Business ProfileforNorth American Company for Life and Health Insurance

I am extremely disappointed and upset with North American Annuity Company. I have 2 annuities with them. On January 22nd, 2024 , with my agent, on a 3 way phone call, we spoke to C****** and asked to change the date that I receive one of my deposits, as it wasn't working for my budget. Once that was settled, she said that I had almost $5000 that was available to me from that account. My agent and I both asked questions about it and it was made to sound as though it was just extra money laying there. Well, who wouldn't want it? I had a lot of home repairs I needed to make. My agent and I both asked several times if it would affect my income amount. She said no, but that I couldn't take it out until the anniversary date in March. On April 5th, 2024, my agent and I again called North American and spoke to B****. We again were told that this money was available and that it would not affect the income from that account. We were also told that the smaller annuity had $1400 available to me, and that again the income from the account would not be affected. WRONG. That income from the smaller account has gone from $234 to $107. I called, spoke J***** who explained that annuities didn't work like that, that I have a certain amount every year that is made in 12 payments, and that the 1400 I received was like an advance from that year's income. When I said NO ONE told us that, and that I NEVER would have taken that money had I known, and that 2 different employees, at 2 different times told us the opposite, he said he would send my complaint to the ************ ***** When S****** called, she was so understanding and apologetic when she told me my bigger account would, in September be reduced from 575 to 163! So until April '25 my income will be reduced from 809 to approx 270! Those 2 women either outright lied to us, or were too incompetent to be in a position that can devastate peoples' lives! It will be so difficult to manage for those months, and I'm angry.

While we regret any dissatisfaction, North American appreciates the opportunity to review and address the stated concerns. In the interest of protecting our policyholders' privacy, we will be reaching out to the client directly.