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Have a friend who told me that they bought an annuity product this past fall - after I suggested that they not do that. So now I'm curious what product they have.

My understanding of it is a little vague.

1. They will receive up to 20% the first year depending upon "performance".

2. They can take up to 10% per year out with no penality.

3. Any earnings go into a bond fund.

4. Guaranteed to get all their principle back in 10 years.

5. Sales rep only makes 2% (Is that per year?)

6. Company is Allianz (sp).

They can also buy the same product but with earnings going into an equity fund.

Any idea what this product is called? How bad is it?

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