Security Benefit Life Insurance Company Review

Trying to change our annuity after a divorce and the person that answers the phone says they do not speak to clients nor exchange emails with them and can tell me nothing about the time frame or process of completing what we need and has been ordered in the divorce. They did say that they
are very sorry.
I do certainly agree with that last part.

My Mother died in July 2019, and I was her death benefit recipient. Trying now for 6 months to receive a lump sum from this company which doesn't seem to be happening.

I would never do business with this inept and unethical company if my life depended on it. They have roadblocked me incessantly even though I provided and filled out all the necessary forms.

I still get 2nd requests with no guidance of revision. My intuition is they finally want you to give up, and greed overtakes all to keep the small sum of money. Be very aware of this blatant and totally uncaring INSECURITY BENEFIT.

This is the worst company. I worked with Greg R. and after ten years with them I have nothing to show. I would have made more money in a PNC checking account. They are the WORST!!!

Very poor customer service. I have to send information multiple times. I will never use this company again for FLEX plans.

Products are very lucrative for company and those advisers pedaling them, but not for consumers. Completely incompetent staff provides conflicting information. Despite filling out their forms, they will insist on a letter of instruction and lengthy legal review for even the most obviously simple matters. They will take arbitrary action on your account without reason, compliance with tax code, or adherence to even a court order. Too many competent competitors to trust your money to this company. Go elsewhere.

Locked me out of my account for 2 weeks when they changed the sign in process in March 2020...Various BS responses and a tank full of apologies...Locked me out again 3 weeks ago with more BS reasons and no response from anyone...Again with the tank full of BS apologies...THE MOST UNPROFESSIONAL POS NON SERVICE COMPANY I HAVE EVER DEALT WITH OVER MY 25 YEAR IN FINANCIAL SERVICES...Absolute fail on every level except for a couple of people manning the phones...Don't know how they stay in business nor why they are not under investigation...Run far away from this garbage company who only exists to pad the retirements of the "management" team...

Father in law passed October 18 2017, it is now March 2, 2018, they have yet to pay his death benefit. We have called 4 times and keep getting the run around. Don t do business with this company.

Awful Awful Awful. First mistake (mine) purchasing a retirement annuity from this outfit, which made no money and only kept dropping in value with the fees taken out. 7 years later and at age 70.5, I need to cash out the entire amount (what is left) to cover unforeseen expenses. Filled out the paperwork and supplied voided check so that it could be direct deposited. Turns out they lost/misplaced my voided check and without advising, went ahead and just mailed the check to me regular US Mail, not even registered, certified, or in any way expedited. Now a week later, still have not received my money. Calls to customer service met with nothing more than sympathy and an explanation that 10 days would have to elapse before they could put a stop payment on that check and start over. Disgusted.

No reputation for this company. Met with an employee of this company who was not even mentally competent to understand basic social decorum. The employee claimed he studied Computer Science at KU and that he did website designing sort of thing for the company, yet their website, at the time of visit, was published, but with under-developing developer s view. The website clearly showed about us and products and also a page named New Page . In their New Page site, the company tells prospective customers that This is the title place of this page. At the space below please enter your details... and you can add more content here pointing another section in the page.

I would not say this is not a beneficial website. But the fact that the website designer employee who claims to be a KU Master s graduate in Computer Science would sound like defaming the KU School of Engineering s renowned reputation. After all, the web site did not appear to be securing benefits for customers nor themselves.

1 star is generous. My crook of a financial advisor sold me an annuity through this company that constantly loses value or greatly underperforms due to the fees.. I have been trying to transfer this to a low-cost option. I keep getting the runaround when I call or told that I need more paperwork, different paperwork, it being processed etc. At this point, they are holding my money hostage and have no interest in helping me. The longer they wait, them more money they can squeeze out of me. Don't ever buy an annuity and avoid this company .

I have contacted the company several times. They keep giving me the runaround and provide no communication on decisions. Multiple people tell me the steps I need to take to transfer my money from a high priced annuity to mo low fee Direct invest account. 3 month later, they tell me that I can't do this. I have been trying to do this since last year. They are holding my money hostage and will not help me. I cannot stress how awful this company is.

stay away if you can, I had to use these people because my school district choose them. Terrible severe!

This is the worst company ever. My wife passed away in April this year so I did all the paperwork and they refused to call me to tell me that there was a problem with my paperwork. Or they will till tell you everyday they just received it.

Typical investment company, takes your money and no way to get ahold of them, spent over an hour on hold, company is a joke, been in business for 126 years and apparently has never upgraded past the age of stage coach and telegraph. My money did much better with Edward Jones and the fees were less and I got personalized service. Stay clear of these fools, if not you will regret it.

They put clients at risk of tax consequences by not putting account numbers on checks and tend to repeat the same mistakes 2-3 times before getting it right.

Unresponsive and staff is very laid back. Do not go here for retirement.

DO NOT DO BUSINESS WITH THIS COMPANY!! They will delay paying on any claim you might have. All other policies paid in days, not these guys. Do your family a favor and take your money elsewhere or your beneficiaries will have to fight to get what they are owed. They give the midwest a bad name!!
Update- They respond to your review and tell you to email them then they don't respond. So it looks like they are trying to help but its a lie, just more smoke and mirrors. To really make a difference file claims with Finra, the SEC, and the insurance commission as I plan to do.

One penny invested with this outfit is one penny too much. Salesman are out there pushing to buy these annuities, which are pure junk. I wish there was a lower rating because a star is way over-rated!

Oh my gosh, customer service was absolutely horrific. They expect you to fill out forms by yourself, do not call back, and make excuses. The worst I have ever experienced!

SCAM!!!! SCAM!!!!!! SCAM!!!!! They sold an annuity to a mutual insurance company. it was sold in the board president's name. This board president is no longer with the company and now Security Benefit says they can't take his name off the annuity.Our company is out the money for this annuity. Where is this money -- in someone's pocket?

Never had trouble with them. I bought a fixed annuity. It's the best performer in my portfolio. Wish I hadn't continued in bonds and just switched to that.

Security Benefit does not seem to care about their clients.

My mother had an Annuity with them for years. She passed away 6 months ago and they have yet to pay the death benefit. I submitted the required paperwork MONTHS ago. They just have not gotten around to it yet.
In addition when you attempt to contact them it is very frustrating. As I am writing this I have been on hold 2 hours and have yet to talk to a single person.

There are just so many other company's out there to put your money with, find one who actually cares about their clients.

This company absolutely cannot be reached for customer assistance! They have no concept of customer service! I have waited on hold twice for over 1 1/2 hrs and never did get through to anyone on these calls. After 4 more attempts I did reach someone to request a withdrawal form. I finally received the form but it was the wrong one! Further, I tried to switch my allocations per their notice to me to do so within a certain time period. I complied with their request through my broker. The form was submitted per their direction and then returned because they said that they could not read part of my social security number. The issue was fixed by the broker. After a few weeks, the change still failed to appear in my account. The broker called back to see what was going on. He was told that the correction was not sent back in time to make the change! They sat on the request without notifying me or my broker of any further problem during this time. Additionally, the annuity product sucks! Their Total Value option produced in the negative. All totalled, Security Benefit has been a disaster for me and I am stuck with large penalty fees for early withdrawals. These fees exceed those of many other companies. I made the worst possible choice imaginable in selecting this company. Stay away!!!

Trying to get in touch with them is difficult. Been trying to find out where our statement is for 2017. Guess we will have to get attorney involved. Tried email and phone but could not get through. Ridiculous.

Spam called my phone despite being on no call list. Super shady

I was a beneficiary for someone through this company. They are doing everything they can to keep this money, making us jump through hoops to get the money paid out. We dealt with two other companies through this family death and everything was smooth sailing. It has now been 8 months and we still haven't been paid.

I obtained this annuity through my financial advisor. He contacts me yearly to discuss my investment. So far no negative experiences. This company has been in business for 125 years. Hope it is a smooth experience when I start withdrawing in 3 years.

Was finally contacted by this outfit via voicemail. The message stated to call a certain phone number and would be given salesman in my area. For a person that has a large sum of money with this outfit I would think a salesman would be attempting to contact me. I can not stress enough: if you are thinking about investing with them. Look elsewhere.