ALLIANZ - What's your your experience with them?

CHAS.R · 11-10-2007, 09:38 PM

I am a new LIFE agent w Allianz.
What is your opinion and experience with them?

Mr. Bill · 11-10-2007, 10:05 PM

DON'T EVEN GO THERE.....STAY AWAY, FAR FAR FAR AWAY.....

Okay, so maybe they've improved their products over the last few years (settling lawsuits helps you get into that mode) but there are far better products without the question mark - You know how it is, a client reads something in the newspaper and all of a sudden they think they're personally affected. The lawsuits have only just begun.....

Just know that you are by yourself - you must read every contract and completely understand it before selling to a client. No FMO is going to help you with this. They may tell you they will, but my experience is that the FMO employee on the other end of the line is simply that - an FMO employee on the other end of the line, who receives compensation when you sell something. Whether or not they even understand their own product, well, that's another story.

Do your research and be very careful. You don't want something coming back to you unnecessarily.

slushhhpuppie · 11-12-2007, 11:58 AM

Quote:

Originally Posted by Mr. Bill

DON'T EVEN GO THERE.....STAY AWAY, FAR FAR FAR AWAY.....

Okay, so maybe they've improved their products over the last few years (settling lawsuits helps you get into that mode) but there are far better products without the question mark - You know how it is, a client reads something in the newspaper and all of a sudden they think they're personally affected. The lawsuits have only just begun.....

Just know that you are by yourself - you must read every contract and completely understand it before selling to a client. No FMO is going to help you with this. They may tell you they will, but my experience is that the FMO employee on the other end of the line is simply that - an FMO employee on the other end of the line, who receives compensation when you sell something. Whether or not they even understand their own product, well, that's another story.

Do your research and be very careful. You don't want something coming back to you unnecessarily.

Lawsuits aren't caused by bad companies or bad products.... they are caused by BAD AGENTS. Unethical sales practices and unsuitable recommendations can (and do) happen to ANY company.

Allianz didn't become the 15th largest company in the world by screwing people.

They didn't become the 2nd largest insurance company by screwing people.

And they most certainly didn't become the 3rd largest money manager by screwing people.

People get screwed by other people. Period. I think we can all agree that selling a deferred annuity with a 10 year surrender to an 80 year old is a BAD SALES PRACTICE. Allianz's only mistake was not putting these agents under enough scrutiny; they have learned from their mistakes and changed that.

You only have to worry about something "coming back on you" if you did something wrong in the first place. Use your head, do what's right for the client and DOCUMENT, DOCUMENT, DOCUMENT EVERYTHING!!!!!!!!!!!

CHAS.R.... here is my experience with Allianz, I use them because of their life and annuity portfolios. My only complaint is that maybe their compliance department is a little TOO strict now, but better safe than sorry.

Second to none, THEY are the industry trend-setters. In fact, last month I moved $10MM of a $27MM pension fund I manage into an Allianz annuity. The client (a group of LAWYERS) LOVED it.

Mr. Bill · 11-12-2007, 02:26 PM

Lawyers can be some of the absolute dumbest clients! But then again, they have some of the dumbest clients, too!

slushhhpuppie · 11-12-2007, 02:54 PM

Fire your dumbest clients, they can be the most dangerous...

A mentor of mine early in the business used to always say that every year you should fire your most aggrivating client.... you will live longer and be happier.

hope33709 · 11-16-2007, 11:26 PM

Don't even consider it until you read and know everything about their annuities.
I submitted an application to them and client set the check of qualified money. They played around for 3 weeks before telling me they would not accept it for the 20% bonus and said they would send the check back and cancel the app. Well, after a week and no check, I called and was told they needed a LETTER of cancellation, then they have 10 days to send the money. By the time my client gets the check, he within 2 weeks of the 30 days and has to still look for another company or pay penalties. They (Alliantz) made no attempt the tell me about this letter and would have let this money sit and go into penality. WHAT JERKS!!!! I'm pretty new at this, haven't done an annuity in about 15 years, then get confronted with this crap. The person should have told me about the letter when they told me the policy was going to be cancelled, not wait for me to call them. They can take their product and put it where the sun don't shine.

al3 · 11-17-2007, 12:40 AM

Quote:

Originally Posted by slushhhpuppie

Allianz didn't become the 15th largest company in the world by screwing people.

They didn't become the 2nd largest insurance company by screwing people.

Why not? Microsoft did. GM and Ford did. NYL has for years, in my opinion.

Don't underestimate the part that greed and fraud plays in this industry. I believe there is more than you think. Of course I'm almost 60 and have been around for a while. YMMV.

Al(ice)

senior-advisor-indiana · 11-17-2007, 04:54 PM

Quote:

Originally Posted by hope33709

Don't even consider it until you read and know everything about their annuities.
I submitted an application to them and client set the check of qualified money. They played around for 3 weeks before telling me they would not accept it for the 20% bonus and said they would send the check back and cancel the app. Well, after a week and no check, I called and was told they needed a LETTER of cancellation, then they have 10 days to send the money. By the time my client gets the check, he within 2 weeks of the 30 days and has to still look for another company or pay penalties. They (Alliantz) made no attempt the tell me about this letter and would have let this money sit and go into penality. WHAT JERKS!!!! I'm pretty new at this, haven't done an annuity in about 15 years, then get confronted with this crap. The person should have told me about the letter when they told me the policy was going to be cancelled, not wait for me to call them. They can take their product and put it where the sun don't shine.

That is why you do 1035's with qualified money.

Mr. Bill · 11-17-2007, 07:05 PM

You can't do a 1035 if it's in a 401(k), you have to have it in a form where it is 1035-able.

bluemarlin08 · 11-17-2007, 08:10 PM

Why would these lawyers want 10 mill in any annuity? What type of annuity did you go with, sure hope it wasn't an EIA. My experience with Allianz and many others, is any part of the crediting equation that isn't guaranteed you are setting your clients up for below expected returns. But annuities do pay the agent well.

Mr. Bill · 11-17-2007, 09:43 PM

Let's face it. People who really don't understand life insurance use annuities. Plus, the pay is a lot quicker.

bluemarlin08 · 11-17-2007, 10:19 PM

Can't comprehend why anyone would put that much in an annuity????"?

tkirk97 · 11-19-2007, 07:45 PM

Quote:

Originally Posted by bluemarlin08

Can't comprehend why anyone would put that much in an annuity????"?

In several states monies in a Variable annuity cannot be garnished by creditors, (EI: ken Lay) That is why someone would have 10mil in an annuity contract.

bluemarlin08 · 11-19-2007, 08:03 PM

In most states, retirement plan assets are protected from creditors regardless of the investment vehicle.

slushhhpuppie · 11-20-2007, 11:47 AM

They wanted to do 20MM but Allianz would only take 10.... how greedy of them, right?

Do you think ANY State's DOI/SEC would bluesky a product that is as harmful as some of you seem to think?

Why don't you do some actual research and listen the conference call available on allianzlife.com. I mean, if you're going to tout the greed and evil nature of Allianz then the least you could do is learn more about their side of it--and yes, they go into the details of the cases.

Politicians, Class Action Attorneys and Insurance Agents - I don't know which one to call a liar first.

Carriers and products don't screw people--Ignorant, greedy insurance agents do.

...now quick, barricade the doors and lock the windows, big bad ALLIANZ is coming to eat your children!

slushhhpuppie · 11-20-2007, 02:34 PM

Quote:

Originally Posted by hope33709

Don't even consider it until you read and know everything about their annuities.
I submitted an application to them and client set the check of qualified money. They played around for 3 weeks before telling me they would not accept it for the 20% bonus and said they would send the check back and cancel the app. Well, after a week and no check, I called and was told they needed a LETTER of cancellation, then they have 10 days to send the money. By the time my client gets the check, he within 2 weeks of the 30 days and has to still look for another company or pay penalties. They (Alliantz) made no attempt the tell me about this letter and would have let this money sit and go into penality. WHAT JERKS!!!! I'm pretty new at this, haven't done an annuity in about 15 years, then get confronted with this crap. The person should have told me about the letter when they told me the policy was going to be cancelled, not wait for me to call them. They can take their product and put it where the sun don't shine.

Best Practices: Custodian to Custodian transfers are the only way to go with qualified money. No taxable event (1099) and no 60-day exemption to worry about.

James · 11-20-2007, 03:16 PM

Quote:

Originally Posted by slushhhpuppie

They wanted to do 20MM but Allianz would only take 10.... how greedy of them, right?

Do you think ANY State's DOI/SEC would bluesky a product that is as harmful as some of you seem to think?

Why don't you do some actual research and listen the conference call available on allianzlife.com. I mean, if you're going to tout the greed and evil nature of Allianz then the least you could do is learn more about their side of it--and yes, they go into the details of the cases.

Politicians, Class Action Attorneys and Insurance Agents - I don't know which one to call a liar first.

Carriers and products don't screw people--Ignorant, greedy insurance agents do.

...now quick, barricade the doors and lock the windows, big bad ALLIANZ is coming to eat your children!

Thanks for the warning, I installed new heavy metal doors and windows! Dang those children eating monsters!