Saturday 10th of December 2016 10:34:25 PM
In May of 1999, I purchased a whole life policy from Bankers Life because I was a single parent of 3 children and thanks to HUD’s Family Self Sufficiency program, I was one of the first graduates in Las Vegas, Nevada to earn a certificate and was gifted with almost $8000 to assist in purchasing a home that would pave my way to a brighter future for me and my children. I wanted to ensure that if anything happened to me that my children would be provided for, so I purchased the policy.I vividly recall 2 women coming into my home to sell me this policy. I knew what the difference between whole life and term life meant so I opted for the whole life policy. I was told at that time by the selling agent that my premiums would never increase for the term of my life and that if I ever needed to borrow against the face value of the policy that that would be available to me. This brought me comfort, so I bought the policy and diligently paid my premiums for the next 19 years.I experienced a major life change in April of 2018 that forced me to sell my home and basically walk away jobless and homeless. Then, after chatting with some friends in December of 2018 about borrowing from your assets, I recalled that I could pull myself out of the life dilemma I had found myself in by simply drawing against my life insurance policy!! However, upon contacting Bankers Life (once I was FINALLY able to speak to an agent weeks later), I was devastated to learn that not only was the policy not going to cover me, but the cost of insurance had eaten away at any cash value I could have hoped to draw. AND, I owed them over $300 for the cost of insurance that had overdrafted my premiums!!! Not only that, but I was also instructed that what I had purchased nearly 20 years ago, was NOT a whole life policy, it was a universal life policy. Furthermore, to add insult to injury, I was instructed that I needed to make a decision because if I didn’t increase my premiums from $41.08 per month to over $400 per month that the policy would lapse. The premiums I had paid to date totaled nearly $10,000. If I had been told the truth from the beginning by Bankers Life, I would have taken those premiums over the past 20 years and have invested in something that would’ve paid me and my family back.Now, not only am I homeless, and jobless - it’s the time of my life I should be entertaining retirement, but I’m also out $10,000 of my hard earned money to a company that I felt I could trust. They have left me shattered, shocked, stunned and dazed. After consulting a couple of reputable financial advisors, I’ve decided to cancel the policy and walk away.Furthermore, I feel compelled to mention, that Bankers Life has been remiss in contacting me regarding the state of this policy, and it is extremely frustrating to contact them. Local offices have a robot that answers their phones. I’ve left numerous phone messages, I’ve emailed 4 different agents, I called their customer “disservice”, they make it virtually impossible to reach them. It’s deplorable to lie and put your valued customers on ignore. Food for thought... After my horrible experience with Bankers Life, I often wonder that if I had died and my beneficiaries tried to contact Bankers Life, would they even have any luck trying to cash in on the policy? Shame on you Bankers Life.