I established an annuity payout in early 2013 that was to be an guaranteed payout until I was at least 59 1/2 years old. The Jackson represenative assured me of this and nothing in the communications specified otherwise. In January of 2014 Jackson reduced the amount of the payout – but they did NOT provided any communication of the reduction or explanation for why it was reduced. I accidently discovered it and luckily found it soon enough to prevent my back account from being over drawn. I contacted my represenative who contacted Jackson. After talking to several people at Jackson it was acknowledged to him that a mistake had been made in the original setup of my annuity and they had to drop the amount. He told them that he had done many other accounts with Jackson and they had never dropped the payment amount – regardless of the start date of the payout. They apologized but said the payment would remain at the lower amount. He appealed but that too was turned down. I have filed with the Utah State Department of Insurance but it doesn’t look like they will be doing anything. In the mean time I have had to scramble to find alternate funding for the mortgage that this annuity was to help pay. I would have made other arrangements to begin with if I would have know it would have dropped. So basically Jackson made a mistake which has put me in a bad position financially and they refuse to correct it. The Jackson rep has requested they make up the difference but they won’t do it. My caution is to be careful of Jackson as a large company with deep pockets who even after a mistake was acknowledged by their staff won’t take care of their customer.
This complaint and/or review was posted on HolySmoke.org on 10:40 am, September 25, 2017 (CST) and is a permanent record located at: https://www.holysmoke.org/scam/jackson-review/.
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