I'm sad about this, but I'm sticking to my guns here. A person who invests $100,000.00 in a single premium immediate annuity should have some peace-of-mind. I analyze complex contracts for a living, and I'm exhausted with reading USAA's legal-ese. Here's a tip for any organization: if your lawyers have said that something you need or want to do is not advisable, and it prevents you from doing something important, ask them what it is that they visualize would happen. Ask your lawyers if what they fear has ever happened.


I have yet to read anywhere in my annuity contract what I will be paid each month. Is this so much to ask for? I don't want this information in bits and pieces. I want ONE sentence that says: "Upon agreeing to pay $__ on X date, (person) will receive $__ beginning on X date every month until she dies."


For $100K, I don't think that this is too much to ask for.


I read the perfect description of the current USAA policy in another post: "pleasant and apologetic", but ultimately dysfunctional.


My greatest apprehension regarding this transaction isn't alleviated when I realize the representatives I speak to don't understand the annuities themselves. All conversation and correspondence is geared solely toward keeping that particular person out of trouble.


Me: "This isn't right. The contract should show that the investment was already taxed..." Them: "You always pay taxes on an annuity." "No, this money isn't coming from an IRA; it was income-already taxed. I already paid taxes on the principal, only the interest should be taxed." A struggle to make myself understood ensues.


Me: "What impact does this rider have on the value of the contract?" Crickets.


Representative: "If you want to add a beneficiary on these other annuities, just submit...oh, wait."


I try to explain. Yes, believe me. I have read everything you've given me. No, it isn't adequate. No. No, really. It's not. I did read it. (Have you? Hm.) Stop telling me that I'm a satisfied customer. And yes, that's my judgment call, not yours.


That's about the time the representative gets defensive and starts talking over me, as if that does a thing to instill confidence in me regarding the document I'm about to sign. I have invested hundreds of thousands of dollars in USAA, and buy insurance for everything with them. I don't believe they are actually dishonest, but they certainly act that way.


I think it's time for me to shop around for some of my other investments.