lincoln national life insurance Misleading and bad deal for variable annuities Concord Nationwide

Lincoln National (LN) lures customers in deceptively, by telling them that LN will earn them market returns (false: then are returns based on a  glob of LN advisors ginning up fees for LN mutual funds) and that in no case will be the customer get less than 5% per year.

What also they do not tell the customer that the 5% applies only if the customer, on beginning annuity payments, submits to being paid out over 20 years with no interest on the deferred payments.  This a a very bad deal.

If one wants to cancel, which one can only do after numerous years of patient waiting, one gets the actual results of LN's funds returns, which in my case are much lower than even the dismal 5%).  There are hefty penatlies for pulling out early (for those who are lucky enough to detect the bad deal) and if one complains that the deal was misrepresented at the outset, the company's rep will say "you are stuck with the contents of the Prospectus (which is incomprehansible) and you will have to go to arbitration (no lawsuits)."

As a result of investing with LN I lost a lot of money because I invested with them when the Dow was around 12,000 hoping for an increase.  It is now 18,000.  LN's performace was miserably weak compared to that.  I was explicit that I wanted an investment that tracked the market.  LN claimed my investment was such; it was obviously not.