A kind gentle reminder: annuities DO make mistakes with payouts

[steve2470]

The subject line will be no surprise at all, given that all things route through fallible humans and computer systems that are also not perfect.

I have an annuity that pays me monthly. I paid for a 2% annual raise. Normally, this annuity (name withheld this time) performs perfectly and on time. I had no reason to be vigilant and scan my statements, beyond normal caution.

My lack of vigilance bit me last month. They made a $30 mistake. Yes, it's "only" $30 but it's still a violation of their contract, no matter how it happened. I called them today, said what I needed to say, and it will be fixed, hopefully forever, very quickly. Management will be notified, supposedly. I told them if it happens again, I won't be so forgiving and willing to assume an innocent error.

Moral of the story: Check your statements just as diligently as you check your credit card statements. Insurance companies make mistakes, as they did with me. Hope this helps even one person. Stay safe, everyone!

[Steelrolled]

1. It makes you wonder.

I've worked for many big corps and I am reluctant to believe that a big insurance company would do this on purpose. It is much much easier to believe that it was a fault in the software, that is probably very complex (more than you would guess) and not tested enough. I think most corporate funny business is in the accounting.