• Report: #968561

Complaint Review: AMERICAN EQUITY INVESTMENT LIFE INSURANCE COMPANY

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  • Submitted: Tue, November 13, 2012
  • Updated: Tue, November 20, 2012

  • Reported By: CONCERNED CITIZENS — CHICAGO HEIGHTS Illinois United States of America
AMERICAN EQUITY INVESTMENT LIFE INSURANCE COMPANY
6000 WESTOWN PARKWAY WEST DES MOINES, Iowa United States of America

AMERICAN EQUITY INVESTMENT LIFE INSURANCE COMPANY DOES NOT INFORM CLIENTS OF POSITIVE MARKET VALUE ADJUSTMENTS WHICH BENEFIT CLIENT ON THIER ANNUAL STATEMENTS WEST DES MOINES, Iowa

*Author of original report: american equity does not disclose market value adjustments on annual statements

*UPDATE Employee: American Equity MVA

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THIS COMPANY DOES NOT INCLUDE POSITIVE MARKET VALUE ADJUSTMENTS ON THIER CLIENTS ANNUAL STATEMENTS. A POSITIVE MARKET VALUE ADJUSTMENT BENEFITS THE CLIENT UPON WITHDRAWALS MADE DURING THE SURRENDER CHARGE PERIOD.

This report was posted on Ripoff Report on 11/13/2012 11:47 AM and is a permanent record located here: http://www.ripoffreport.com/r/AMERICAN-EQUITY-INVESTMENT-LIFE-INSURANCE-COMPANY/WEST-DES-MOINES-Iowa-50266/AMERICAN-EQUITY-INVESTMENT-LIFE-INSURANCE-COMPANY-DOES-NOT-INFORM-CLIENTS-OF-POSITIVE-MAR-968561. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
1Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

american equity does not disclose market value adjustments on annual statements

AUTHOR: CONCERNED CITIZENS - (United States of America)

IF AMERICAN EQUITY IS NOT ATTEMPTING TO MISLEAD POLICYHOLDERS, THEN WHY NOT LIST THE MVA AS A SEPARATE ITEM? IT APPEARS AS IF AEL IS TRYING TO MISLEAD POLICYHOLDERS AS TO THE TRUE MAKE-UP OF ANY DIFFERENCES BETWEEN THE ACCUMULATED VALUE AND THE SURRENDER VALUE. THE CLIENT SHOULD BE ADVISED AT LEAST ANNUALLY OF ANY POSITIVE OR NEGATIVE EFFECT THE MVA HAS ON THEIR WITHDRAWAL OF FUNDS. WHY IS AEL NOT INTERESTED IN FULL DISCLOSURE TO THEIR POLICYHOLDERS?
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#2 UPDATE Employee

American Equity MVA

AUTHOR: Bruce - (United States of America)

First of all, American Equity has very few products with Market Value Adjustments (MVA). None of our currently marketed Fixed Indexed Annuities carry a MVA.

For the few products we have with a MVA, it is true the dollar amount of the MVA is not reported on the annual statement as a seperate item. The contract Surrender Value, which includes the MVA (positive or negative) is cleary displayed on the annual statement.

This report seems to insinuate that American Equity is trying to hide the MVA if it is positive to the client. That is completely false.

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