Fidelity & Guaranty Life Insurance Company

Entering the fourth year of a seven-year fixed index annuity, I have thus far received zero in interest credit. With the Market Value Adjustment (MVA) and surrender charges, I will be operating at a significant deficit if I surrender at this point. This annuity has been a complete loss of opportunity for a $295,000 investment. It has been a major disappointment for me, but a gain for the company. I will never do business with F and G moving forward.

I am never using this company again. I am in the process of transferring my money out of an unproductive annuity account and paying penalties. It has taken me weeks of fighting, resending forms, and numerous phone calls to have the process completed. I am 14 days in and now have to wait another seven business days to call them back and make sure they are completing the transaction. I will never use this company again nor recommend it to anyone.

Transferred almost 1/4 million from my TSP account (which was doing great) to a non-annuitizing index fund at F&G. The Agent that convinced me to do this made every effort to make me believe that she was representing the U.S. Government as a Benefits Expert. When I contacted the Agent to find out what my first-year returns were, she told me that it was a 2-year investment. After the second year, I tried to contact her, but she wouldn't/didn't call me back, so I called F&G directly to find out what my returns were. My net returns after their various charges, on my 1/4 million, were $500 per year. I was/am very upset, and the main Agent (who has 4 names of course) at F&G called me, told me she would research this issue, and would absolutely get back to me in 24 to 48 hours. That was about 3 weeks ago, and she has not. I tried calling her a week ago, but she was about to get on a plane and would call me shortly. She did not. I provided the data to ChatGPT and was told that my returns were "shockingly low" and that I could easily get 5% elsewhere. ChatGPT provided scenario calculations and advised that I would be better off taking the $25k hit for early withdrawal and investing elsewhere. I am willing to do that, but I want to make as many other people aware of how this company operates before they invest their life savings. I'm additionally concerned that they might rely on a significant portion of their revenue from getting people to drop out and keeping their large sacrificial fees, which, if that is an established methodology from them, would most certainly be illegal. I'm retired, but still maintain contact with hundreds of Federal employees, both active and retired. I want to spare them the pain of this and also let everyone they know about this company as well. I see that there are many people with similar complaints; it might be appropriate for us to join forces in addressing this issue, through legal remedy!

This company mishandled my return at every opportunity! They did not issue a return on premium without five calls, and when they finally did, after a month of constant calling, they sent my check to the wrong address, even though they had my new address for over three weeks. Total incompetence! I have no faith that they can do anything correctly without constant calls. I can only say I am relieved that neither I nor my wife had to deal with these individuals due to a death.

I bought an S&P 500 index Annuity six years ago. The S&P went from 3000 up to 6000 over that time period. I received virtually no return on my investment. The terms are such that F&G makes money, but the customer is left empty-handed. The annuity is structured by experts to assure a great return for F&G and leave the customer at a tremendous disadvantage. No matter how good it may seem at first, you must realize you are up against people who know far more than you do and they will keep your profits.

Purchased our first Annuity from F&G, in part because we were promised NO fees and a GUARANTEED 5% interest rate several times over the course of two Zoom meetings in 2022. There were no misunderstandings; if we were going to tie this money up for 10 years, this was what we needed in return. After waiting a full year for our first statement, we realized there were not only thousands of dollars in fees, but our net growth was barely 1%. We contacted our sales agent and were told to wait until the second year to see the real growth. The second year was certainly better, but again, there were thousands in fees. We asked for an explanation of the fees since they didn't make sense compared to the first year, as well as an explanation (again) as to why we were being charged fees at all. F&G acknowledged the discrepancies but was unable to explain them, telling us someone would get back to us. No one did. After MULTIPLE unreturned phone calls and emails, we finally filed a complaint with the California Insurance Commissioner. Now suddenly, someone from F&G was available to talk to us, but still not able or willing to give any explanations. In fact, I was told not once, but twice, "You signed the contract." We ended up getting our money back plus most of the fees that had been charged to us for two years. But even then, F&G was unable to be honorable (competent?), sending us $5,000 less than had been originally agreed (which after much haggling, they made right). We never did get any explanation for so many errors or falsehoods, much less anything close to an apology. If you are considering doing business with this company, MAKE SURE YOU INCLUDE YOUR ATTORNEY. William Thornhill 6/10/2025

The worst customer service I have ever had in my life. I didn't go through with a transaction where I was going to roll over my retirement money from my original plan administrator to F&G. My original plan administrator sent F&G a check of my funds. I decided not to go through with their indexed annuity and I didn't sign anything. Yet the check was deposited. Now, I'm having a devil of a time getting my money back and returned to my original plan administrator. I keep being told that the account is closed. I was told it would take 24-48 hours to process and cut the check. Now that 24-48 hours has turned into another week. Each time I call, I'm being told the same thing, that it's being processed. I was left on hold for an inordinate amount of time. Now, they say it will be tomorrow when the check will go out. If not, I will file a formal complaint with the authorities and take further action.

F&G is coming across as not a trustworthy institution.

The absolute worst place in the world to invest your money. It's been 3 years, not a penny earned, and if you want your money back, you have to pay for it. They have no clue how to answer any questions. Horrible, and they lock you in for 10 years.

I spoke to three agents. Each one said something different. The fourth I spoke with claimed he couldn't access my emailed RMD form, which I corrected and sent back immediately. It's been a week, and still no verification that my application was received, was correctly done, and was being processed. My other two companies were given requests on the same day I applied to F & G for my RMD, and I have received and banked the checks already. No hassle, no picky rules, just a phone call. Too much red tape, bureaucracy, nit-picking rules, and runaround. I would not contract with them again, and suggest the same course for anyone considering investing their money with F & G annuities. It shouldn't be difficult to get your money quickly and efficiently without having to run a gauntlet. No F & G! It's your money; it's my money. Vic

Where were these reviews two years ago when the ratings were so good? 2% return per year. But at least I got an additional 1% bonus. Guess I'll accept a loss and pay the substantial cancellation fee (if I can get it canceled) because if the stock market performs as well this year as it has in the last two, I'll at least break even in a year or two. At least my agent isn't answering my calls, so he's not trying to sell me something else. If they contact you, run.

How do I resolve my issue? Ten years ago, I started paying $500 per month for a product called FG LIFE-elite. The agent who signed me up said I would receive a certain amount after I turn 65.

The first thing I knew, $4000 was taken out as a processing fee, and now I am thinking of canceling, but I would only get $22,000 as a surrender value when I invested almost $50,000. I stopped the monthly payments but kept it active so that I don't have to pay surrender penalties, and now I see they are deducting $244 per month from the money accumulated as a life insurance component for a $322,000 policy. This means it will wipe out all my money saved by the time I become 65. It seems that all my investment is a waste. Whom should I complain to about this? In my view, it's a fraud. Had I invested that money elsewhere, I would have been better off.

The worst and biggest thieves, I should call them the Robin Hood investments, they steal the money from poor people to give to the rich. I invested 50k and after two years, not even a cent of earnings, so I decided to cancel my policy and had to pay them 5k for my cancellation. 👎

It's a horrible company that takes your money with scam contracts you can't get out of. I wouldn't recommend doing business with them to anyone.

I recently purchased a life insurance policy, and while my husband received his information folder without issue, I did not receive mine. When I reached out to customer service to request a replacement, I was informed that there would be a $25 fee to send a new folder.

It's not about the money for me; it's the principle. I believe that when a company fails to deliver a document that is essential for their customers, charging for a replacement is unreasonable and unfair. This situation raises concerns about how the company handles such issues and what it might mean for the future, particularly if there are claims or benefits involved.

I hope the company will reconsider their approach and show more understanding and flexibility in handling situations like this. Customer service should reflect fairness and reliability, especially when dealing with something as important as life insurance.

Terrible rates. I have many clients in these annuities, and after a few years, FG lowers their caps to the lowest they can, like 2%, while CDs now pay 5%. Their fixed-rate option for my clients from the last 5-10 years is a measly 1%. Please do not buy their annuities. All these FIA companies offer new clients decent rates and then decrease them as the years go by. Horrible.