All Allianz EIAs have withdrawal options
January 9, 2010 by Sheryl J. Moore
I am the head of a consulting firm that tracks every individual [equity index annuity] and life product, the carriers that issue them and their coinciding sales in the United States.
The bulk of my business comes in through a website, annuityspecs .com, which provides product specifications and rates for every equity index annuity on the market.
I am formerly head of competitive intelligence for one of the top EIA carriers, but now I spend
much of my time pulling policy filings from the state insurance department and analyzing these contracts so that insurance producers can have access on our website to simple product specifications.
Coincidentally, I don’t endorse any company or financial product.
I wanted to let you know that I have received quite a bit of feedback about your Aug. 21 article “Equity index troubles spark Allianz layoffs.” It was a very well-written article.
It is true that [Washington-based] NASD’s Notice to Members 05-50 has had an adverse effect on some carriers in our market, some more than others.
However, competitive [certificate of deposit] rates have been more of a threat for most of these carriers.
The one item that truly bothered me in your article was this quote from Richard Dunnagan [owner of Dunnagan Retirement Services LLC in Raleigh, N.C.] regarding [Minneapolis-based Allianz Life Insurance Company of North America’s] products: “Many Allianz products have no withdrawal privileges.”
This is an untrue statement. I am a filing analyst, and I know the technicalities of Allianz’s products better than anyone – I can tell you that every equity index annuity product that they offer gives the client the option of penalty-free withdrawals annually.
I know this was a quote, but I think that journalists have a responsibility to publish accurate information on behalf of their readers.
I think that the way this article came across, it makes [equity index annuities] look like products that aren’t consumer friendly.
Perhaps this is the way many in the investment community would have it.
Sheryl J. Moore
President and CEO
Advantage Group Associates Inc.
Des Moines, Iowa