Available 24/7You may be shocked and dismayed to learn that the Index Universal Life product that Allianz sold you was not quite what they made it out to be when they wanted your business. Customers like you often lose money because these fees are baked in with substantial charges, where the marketer and IUL company make money at your expense. If you have suffered losses because of fees that were not properly explained to you when you bought the IUL, or the IUL product did not perform as promised, the attorneys at the Investor Loss Center can file an Allianz IUL lawsuit on your behalf.
Who Is Allianz and What IUL Products Do They Sell?
Allianz is a multinational insurance giant with a very recognizable name and global franchise. In 2023, the company made almost 15 billion Euros in profits. The company has a market cap of over $100 billion. Allianz sells a number of financial and insurance products. The company has products across life, health, and casualty insurance. It is not a stretch to say that Allianz is a behemoth with tentacles practically everywhere in the insurance industry.
The company is very active in the IUL space. The company offers a number of products, including the Allianz Life Pro+® Advantage Fixed Index Universal Life Insurance Policy (FIUL).
Allianz claims that the FIUL allows you to build wealth without market risk because the policy credits you with a certain amount of interest each day. However, the amount of interest that you earn depends on market performance, so the market still does dictate your performance.
Allianz Is Often Sued When it Sells Specialized Insurance Products
Allianz has a checkered history when it comes to selling specialized insurance policies.
Although the case did not relate to IULs, Allianz did agree to pay $250 million to seniors because it falsely promised them illusory upfront bonuses when they purchased deferred annuities. Thus, Allianz is not above making false claims and representations in connection with the sale of financial products.
Allianz Does Not Tell You Everything Upfront When They Sell an IUL
When it comes to an IUL policy, there is plenty that Allianz is not telling you. The IUL company and marketer have a legal obligation to fully disclose all the fees that they are charging and how the IUL product will perform. If they fail to disclose all of the fees, or if they make misrepresentations about your performance that do not fully account for the fees and costs, you can hold them liable in a lawsuit. IUL companies have also been known to raise fees on you after you have already purchased the policy, and are locked into a specific financial product. Some customers learn that they can no longer afford the policy once they have purchased it because nobody has ever told them how much it may cost them in the future.
Your IUL May Not Perform as You Expect When You Bought It
Allianz IULs are nowhere close to how they market the product. Allianz certainly makes out well, as does the marketer who sold you the policy. The sales cost is passed on to you, and you must pay monthly charges for as long as you own the policy. In the small print, Allianz even sneaks in that they reserve the right to raise these costs on you, even after you have already purchased the policy. With so many people getting paid in so many ways, it is no wonder that your IUL may not perform as you have been told when you were sold the policy.
Then, you may not have the ability to surrender your policy without incurring additional fees.
Companies like Allianz charge you steep surrender fees. you only get back some of your money when you surrender the policy. Many customers are shocked to find out that they have lost money once they no longer want to keep the policy and give it up. You may believe that none of this was ever told or explained to you when you bought the policy in the first place. Instead, all of this was buried in the fine print that was never explained to you, and you were expected to read.
You May Not See the Red Flags Until it Is Too Late
It is difficult to spot red flags of IULs, and a failure to disclose key fees, charges, and performance on your own. IUL products and companies like Allianz use very sophisticated terms that may be far beyond the grasp of the average customer, even those who are financially savvy. you may have no idea of what you have purchased, and you are relying solely on the representations made by the marketing professional and Allianz.
You simply see your statements and the cash value, and you may even have no idea how your IUL is really doing. That is exactly the way that Allianz wants it because it can continue to charge you large fees and make money for itself.
Contact an Allianz IUL Lawsuit Attorney Today
The attorneys at the Investor Loss Center will help you file an Allianz IUL lawsuit and fight on behalf of customers who have been taken advantage of by unscrupulous IUL companies and those who market their policies. If you believe that you have been wrongfully and dishonestly sold an IUL, we can help you potentially recover some or all of your losses. All you need to do is get started by calling us today at (803)-805-7546 or sending us a message online to schedule your free initial consultation.