What is going on over at Oceanview Life & Annuity??

[Korey Lemke]

I hope it’s just me being overly panicked but it’s been over a month now with very little communication from the company. Very scary and so much for their A rating. Starting to wonder about my decision to put funds into an annuity.

 

[Allen Trent]

I hope it’s just me being overly panicked but it’s been over a month now with very little communication from the company. Very scary and so much for their A rating. Starting to wonder about my decision to put funds into an annuity.

Based on that. I would 100% demand the money back under 30day free look & put it with another carrier. That is completely unacceptable. If you can handle the new money & apps coming in, they should suspend sales until they can

 

[Korey Lemke]

Thanks for the reply. I’m way past the 30 day free look however. I’m very concerned to say the least and maybe need to hire an attorney. TERRIFYING

 

[Tahoe Ray]

Thanks for the reply. I’m way past the 30 day free look however. I’m very concerned to say the least and maybe need to hire an attorney. TERRIFYING

Out of curiosity, what are you trying to do? Make a withdrawal?

 

[Korey Lemke]

I was contemplating taking the 10 percent allowance that doesn’t carry a penalty before the end of the year for my tax situation. But I’m more concerned about the entire policy being compromised. I call them and get the same scripted paragraph. The hack occurred November 2 so this has dragged on. I purchased it through blueprint and they said these hacks are somewhat common and the company is being overly cautious before opening the platform again.

 

[Allen Trent]

I was contemplating taking the 10 percent allowance that doesn’t carry a penalty before the end of the year for my tax situation. But I’m more concerned about the entire policy being compromised. I call them and get the same scripted paragraph. The hack occurred November 2 so this has dragged on. I purchased it through blueprint and they said these hacks are somewhat common and the company is being overly cautious before opening the platform again.

I was confused. I thought you were an agent that just placed a new Annuity with Oceanview, not a consumer. I would tend to disagree with Blueprint, i am not aware that it is common for an insurance company to be held ransom by hackers, etc

Double check the policy, it may or may not allow a free withdrawal in the first policy year. Each contract is different in regard to surrender charge free access at all, let alone during first year.

Also, if it is Traditional Qualified money, taking a distribution to you could be federal/state income taxable & 10% IRS penalty if under age 59 1/2. If it was a Non Qualified annuity, the interest is taxable first & if it was moved over from another companies NQ Annuity via 1035 exchange, all taxable deferred interest from the original prior purchase would have to come out as taxable income first before access to tax free cost basis

 

[Korey Lemke]

Thanks for the reply, 10% is allowed I’m well past the first year and it makes sense from a tax standpoint. These considerations pale in comparison to wondering if the whole ball of wax is in jeopardy. Thanks again. By the way I filed a complaint with BBB for whatever that’s worth.

 

[Tahoe Ray]

Thanks for the reply, 10% is allowed I’m well past the first year and it makes sense from a tax standpoint. These considerations pale in comparison to wondering if the whole ball of wax is in jeopardy. Thanks again. By the way I filed a complaint with BBB for whatever that’s worth.

It's a computer hack. No assets have been stolen or anything. You can still get people on the phone over there if you bypass the automated system.

I've been trying to move money from TIAA CREF for over a month and they keep saying that their computers are down.

They're A++ rated and one of the the largest insurers in the country.

T Rowe Price and Vanguard's nonqual comp plans got hit in the same attack that sidelined Oceanview (they also use McCamish).

This thing with Oceanview is absolutely annoying for everyone but they literally just were upgraded the month before this happened.

BBB is like Yelp fwiw. If you want to complain, you could always call your state's attorney general. They have a consumer protection division that would actual do something.

However in this case, I would just leave it alone. Hopefully they're back online soon and we can access everything we need to.

 

[Korey Lemke]

Thank you very much for that. I have been told that the assets haven’t been compromised so maybe I’m worrying about nothing. The communication from the company has been terrible and that hasn’t helped ease my concerns. Thanks again for the info

 

[Tahoe Ray]

Thank you very much for that. I have been told that the assets haven’t been compromised so maybe I’m worrying about nothing. The communication from the company has been terrible and that hasn’t helped ease my concerns. Thanks again for the info

No worries. I have a case manager that calls them daily. It's super frustrating so I get that.

The CEO sent out an email on Friday. They're basically processing business like they're in the 80s right now (faxes and snail mail). No electronic apps or annuity feeds to other software (like DTCC or AnnuityNet).

They still can't provide policy-level info. You're supposed to be able to make a withdrawal or surrender though so if you really want it done, you might consider reaching out to your agent to see if you can mail in (or fax) a withdrawal form.

Or you may have to wait it out. Welcome to the club!