- Report: #1200434
Complaint Review: LPIInc - Waco Texas
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LPIInc
204 Woodhew Dr Waco, 76712 Texas, USA
Phone:
8003685569
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LPI, Inc Life Partners, Inc Unreasonably Increased fees on Viaticals that they sold with greatly exaggerated redemption date estimates Waco Texas
In the mid-1990s our investment advisor purchased several viatical's from Life Partners, Inc. We had one policy that was supposed to have a maturity date of less than 6 months. This policy was in an IRA and we had to have a custodian, Provident.
Last year to avoid a massive fee increase by Provident, I moved my account from an IRA to a non-IRA status. I had to get a professional valuation for the partial policy for income tax purposes. Since the policy was expected to mature in the mid-1990s, the policy was valued at less than $500. According to the evaluator the low T-cell count at the time of purchase and the miraculous recovery of the original policyholder led him to conclude that due care in the original policy purchase may not have been followed. I was informed that T-cell count manipulation was common during that time when policy demand was very high and quality policies were scarce.
I spent over $400 to move the policy out of IRA status including $100 fee to LPI. I clearly cannot afford a $250 per year fee plus an annual renewal for a policy worth less than $500. I don't know if anyone else has had this experience. But if you have a policy that involves HIV or AIDS that originated in the 1990s it is likely that you have.
Based on the December 2014 judgment of $47 million against the Life Partners Holdings Inc. it is obvious this company has had deceptive business practices.
I would be interested if anyone is pursuing a class-action against Life Partners Inc.
