Allianz Misled Seniors On Annuities, Suit Says

When then-73-year-old Leo Stulen was contemplating using his life savings to buy a deferred annuity policy from Allianz Life Insurance Co. of North America in 2001, he asked his agent what would happen if he needed some of the money to pay his wife's medical bills.

Buy an Allianz Flex-Dex Bonus annuity, Stulen said that his independent agent instructed him, assuring him that the product was flexible enough to accommodate his needs. So Stulen used the $40,000 he had tucked away to do exactly that.

But when the Hutchinson resident later tried to dip into those funds to pay the medical bills he knew were coming, he was told he'd have to pay a steep surrender charge — a whopping $6,000 — because the annuity hadn't matured.

Allianz Misled Seniors On Annuities, Suit Says
Source: TwinCities.com