Allianz IUL or Securian

DadBodest2006

New Member
4
I’m currently looking into IULs for retirement income. The two most appealing options that have presented are the Allianz Life Pro+ advantage and the Securian Balanced Growth Accumulator II. I like the rate lock with the Allianz but the Securian has lower cost of insurance and lower load. Does anyone have any good or bad experiences with either company and also their history of lowering cap or participation rates?
 
Minnesota has a very good history of treating their in-force policy holders the same as new policy holders, charges for Allianz is quite a bit higher than Minnesota, and Minnesota is a mutual.

Go with Minnesota:)


(Assuming they both give you the same underwriting class)
 
I personally don't trust Allianz after seeing how they designed their old Fixed index Annuity a few decades ago. They were 1 of a couple of companies impacted by class action lawsuits and regulatory actions by Attorney General of several states.

So, while they may no longer do that, I am hesitant to work with or buy from a company that has such deceptive designs. If I recall, the issues were tied to 2 tiered annuities where the only way to actually receive the higher crediting was to annuitize the money, rather than surrendering.

Just my 2 cents. I am sure they are a solid company overall, I just can't get past what I saw with some elderly in tears that even impacted beneficiaries in some cases

Here is just 1 of the many:. Allianz Life Insurance Set to Pay $251 Million to Settle Annuity Fraud Allegations
 
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Whoa. I had no idea about the Allianz annuity settlement. That is very concerning!

it’s too bad. I really liked the rate lock option for their IUL even if it was only for their volatility controlled indices.
 
Whoa. I had no idea about the Allianz annuity settlement. That is very concerning!

it’s too bad. I really liked the rate lock option for their IUL even if it was only for their volatility controlled indices.

Yeah, the class action was just one. Several states Attorney's General also took action.:. https://www.google.com/amp/s/www.tw...ettles-annuity-lawsuit-with-allianz-life/amp/


Don't get me wrong, there were 2 or 3 other carriers with similar lawsuits. Lastly, many of these lawsuits & actions related to elder abuse triggered many of the new regulations, paperwork, CE surrounding Suitability & Best Interest.
 
I personally don't trust Allianz after seeing how they designed their old Fixed index Annuity a few decades ago. They were 1 of a couple of companies impacted by class action lawsuits and regulatory actions by Attorney General of several states.

So, while they may no longer do that, I am hesitant to work with or buy from a company that has such deceptive designs. If I recall, the issues were tied to 2 tiered annuities where the only way to actually receive the higher crediting was to annuitize the money, rather than surrendering.

Just my 2 cents. I am sure they are a solid company overall, I just can't get past what I saw with some elderly in tears that even impacted beneficiaries in some cases

Here is just 1 of the many:. Allianz Life Insurance Set to Pay $251 Million to Settle Annuity Fraud Allegations

Minn Life isn't much better. All the hidden oops things that catch people later.

Personally I wouldn't work with either company.
 
What is your experience with Minn Life and their history with IULs?

Good illustrations.
Sounds good.
Odd features that never seem to quite work like everyone thought they understood. (maybe that's more FIAs, but Allianz and Minn Life are both companies that I always got a seedy feeling from. Allianz from their start as LifeUSA.)
 
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