Investors Insurance Corporation Informative - Annuity
The annuity was sold to me with the understanding that the return of interest would be tied to the S&P 500. During the period in question, I have received about 4% on my investment which includes a signing bonus. The rate of interest over the last 2 years has been less than 2.5%. The S&P 500 has practically doubled in size during this period. After many phone calls & several letters, I finally received the method upon which they calculated the interest received. The formula provided would not provide an interest rate that has any relationship to the S&P 500 returns. The surrender rate is presently 13% that declines annually after 12 years when it reaches 0. In essence, the company provided a brochure advertising this product which is totally misleading, if not entirely false. I complained to the "NASD" but they indicated that the company did not fall under their jurisdiction. I'm sure there are many people that have been mislead by this company and they should be exposed.