14 Jun, 2018 → by ClaimboUser952673
Wrong product..high hidden fees…impossible to read and understand statements

1

We bought this annuity in 2012. This was just a very bad product..I blame myself partially for not being more diligent. We bought this product on the recommendation of a close friend. We rolled an underperforming 401k into their variable annuity. On the agent's recommendation we also bought a rider to insure the money we had in it in case of another crash which they said was coming. That cost us $600 a year. They told us there was just a 1.5 % to manage our account when the truth of it was that there were other charges on the mutual funds that were part of the policy. There was also a mortality risk charge we were not informed about. The yearly statements we received also did not list in a comprehensive manner what our real charges were, and I think for a layman it was impossible to figure out. The most advice info we received was that we should change our allocations. The allocations we had were well balanced--no huge risks. They did not go out of the way to offer us something like a fixed annuity which would have guaranteed us income, and the $3600 we've paid over 6 years to insure our money would have not been necessary. Every financial adviser I've talked to, and what I've now read has told me we were sold the wrong product given our age and assets. Bottom line..net 2% gain each year for six years in a market that is quite robust. I lost $1700 in the first quarter of 2018 in a market that is booming. I'm paying the surrender charges and getting out of this clunker. Shame on NY life for selling me this product and shame on me for not doing more investigation.
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