by rdavey1 » Wed Oct 13, 2010 07:46 pm
Insurance companies in America are one of the worst violators of fraud.
Take Americo - they teach their agents to misrepresent themselves to sell extremely expensive life insurance policies and commit fraud. In fact it seems to be the industry standard. Almost all life insurance companies have been sued for fraud in one form or another. Americo, however, is one of the worst.
Here's the kicker...
THESE INSURANCE COMPANIES ARE MAKING A PROFIT OFF BEING SUED!!
The California case involves up to 70,000 teachers / victims alone.
I was putting away $550 / mo into this 403b account which contained an approximately $263,000 Americo life insurance policy. By IRS code, they were only allowed to take up to 50% of the premium as payment for the policy. The other 50% was to go to an "investment vehicle" to bolster my retirement. Americo took it all. I have nothing extra saved for my retirement.
If 70,000 teachers were putting away $500 / month into the account, like me,
THAT'S $35,000,000 PER MONTH PROFIT TO AMERICO!!!
The California "No Teacher Left Behind" class action lawsuit will likely settle
in the tens of millions of dollars.
Americo wins again!! Huge profits even after losing a post class action law suit. And here's another kicker...
Americo continued defrauding people in Texas! There are new cases!! Why quit ripping people off when you can make 100's of millions of dollars even after losing class action lawsuits? What is wrong with this picture? Where are our politicians? Whey hasn't something been done to stop this?
Check this out...
The class action lawsuit settled in Texas in 2002/2003 involved over 163,000 Texas teachers. It settled for $23 million! How much money did Americo make on that case? Do the math:
163,000 x $500 / month average = $81.5 million dollars / month!! And how many months did Americo reap these premiums? They did it for years before getting caught. They paid out a measely $23 million for losing the class action suit. They made 100's and 100's of millions of dollars!
Who says fraud doesn't pay in America?
Take Americo - they teach their agents to misrepresent themselves to sell extremely expensive life insurance policies and commit fraud. In fact it seems to be the industry standard. Almost all life insurance companies have been sued for fraud in one form or another. Americo, however, is one of the worst.
Here's the kicker...
THESE INSURANCE COMPANIES ARE MAKING A PROFIT OFF BEING SUED!!
The California case involves up to 70,000 teachers / victims alone.
I was putting away $550 / mo into this 403b account which contained an approximately $263,000 Americo life insurance policy. By IRS code, they were only allowed to take up to 50% of the premium as payment for the policy. The other 50% was to go to an "investment vehicle" to bolster my retirement. Americo took it all. I have nothing extra saved for my retirement.
If 70,000 teachers were putting away $500 / month into the account, like me,
THAT'S $35,000,000 PER MONTH PROFIT TO AMERICO!!!
The California "No Teacher Left Behind" class action lawsuit will likely settle
in the tens of millions of dollars.
Americo wins again!! Huge profits even after losing a post class action law suit. And here's another kicker...
Americo continued defrauding people in Texas! There are new cases!! Why quit ripping people off when you can make 100's of millions of dollars even after losing class action lawsuits? What is wrong with this picture? Where are our politicians? Whey hasn't something been done to stop this?
Check this out...
The class action lawsuit settled in Texas in 2002/2003 involved over 163,000 Texas teachers. It settled for $23 million! How much money did Americo make on that case? Do the math:
163,000 x $500 / month average = $81.5 million dollars / month!! And how many months did Americo reap these premiums? They did it for years before getting caught. They paid out a measely $23 million for losing the class action suit. They made 100's and 100's of millions of dollars!
Who says fraud doesn't pay in America?
Posted: Thu Oct 14, 2010 06:27 am Post Subject:
Not going to cast stones in either direction since I don't know the details of the case.
However, I can ask the following question, "If you are saving money in a 403(b) account for retirement, what was the point of even paying 50% for a life policy?" (And that's aside from the fact that it's prohibited in the first place. It results in obtaining life insurance with pretax money and the potential of paying a tax-free death benefit, robbing Uncle Sam of some of the "lint" in his deep pockets.)
If you need life insurance, you get life insurance. If you want to save money for retirement, you save money for retirement. You keep the two separate from one another.
Every teacher client I've had, when I discovered they had a life insurance policy inside their 403(b) account, I replaced with a policy outside the account and helped them recover the premiums they never should have paid.
Posted: Thu Mar 10, 2011 12:29 am Post Subject: INSURANCE WITH GLOBE LIFE
I HAVE APPLIED FOR INS. WITH GLOBE LIFE FOR MYSELF AND MY GRANDDAUGHTER. I'M 63 AND FOR $50,000 OF LIFE INS. IT IS COSTING ME $137.49 A MONTH AND FOR $20,000 LIFE INS. FOR MY GRANDDAUGHTER, WHO IS A NEWBORN, ANOTHER $6.49 A MONTH. IS THIS COMPANY LEGIT AND CAN THEY BE TRUSTED TO PAY IF SOMETHING HAPPENS TO ME OR MY GRANDDAUGHTER?
Posted: Thu Mar 10, 2011 02:38 am Post Subject:
What's your health like? Standard non-smoker rates at age 63 with West Coast Life would be $109/month for $50k guaranteed for life. Is the Globe Life policy guaranteed for life or is a term insurance to age 80 policy?
Posted: Mon Mar 14, 2011 03:32 am Post Subject:
Globe Life & Accident Insurance Company, to answer your question, is a legitimate insurance company in the "direct response" marketplace. They have no agents, do a lot of advertising, and wait for the phone to ring. Evidently you made the call.
As dgoldenz has said, there are probably less expensive alternatives, especially for your newborn granddaughter.
The GLAIC policy is probably whole life to age 121.
Posted: Thu May 26, 2011 08:28 pm Post Subject: Preneed Insurance Assignment
George Ira Smith, poliicy#[deleted to protect the beneficiary], a member of yours company came in to the Woodard Funeral Home and pre-arranged his funeral and completed an assignment to have the insurance company to pay for his funeral before distributing the balance to the beneficial. I need an address to mail the preneed paperwork to for your company.
Thanks
Annie Boone-Carroll, preneed Coordinator
336-621-xxxx
Posted: Fri May 27, 2011 07:45 am Post Subject:
You are not speaking to the insurance company here. Contact the insurance company directly to ask your questions.
Posted: Mon May 30, 2011 01:11 am Post Subject:
The insurance company is the best person to contact for any of that information.
Posted: Mon Jan 21, 2013 04:16 pm Post Subject: does this sound like fraud
older friend was contacted by a supposed Americo insurance agent to say they have an insurance policy on her deceased husband (who died in 1990) and if she can prove she was his wife who was named as beneficiary, she will be sent the money from the policy.
Posted: Mon Jan 21, 2013 06:10 pm Post Subject:
The information may be 100% true.
Contact the insurance company directly.
800.231.0801 or by email: contactamerico@americo.com
Posted: Sat Nov 16, 2013 04:49 pm Post Subject: Disability rider on America term life insurance
Hi, I have being paying Americo $80 a month for the past 6 years for what I thought was exclusively a Disability insurance policy. I read through the policy and I have realized it is also a term life policy for $80. I was 47 yr old, non-smoker, etc at the time of purchase. I am now 53 yrs old and I have been battling fibromyalsia for the past 2 yrs. My job was terminated last August of 2012 and I have been working with different medications and therapy with hopes of gaining full-time employment once again. I have recently decided to exercise my disability coverage. I called claims and they were cynical as to why I waited a year and they told me that my former employer has to complete the forms sent to me. During that year long wait, I was exploring alternative medical treatment but I have had no success with recovery.
Question #1; What does my former employer (a large bank in the US) have to do with my claim? Proof of disability is coming from my doctor,not a human resource dept.
Q#2: How am I suppose to return to the banking industry with my personal medical issue disclosed to an employer who will be giving references to a new employer? Isn't this a violation of the privacy act?
Q#3: I never disclosed my illness to anyone other than my close work collegues in the office and to my manager. I know my manager will not fill out the forms for he declined to reply to a report for a former co-worker who needed forms for matrenity leave. Does this factor cause a denial for my disability claim?
Your time to respond is appreciated.
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