Anyone familiar with this Variable Annuity and is it a good investment?

Agree with Common Sense mostly. Allianz is a well-known company and a big player in annuities. The product they are selling you is real but the fees on these things can run 4%/year (much higher than any mutual fund). Note that there is no way you can get a prospectus on the wb, though every mutual fund known to mankind has a prospectus on the web. Why do you think that might be?

There is no way that the annuity guarantees you an 8% return. Your advisor is just lying if he says that. You can't just have all your investments in Exxon, but you need some better advice than this. You also have a tax problem if you just dump all your stock at once and your plan should include how to handle that tax problem.

Anyway, your advisor is just trying to get commissions from you by selling you expensive products. Go see a fee-only planner.

Allianz Vision Variable Annuity

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RE:

Anyone familiar with this Variable Annuity and is it a good investment?

It was recently recommended to me to cash out all my Exxon Stock and invest in Allianz Vision Variable Annuity. It guarantees an 8% annual increase with 2% quarterly for up to 30 years. If the contract value is higher than the current 8% annual increase, it automatically locks in quarterly at that...

It would be a poor decision on your part to follow the "recommendation".

Annuities have huge ( surrender & maintenance ) fees and very complex terms and conditions, and most people end up doing poorly compared to simply leaving the money in a good Mutual Fund or Index Fund.

There are excellent articles about this on financial magazines like MONEY, FORTUNE and others; the vast majority of annuity customers regret their purchase, and there are numerous lawsuits against annuity brokers and salespeople. I believe Allianz has been named as a defendant in a couple, but not absolutely sure.

So please do your due diligence before deciding on anything. My recommendation is to keep Exxon ( I own the stock as well ). If you really want to diversify, sell a fraction of your stock and invest in a Mutual Fund or Index Fund from a reputable company like Fidelity or Vanguard.

Variable Annuities are a total rip off with high hidden internal fees. The so-called tax benefits are destroyed by their cost. Sales reps love them because very few other products they sell pay as high in commissions.

You should avoid two things;

Variable Annuities

Sales Reps that push Variable Annuities (they're either ignorant or greedy)

1) I never heard of Allianz Vision

2) I tried to find them online. The message said "We're sorry. We can't find that page" It may have been moved, deleted or temporarily unavailable

3) I know a stockbroker who recently told me that he would not think of selling a variable annuity today. And there's bic commissions in those.

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