Customer ReviewsforSILAC Insurance Company

Buying an annuity from Silac is the worst financial decision I have made. I invested money into 2 annuities and after 2 years I only made a little over $400. I filed a complaint against the company and the agent with the bureau of insurance and the company takes no responsibility for misinformation and poor customer service. They said I got the paperwork and had time to read and understand the information. Im not an insurance professional and trusted information shared by the agent. Since the sale the agent has been slow to respond or no response at all. I just want my money back but they want return my initial investment. Silac Insurance is a joke and does not care about the financial wellbeing of its clients.

**************** is terrible! Took almost a month to get a withdrawal we needed then the amount of our monthly payment decrease was $50 more than what we were told. Trying to speak to someone about it is ridiculous. Been on the phone now for 43 minutes.

This company did not want to release any money - I was told I could withdraw interest and take out a minimum withdrawal. They would stall and it took many phone calls and faxes to get funds.The worst problem was when the annuity term ended. They stalled for almost two months, and finally they told me the check is in the mail. I hope so.

Didn't realize they were not in my state. Never heard of them before.

Dealing with SILAC has been a pain. Their customer service is horrible and demeaning. An investment counselor talked my wife and I into using our entire investments to purchase annuities with SILAC. They have us captured now, informing us we would have to pay $72k penalty each to get out of the investments. In the meantime, they caused me to be late filing my 2023 taxes because they sent 1099R's that were completely erroneous. Then, when I brought this to their attention they were difficult to deal with, but ultimately sent us two more 1099R's that were obviously wrong. We wrote the *** ******* 8 weeks ago and he never responded. When we call each day, we are told the letter is in the hands of "management". They will never provide a name of management and only the first name of the people working the phones. I told them I needed to file an amended tax return due to their 1099R errors. They apparently not interested in providing a suitable answer. SILAC has our investment monies, but don't give a c*** about trying to help us resolve the problems. The most slovenly company we have ever HAD to deal with.

CLOSE THEM DOWN, CLOSE THEM DOWN, I was told I could use Inheritance *** to put my money in a bank account, because in the contract when you sign for monthly payout it states their is no policy change after, I didn't know it ment I couldn't take my money out of there hands and put it into my bank..they have given me wrong information over and over, they didn't even know they were already giving me payout when I called to ask about taking all my money out, so I siqn another contract to remove all my money, and now Im going through it-CLOSE THEM DOWN.

I called to check on my account. The recording said it would be a one hour wait, so I left my phone number. They never called.In February I got a reallocation form. I contacted my financial advisor and she said "things were going fine." I finally got a statement of my account in late March, but the due date to change to anther account profile had already passed! My account was doing poorly so I really wanted to change to another choice that was doing better.I DO NOT RECOMMEND THIS COMPANY.

Not truly sold on this company.So far my 55k annuity investment has gained 485 dollars over the last 3 years. That seems rather odd.Plus I cannot check the actual in the moment account value thru the year. I only know how the account is performing at years end, when Silac sends me my anniversary date notification?That does not seem fair to me as a client. (2.5 stars unless I get some better information) ********

What a lousy company. Their website won't even allow an address change. You have to fill out a form and fax it to the main office. Stone age!I submitted a Surrender Request Form tried on Monday February 12. On Tuesday February 13, SILAC called at the end of the day (to late to return a call) to tell me that they needed to "confirm" my phone number before finalizing my request. They already had my phone number on record (it was listed on the website) and the Surrender Request had all sorts of identifying information within.Bit worse, when I tried on Wednesday to call the number their agent left on Tuesday, I was put on-hold for ***** minutes and then asked to leave a call-back number so I wouldn't have to continue holding (and my place in the queue would be held, Ha!).I did leave my call-back number, but not trusting their system, I called back repeatedly and each time had to was on-hold again until receiving another "call-back" message. No one ever called back on Wednesday though I lefty repeated messages. This occurred again on Thursday with repeated call-back number requests left. I called again on Friday February 16, when about 2:00 PM SILAC called me while I was again on-hold for them, and left one message and did not attempt another call. I am totally frustrated with this lousy company. I have a Surrender Request that is apparently ransomed until I "confirm" my phone number, and they make almost no attempt to reach me.It's impossible to reach a human, there's no way to resolve this on their lousy website, and I appear to have no recourse.I hope others stay away from this lousy company.

I regret not reading reviews before purchasing an annuity from SILAC. My experience with them has been the same as many others. I too attempted to make a full withdrawal at the expiration of my 2-year annuity. I started the process a day prior to the term date. It has been 2 weeks since my request was made, and I am still waiting for the funds. First, they would not accept my withdrawal request via email. It had to be mailed or faxed. Let's face it how many people have landlines. After waiting a reasonable time, I contacted them to get a status on my request. I was informed I was missing a document and that they sent me a letter requesting the same. I had provided my email address and telephone number in the cover letter that accompanied my withdrawal request so that I could be contacted if additional information was needed. Instead, they chose to delay the payout by sending a letter via regular mail. I asked for the funds to be sent directly to my bank via a wire or ACH and was informed they do not send funds electronically but via a paper check sent by regular mail. So, for the past two weeks my money sets idle earning me $0 interest while SILAC still has use of my funds.