Wilcac Life Insurance Co Formerly Wilco Life Insurance Formerly Conseco Life Lisurance QUADRUPLED THE COST OF POLICY PREMIUMS Nashville Tennessee
We've held an $89,000 life insurance policy since June 1995. Not a million dollars, just 89K to cover the cost of the mortgage should my older husband pass. The premiums were $90 per month. The original policy was with Mass General Life and has changed hands so many times I can't keep up. According to their original printout, at this time, our plan's cash value should be over $30,000. Wilcac has our cash value at $256.13!
In April we were ordered to pay $722.16 or forfeit our insurance.
In July we were ordered to pay $787.26
In September we were ordered to pay $1,053.84
This is in addition to the $90 per month
Now we are ordered to pay $880.60 by 11/9/21 plus $355 NEW PREMIUM
NEW PREMIUM 6/9/22: $388.00
They've lost lawsuits for this "Cost of Insurance" bull crap (when Conseco & I think as Wilco)
I'm filing formal complaints with the Insurance Commissioners in each State. We are retired with a TINY income. We can't afford this. I bet this is what they are counting on and that's criminal!
1 Updates & Rebuttals
Patricia
Hogansville,Georgia,
United States
Trying to hold on
#2Consumer Comment
Tue, December 13, 2022
I had paid my premiun $41.20 for $50.00 for 20 years and had accumulated a nice cash value. Without any notice when the premiun went up the company took all the cash value and paid the premiuns until there was nothing left, then informed me I was going to lose my policy if I didn't come up with over $400.00 to keep it in force plus what they were still drafting monthly. This went on several months until I got a monthly payment amount and changed the draft. Now it's going up again . How is it legal to take your cash value without any notice????