My blog tends to cover a wide range of subject matter. It may include, but not limited to opinions on health issues, politics, civics,music,government,business and world issues at large. I don't believe there is a subject and/or issue that I would refuse to offer my opinion on.
The Body Is A Fantastic Machine
Whatever the mind can imagine, the mind can accomplish.
This is my annual complaint against two large financial companies who I believe, in my humble opinion are out to scam consumers. One is Allstate Insurance and the other is Putnam Securities.
Here is my story. Years ago I bought a few annuities so I would have some saving when I retired. I bought annuities with Prudential Insurance, Met Life, and Mutual of Omaha. When I finally retired I annuitized a Prudential annuity. The company was great . They gave me three options:
1. A life time payout meaning when I die the payments stop. That was the highest monthly benefit.
2. The other options were a 5 and 10 Year certain. I chose the lifetime payments because it paid the most in monthly benefits. Never ever had a problem with Prudential Insurance, nor a problem with New York Life, Mutual of Omaha or Met Life.
I had my checking and saving at Cal Fed (now Citi Bank) and there was a financial adviser there that suggested I cash in my Prudential annuity and buy one with Allstate and Putnam Securities. At the time interest rates were about 6% and the man told me that if I bought the Allstate/ Putnam policy and held it for ten (10 years I would be guaranteed 6% interest and after the ten years I could cash out the policy and do whatever I wanted to do the the monies.
I did just that. I bought the Allstate/Putnam policy and let it sit for the ten years. When the policy matured I Called Allstate and said I wanted to cash out the policy because I wanted to reinvest it in another insurance company. Bam! Here is where the plot thickens. They told me I could not cash out my policy. In fact, I could only annuitize the policy with their company. That wasn't bad enough, Bam! Another whammie- they said that I could not choose the "Lifetime payout option like Prudential and all the other insurances have. They said I could only annuitize the policy with a 10 year certain option. I asked them if they at least had a 5 year option. They said yes, but I would have to wait until I was EIGHTY years old to select that option.
Now keep in mind, all the other insurance companies I had ever dealt with had the three options to select from with the life time pay which would pay me the highest monthly payment and the policy would cease when I die. Not so, with Allstate/ Putnam. They told me I had to select the 10 year certain and I could not move my money from their companies. Basically, I was froze in with these yo-yo's. I told them that the agent who sold me the policy told me that once the policy matures after the ten years I could do whatever I wanted with the money - -such as move it to another company, or select a "lifetime" payout until I died.
However, these jerk offs sent me a 37 page policy agreement telling me to read it and its terms. Now people, realize that this is the first time since I purchased the annuity that I saw this document. When I purchased the annuity ten years prior all the financial adviser/agent at the bank gave me was one color brochure showing a graph showing how my money would grow over the ten years and the contract I signed transferring my money from Prudential Insurance to Allstate/Putnam. He failed to disclose or mention in any way that I was required to keep my money with Allstate/Putnam nor did he mention I could only annuitize my money with these con artists.
Every annuity I ever had in my life I selected the "Lifetime payment" because I had no family and that option always paid higher monthly payments . In essence Allstate Insurance Company and Putnam securities did me out of a few hundred dollars a month which I could have been receiving for the rest of my life. The ten (10)option does me no good as a single person. The only benefit of this annuity policy was clearly in Allstate Insurance and Putnam Securities favor.
Now my monthly benefits from this shady annuity is hundreds of dollars less a month than what I could have received with most any other top flight insurance company like Prudential, Met Life, New York life or Mutual of Omaha.
I have no love for the so-called financial adviser, Citi Bank and especially Allstate Insurance and Putnam Securities.I am a senior citizen living on a fixed income and having to lose a few hundred dollars a month in income because of these two firms really gripes me. Allstate's motto is: " Your in good hands with Allstate?" Don't believe it. Personally, I wouldn't recommend these companies to "anyone". Whenever someone mentions Allstate Insurance or Putnam Securities to me I tell them my story and let that person decide if they want to really do business with companies such as these. It is a true story as what happened to me dealing with these bad guys and after a person here's the story if they still want to look to these companies to do business with, hey - - that's okay with me. To each his own.
I thought of suing Allstate and Putnam but I don't have the money to pursue the matter. I can't afford attorney's prices. Where are all the contingency lawyers when you need one? Right? These Billion dollar a year insurance and financial companies get away with screwing the little guys and they will continue to do it over and over again.
That's my story folks. I hope it helps people decide before they buy into a sales pitch full of omissions and lack of disclosure by oily bankers the sleazy financial crowd.
And,- that's my opinion. You decide. Make your own decisions.
