Mid West National Life, Southern Educators Life, Mega Life & Health, Used so called interest money to pay premiums and never attempted to contact the insured or estate of the policy owner Ripoff Oklahoma City Oklahoma
The initial policy was a college fund effective 1986 that my father who is deceased as of 1990 and I was the inured. The company is now Mid-West National Life, and claims to have attempted to locate and contact with the information from the original paperwork.
They claim to have received all letters returned back and that is a crock. In the end what took place is the policy was automatically put on an extension and was paying itself off the interest and eventually exhausted that so they forfeited the loan.
Not once did I recieve any info or phone call and that is because I was appointed the Executor of the Estate. So you would think that during the lengthy time of a probate case I should have recieved something.
I only have birthday card that were sent to me up until 1989 and nothing else was found in the paperwork left behind. The weird part is that last payment was made on May of 1990 and my father passed on later than that date. Why wasn't I contacted then???
I honestly feel like this company was unprofessional and ruined my dream of starting a new career.
I feel that my father paid for this policy for approximately 4 years there should be an account there for me. They even made me send them certified paperwork and sign a form listing me as the new owner and listing 2 new beneficiaries.
Robbed and violated.
Shirley
Alice, Texas
U.S.A.
5 Updates & Rebuttals
Miss C
Chesterfield,Missouri,
U.S.A.
This is standard practice.
#6Consumer Comment
Mon, November 05, 2007
What this insurance company did is standard practice. They used the addresses they had to try to contact the persons listed on the policy. When the letters came back, they used amounts previously earned and paid upon to pay the policy premiums. Without a death certificate or other correspondence sent to them, they could not terminate the policy.
Something simular happend to me. My parents took out a life insurance policy for me when I was a baby. They transferred it to my name when I was in college. I paid on it quarterly for a while, but I moved around alot and forgot about it. The insurance company eventually found me again through my parents. But by that time the policy had lost much of its value.
M K Allaire
Las Vegas,Nevada,
U.S.A.
Life insurance info
#6Consumer Suggestion
Sun, October 21, 2007
Most states allow insurance companies to do exactly what happened here. It is up to the individual to keep accurate records, and leave information as to where to notify insurance companies when death occurs. Update your records, folks.
M K Allaire
Las Vegas,Nevada,
U.S.A.
Life insurance info
#6Consumer Suggestion
Sun, October 21, 2007
Most states allow insurance companies to do exactly what happened here. It is up to the individual to keep accurate records, and leave information as to where to notify insurance companies when death occurs. Update your records, folks.
M K Allaire
Las Vegas,Nevada,
U.S.A.
Life insurance info
#6Consumer Suggestion
Sun, October 21, 2007
Most states allow insurance companies to do exactly what happened here. It is up to the individual to keep accurate records, and leave information as to where to notify insurance companies when death occurs. Update your records, folks.
M K Allaire
Las Vegas,Nevada,
U.S.A.
Life insurance info
#6Consumer Suggestion
Sun, October 21, 2007
Most states allow insurance companies to do exactly what happened here. It is up to the individual to keep accurate records, and leave information as to where to notify insurance companies when death occurs. Update your records, folks.