"I purchased a product that does not mature. I can never withdraw the full amount from my account... EVER. I can however annuitize or withdraw the money over a 10 year period. I complained about the sales pitch and misrepresentation of the product because I would never buy anything that I could not take my money out of after so many years. The Rep informed me I was given and signed a Contract. Be careful - when an Advisor tries to sell you something - make them show the points in writing they use as product benefits. Always ask what happens when you die - make them show you that info in writing as well".
Response: All I can say about this is I'm sorry. As an industry we typically chase after the advisor and blame only the sales practices involved in this type of scenario. My opinion is that that is only the tip of the iceberg here. The root of the problem is the fact that this type of contract, when presented to the states for approval to be sold should be denied immediately and without question. A product with an never ending surrender charge and forced annuitization should never make it to the kitchen table as an option for anyone.
I have run across this product before and interestingly enough I had a perspective client ask me about this company and a similar product just this past week saying "It looks like a pretty good deal... what are your thoughts" This is a classic example of how individuals don't get past the sales pitch and dig a bit. This is exactly the reason why I employ my Annuity Report Card®. I actually take it a step further and not only prepare the Annuity Report Card® but also show the breakdown of the annuity that I am comparing it to. Please feel free to check out the Annuity Report Card® I did for this case.
As far as what you can do at this point if you find yourself in this situation.
Carl Barnowski has 25 yrs. of experience as a retirement income expert specializing in principal protected annuities.