Insurance Complaints

View Other's Insurance Complaints

Auto Insurance Complaints

Complaint 0 of 0 in "Agent Misconduct"

Insurance Carrier: Jackson National Life
State: Florida

Consumer Complaint:

I met an agent to set up a retirement account. I started by putting in $65,000. I made it clear I wanted NO RISK. He put me into a Variable Annuity.

After three letters with written response the value as of now is about $47,000.00.

I did have one conversation with the agent who said he opened the wrong account and that I would be made whole. I never in my life heard of anything like this.

I also know a female in her 70's that this same agent sold her a life insurance policy which was totally misrepresented and was being charged a maintenance fee every quarter. She lost about two thousand dollars and had them send the balance of her money and closed the account.


Insurance Expert Answer:

The first approach is to write to the insurance company, state that you asked that the money be invested so that there would be no risk, and demand that it treat the money you put in as if were allocated to a fixed account.

As variable annuities are legally treated as securities, another approach would be to seek to have the matter arbitrated.

The Financial Industries Regulatory Authority (the successor to the former NASD and NYSE) at www.Finra.org operates reasonably simple, low cost arbitration panels where investors can file a claim and have their claim determined. If the company does not respond in a manner that is acceptable, you might demand FINRA arbitration.It then becomes a question of fact, and what you each said, who is most believable, and the paperwork, will determine the outcome.