Shopping for any type of “high ticket” item should first warrant some in-depth review. This is particularly the case when it comes to financial “opportunities.” So, why is it that most people will spend more time comparing $400 computers than they do researching retirement income products like annuities?
We’re not sure either.
What we do know is that there are a lot of “gurus” out there who are more than happy to give you their opinion. Unfortunately, though, these are oftentimes swayed, based on what the opinion-provider’s ultimate goals are…which is usually to sell you a product.
That’s why we feel that it is essential to take a look at annuity reviews – including annuity complaints – from investors who already own (or have owned) the product. Doing so can give you a first-hand look from the front lines.
As it pertains to Athene annuities, one of the best places to start is with the Better Business Bureau. Here you will find details on the customer complaints that have been filed, as well as information on the transitioning of life insurance policies from Athene to Accordia Life.
As of February 2019, there have been 140 complaints closed over the past 36 months – with 28 of those being closed in the past 12 months. The bulk of these Athene annuity complaints – more than 100 of them – have been focused on issues with the company’s product or service.
Here are just a few Athene complaint examples:
“I paid my life insurance twice last year (accidentally). I have spent countless hours on the phone, faxed and emailed checks from my bank and no refund! They just keep sending me a letter confirming that I in fact did pay twice last year…but now they sent me my 2018 bill and want more money, when I still have not received a credit or a refund. EVERY customer service rep I speak with assures me they will handle it, but nobody has! I FEEL HELPLESS!!!!”
“In December of 2017 I submitted two applications for income riders on two Annuities that this company holds. In January I received two letters stating there were errors on both applications. I submitted corrected applications. The12th of February I finally received the first check on one of these Annuities the other is still being held up. I called and spoke to a Customer Service Representative who claimed my wife’s birthdate they had on file did not match the latest application for we submitted and they needed a copy of her drivers license to correct their records. I E Mailed them a copy that same day. Yesterday I called again and was told they needed yet another application form. The rep would not explain what was wrong just that they needed another form. She hung up on me stating the call was no longer productive even though I asked to speak to her supervisor. I later called back, asked for a supervisor but that rep wanted to try to resolve the problem first. She explained their policy is they need the new form because there had been a correction. I did E Mail yet another form. So yet again we wait. These are just delaying tactics to keep using our money. “
“This company refuses to provide me information about my annuity. They cannot even give me a balance. Operator says they are going through a transition My account is 10TTXXXXXX. This company is not able to give me any information about my account and I find this very disturbing about an insurance company.”
The remainder of these complaints about Athene center on: Advertising / Sales; Billing / Collections; and Delivery issues.
You can take a look at the most updated complaints about Athene HERE.