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Sixthofseven | How do fight life insurance company? |
I was trying to put my finance in order. I called People Life Insurance and got Monumental. They claim I have a loan on these policies. I said I never received a bill from Monumental.
From People Life Insurance I received letter stipulating that these polices were fully paid and never heard from them again. I have a complaint with the company. better business bureau and the US post office. What else can I do? |
 |
 
mbrcatz
|
Well, I don't know what the POST office has to do with it. What are you trying to do with the policies, cancel them??
You need to write to Monumental, ask them to mail to you a copy of the loan papers, or a statement of your account, so you can review it at your leisure. THEN you need to write to your state insurance department, and put a complaint in with THEM. They are effectively the only people who can do something about it. Your complaint would most likely be, that the insurance company claims verbally that there's a loan (which reduces the payout amount in case of your death), however, you have no memory of it, and they haven't supplied you with any documentation. Once the insurance department gets involved, things usually resolve in about 6 weeks.
If you DO get the documentation, you'll have to review it, and see about the loan.
It is possible that the policy was "set up" to automatically borrow from any existing cash value to pay premiums, as long as you aren't paying them, until it dwindles away to nothing and finally cancels. |
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Doing the Right Thing
|
You can file a complaint with your state's insurance department that you were misled about the information given about life insurance. You should keep the letter as evidence. Is the letter written from the CEO or the President OR was it written by one of the sales agent?
A life policy is never paid up unless you specifically choose a payment option such as 10 year whole life or 20 year whole life or Life Paid Up at age 65 (or something like these). If you choose these payment options, you are paying lots of premiums.
But in most cases, you probably have the standard payment option of paying the premiums until age 100. If this is true and you stopped paying your premiums, the insurance company will automatically take a loan against your cash value to pay for the premiums. If you don't pay this loan back, eventually the cash value will be unable to cover the premiums and you will get a letter saying you will either have to continue pay the premiums or the policy will lapse.
You should read your life policy to find out when the life policy is paid up. Usually you will find that answer on the cover. You might want to read your life policy on how much it sucks. You should replace it with term insurance and invest the difference. That way you have complete control on how you run your finances instead of the insurance company running it. I would never let the insurance company manage my savings or investments because they charge lots of fees and expenses. |
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deep5223
 |
Was someone else ever the owner of the policy? Perhaps a parent? If so, they may have taken a loan. If a loan was taken against the policy (other than for premiums as stated by others here) a loan form would have been signed and will be on file. The company should be able to supply you with a copy of the form. If you did not take a loan and the form appears to have your signature, you can complete a fraud form and let the company make it right. They will usually work with you. If not, then the insurance commissioner is the way to go. |
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bullet b
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if you took out a loan then you did. |
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aaron p
 |
I would ask them for written verification of the amount of the loans and dates. Ask for an inforce illustration too. And re-read that letter VERY carefully.
I'm taking a stab in the dark here because I don't know the full situation, but it is possible that the letter said that assuming current conditions continue, your policy is paid-up. Then as premiums came due, the "automatic premium loan" (APL) feature became active to pay the premiums.
If the letter says it is in fact paid-up (not probably paid-up) and you did not take a loan against the policy after that date either actively or passively (APL), then contact your state's department of insurance.
Insurance is poorly understood even by most of the people who sell it because it is incredibly complex. It's regrettable it is misunderstood. Good luck. |
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