- Report: #1489391
Complaint Review: Pacific Life Insurance Company - omaha ne
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Pacific Life Insurance Company
po box 2378 omaha, 68103-2378 ne, United States
Phone:
800-722-4448
Web:
www.pacificlife.com
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Pacific Life Insurance Company Annuities: Low yield, high fees and they won't let go of your money when you want it omaha ne
My parents' financial advisor put them into some low yield, high fee investments. Now they both have dementia and we are trying to move their money into better, more liquid investments so it will grow and also be available as they need it.
We submitted the powers of attorney and transfer paperwork to all of the places where my parents were invested and were able to transfer the money reasonably easily. Pacific Life sent a letter requiring one additional piece of paperwork, which we promptly supplied. That was back in July.
When nothing happened, we called and they said they needed another piece of paperwork. We supplied that. And so on. Each time we call they say they need one more thing and assure us "it's the last thing". And each time they come up with another thing. This has gone on and on - it's now December!
Now they want a signed doctors note verifying my parents' disability. This is crazy. They have the powers of attorney and all the papers they requested above and beyond that (most of which really shouldn't have been necessary).
We talked to a compliance expert who said they're just trying to hold onto the money. If the doctor's note doesn't do it, we're going to have to report them to FIMRA and the Insurance Commission - all to get money that already belongs to our 87-year-old parents and that we need just for their care!
2 Updates & Rebuttals
Loretta
Aurora,United States
You are exactly right
#2Author of original report
Tue, December 24, 2019
Buyer beware. Especially when it comes to "financial advisers". My parents had always told me what a great money manager they had. I shudder to think how much money they lost - just to fees! They sure didn't make much. But the "financial adviser"(insurance salesman) sure did.
Momo
United StatesNothing New Here!
#3Consumer Comment
Sat, December 21, 2019
Annuities are ALL that way! They ALL come with a high commission and that's why salesman will do or say anything to sell them. Your parents were inexperienced and not knowledgable when they were looking for investments. They didn't get a real financial planner, they were dealing with an insurance salesman.
