I was sold a Generali Vision product whilst working in Russia. The DeVere advisor told me that after two years it would be "fully paid up" and I could then cancel my contributions and withdraw my funds at any time.
Unlike today, Generali did not at the time provide clear illustrations of the effect of early terminating the plan. I elected to do so after two years, by which time I had contributed a bit over £38,000. I then left the money in the plan. When I asked to cash it in this year, its value had fallen to £24,000 but worse to come.
The "surrender value" was jut £3100!
The remain £20K went to fees etc.
In the US I could take a capital loss on my taxes but as I'm a British taxpayer, I've effectively lost over £30K. And this isn't due to bad investments but admin charges.
Product or Service Mentioned: Generali Worldwide Vision Retirement Plan.
Reason of review: Not as described.
Monetary Loss: $30000.
Preferred solution: Let the company propose a solution.
I liked: Slick sales talk.
I didn't like: Misleading information, Misselling, Dismissive attitude.