Tuesday 28th of March 2017 12:30:41 AM
My sister was sold a policy in 2008. She was also diagnosed with dementia in 2008, and I am sure she did not understand the type of policy she purchased. She had thrown away copies of all documents because she did not know any better. My sister lived about 3 hours from me, so I was not aware of her condition and the debt she had incurred. As her care giver, I decided to keep the policy for various reasons and did not realize it was a Universal Life insurance Policy until I decided to change it from a $100,000.00 policy to a $50,000.00. The premium, as mentioned in other complaints, had doubled since she took the policy. She was paying $384.00 quarterly for the $100,000.00, and I was told it would go up to $577.56 to cut the policy in half. They also wanted an additional $1,150.00 to change the policy. Because she is on a fixed income, I decided to cancel the policy because she could not afford the difference or the additional fee requested. So, Washington kept what face value she had accumulated which was a little over $1,000.00 and told me that was a surrender fee. I did file a complaint with the Insurance Fraud Division in South Carolina and was told, due to the type of policy, I did not have any recourse. The problem with this company is that they do not explain the type of policy in terms where most people can understand. It is almost like playing the stock market. It is my fault I did not inquire sooner about the policy. However, the only type of policy I ever heard of was more like a term life insurance policy. For example, if you purchase $5,000.00 life insurance for $20.00 a month, then when you reach $5,000.00, it is paid for. All the complaints seem to be the same. No one knew they were paying for a policy that would never be paid up; and when you tried to cash it in, you get the same response. Due to the increase of insurance, there is no money left in your policy. Sorry, that is a stupid answer. It is hard for me to believe that all 81 complaints are pretty much the same, and no one seems to come out top accept for Conseco (Washington). Is there anyone out there that reads these complaints not see how people are getting taken advantage of over and over? I get mad every time I think about her situation and the other 81 people that decided to take insurance with this company.