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: Sun Nov 17, 2013 03:14 am Post Subject:
They may simply want to know when it was you last worked for the bank. That's a reasonable request. What else is in the forms?
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.
Sounds to me like you don't have a disability policy at all, but a term policy with a waiver of premium disability rider. All that will do for you is pay the premiums on your life insurance, not put any money in your pocket.And if that's what you actually have, they will probably not classify you as disabled according to the terms of the rider.
If you believe you were misrepresented a term policy for a disability income policy, it may be possible to go after both the agent and the insurance company for misrepresentation and bad faith. If you are interested in pursuing that kind of civil litigation, contact me.
Posted: Thu Mar 20, 2014 01:43 am Post Subject: Whole Life Ins. with Americo
Is this a legitimate company for me to purchase whole life ins?
Posted: Thu Mar 20, 2014 03:37 am Post Subject:
Americo is a legitimate insurance company. There are plenty of others out there in addition to Americo.
Posted: Wed Oct 08, 2014 07:40 pm Post Subject: 25 Year term policy
I am 35 years old and recently closed on my first mortgage. I received a notice in the mail about a "insurance policy" that I can purchase that would cover my mortgage payments in case of death, job loss, disability etc.
I called the number and the agent came by the house to talk about the policy. It is sold thru Americo , called a CASHBACK program were I would pay $66/mo and 25 years later if I do not have any claims they would pay me back the entire amount (Somewhere around $19824)
In case of my death they would pay my beneficiary $100000 +25% or cover my mortgage payments in case of disability.
It sounds a bit to good to be true, especially the cash back part of it. I have not seen any good reviews about the company, the ones I did seemed fake.
I do not know what to do , or if I should look at other type of insurance policy's that could offer some kind of protection for my family.
Thank you for your time, I appreciate it!
Posted: Wed Oct 08, 2014 07:57 pm Post Subject: 25 Year term policy
I am 35 years old and recently closed on my first mortgage. I received a notice in the mail about a "insurance policy" that I can purchase that would cover my mortgage payments in case of death, job loss, disability etc.
I called the number and the agent came by the house to talk about the policy. It is sold thru Americo , called a CASHBACK program were I would pay $66/mo and 25 years later if I do not have any claims they would pay me back the entire amount (Somewhere around $19824)
In case of my death they would pay my beneficiary $100000 +25% or cover my mortgage payments in case of disability.
It sounds a bit to good to be true, especially the cash back part of it. I have not seen any good reviews about the company, the ones I did seemed fake.
I do not know what to do , or if I should look at other type of insurance policy's that could offer some kind of protection for my family.
Thank you for your time, I appreciate it!
Posted: Wed Oct 08, 2014 11:56 pm Post Subject:
What you are being offered sounds like a $100,000 25-year term life policy with return of premium rider. It may also have some sort of income rider in the event of disability and/or job loss, but you would have to very carefully read those riders for the technical terms of coverage. Your disability or job loss probably has to last at least 6 month before any benefit is payable. It seems rather expensive to me.
By comparison, I just placed a $250,000 20-year term life policy with disability waiver of premium rider for a 45-year old rated preferred with American General for about $45 per month. It does not have a return of premium feature.
As with any insurance transaction, what the agent says is far less important than what the contract says, unless the agent is reading you the exact provisions of the contract verbatim. Remember: you cannot staple the words of the agent to the contract.
Posted: Wed Dec 03, 2014 03:49 am Post Subject: Americo
Spare yourself from losing money. This company is a rip-off, check the complaints and class action suits - they have lost in Texas and CA
Posted: Thu Jan 15, 2015 05:45 am Post Subject: benificiary to aunts life insurance policy
Aunt passed away in Nov.2015 .Dec i notified Americo that i am the beneficiary on a oayed up policy to date.They sent me forms to complete and told me i only need the death certificate with her ss#.I sent a copy of insurance and everything they asked.One month later after telling me a week before that I would be receiving the check.They informed me that her ss# is not right.The death certificate says her ss# and is certified.The policy after looking at it.was a mistake they had my ss# instead of her on the policy.The person who worked this paperwork up made a mistake on her policy.I offered to give them a copy of my ss# but they said they want a copy of hers.Shouldn;t the death certificated be enough? i feel like they are giving me the run around.I am an amputee and battleing cml leukemia and cannot get around real good.my wife has to take me around gto get things done that require my presense because this is in my name.What can i do?
Posted: Thu Jan 15, 2015 08:01 am Post Subject:
How would your SSN have ended up on your Aunt's life insurance application/policy? That makes very little sense to me. Additionally, I assume you meant November 2014 -- because November 2015 is still a few months away from now.
If it is genuinely a mistake, then you may need legal assistance to get what you are owed. However, this is not a discussion that should take place in an open forum like this.
Contact me directly to discuss further.
Posted: Sat Apr 18, 2015 01:30 am Post Subject: Disability insurance with Americo
I have a policy with Americo with a disability rider. I was put in the hospital on 25 December 2014 and found to have colon cancer. I filed all papers they required after which I was told there was a 90 day waiting period. My question is why are they only start my pay after the 90 day period ? I would think that I would be paid like Social Securiy from the rear starting the 25 December 2014.
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