- Report: #393834
Report - Rebuttal - Arbitrate
Complaint Review: Midland National Life Insurance Company
Midland National Life Insurance Company4601 Westown Parkway, Suite 300 West Des Moines, Iowa U.S.A.
Midland National Life Insurance Company Annuities are a rip off! West Des Moines Iowa
*General Comment: Sad that people don't read or the agent doesn't make it clear
*Consumer Comment: Your agent with Midland & with the new company failed to give you all the data
*Consumer Comment: Know what you are signing up for
*Consumer Comment: The facts about Midland National Life
*Consumer Comment: The facts
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They promised me a guaranteed three percent floor on my annuity contract and then didn't pay me one penny for this whole last year! Their field representative, Ron Roberts of Jackson, CA, assured me that if the economy took a downturn, then I would at least received a guaranteed 3% return. However, such was not the case and I was told that a guaranteed floor is not what I was lead to believe.
Also my money is tied up for fourteen years and I will be 65 years old next year. My new financial adviser is a Dave Ramsey ELP(endorsed local provider) and he informed me that the Dave Ramsey organization would never sanction the sale of this product to anyone!
So please spread the word that Midland National is not to be trusted. Their penalty for early withdraw from their program is staggering and no reputable company would tie up a senior citizen's money for fourteen years.
This report was posted on Ripoff Report on 11/21/2008 07:46 PM and is a permanent record located here: http://www.ripoffreport.com/r/Midland-National-Life-Insurance-Company/West-Des-Moines-Iowa-50266/Midland-National-Life-Insurance-Company-Annuities-are-a-rip-off-West-Des-Moines-Iowa-393834. 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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