However, I still hold a grudge against them as one of the bigger abusers 30+ years ago on excessively long surrender charges, surrender charges at death & some of the marketing abuses that led to class action lawsuits & regulatory issues with several states attorney Generals

No one else has posted.

So if one is looking at buying a $20K annuity, what do you suggest as an alternative carrier to American Equity?

Thanks.
LD