by InsInvestigator » Fri Jun 20, 2008 09:07 pm
This story was emailed to me this morning and I thought I'd share it with the community. Unfortunately, this sort of thing happens all the time.
Give me some ideas.
Hi Mr. Colbert!
My name is *****, and I am trying to help my grandparents with an insurance issue. I got your email from the "Underfunded Policies" article I read online. My grandparents are illiterate and easily tricked and I am trying to help them with their life insurance issue but I don't understand it well myself.
I know you are under no obligation to help me but I don't know where to turn and I hope you can just point me in the right direction.
02/28/96, my grandparents purchased a "Flexible premium adjustable life insurance policy" w/ a maturity date of 2/28/31, insured specified amount of $100,000, "planned premium" of $166/month, and a guaranteed interest rate of 4.5%.
My grandparents faithfully made their payments despite their financial difficulties and going through a bankruptcy, they still paid! On 08/2007 after my grandfather had turned 70 years old, the insurance company (who has merged and changed to different companies many times and is currently "ING") contacted them and told them in order to keep the same amount of coverage their premiums would increase to over $400/month and my grandparents cannot even afford their bills at the current rate. They had no choice but to cut the face amount in half to $50,000 with a double premium of $360.
The insurance agent said it is due to the cost of insurance increases. Is this possible? Is this legal? I am sure this was not explained to my grandparents that when they get old and need their life insurance that it would just change on them like this.
I have all of the papers here. Are their any laws governing misrepresentation of these policies. Not to mention my grandfather paid for 10 years of term prior to getting this universal life. He has paid for over 20 years and now the face amount is decreased by half and their premiums doubled. Is there anything that can be done or is this something normal for this kind of policy?
Thank you in advance for you help and concern for this issue. I am trying hard to help them bc as I stated they are illiterate and don't understand too much. Please help me!
Thank you sooo much,
Give me some ideas.
Hi Mr. Colbert!
My name is *****, and I am trying to help my grandparents with an insurance issue. I got your email from the "Underfunded Policies" article I read online. My grandparents are illiterate and easily tricked and I am trying to help them with their life insurance issue but I don't understand it well myself.
I know you are under no obligation to help me but I don't know where to turn and I hope you can just point me in the right direction.
02/28/96, my grandparents purchased a "Flexible premium adjustable life insurance policy" w/ a maturity date of 2/28/31, insured specified amount of $100,000, "planned premium" of $166/month, and a guaranteed interest rate of 4.5%.
My grandparents faithfully made their payments despite their financial difficulties and going through a bankruptcy, they still paid! On 08/2007 after my grandfather had turned 70 years old, the insurance company (who has merged and changed to different companies many times and is currently "ING") contacted them and told them in order to keep the same amount of coverage their premiums would increase to over $400/month and my grandparents cannot even afford their bills at the current rate. They had no choice but to cut the face amount in half to $50,000 with a double premium of $360.
The insurance agent said it is due to the cost of insurance increases. Is this possible? Is this legal? I am sure this was not explained to my grandparents that when they get old and need their life insurance that it would just change on them like this.
I have all of the papers here. Are their any laws governing misrepresentation of these policies. Not to mention my grandfather paid for 10 years of term prior to getting this universal life. He has paid for over 20 years and now the face amount is decreased by half and their premiums doubled. Is there anything that can be done or is this something normal for this kind of policy?
Thank you in advance for you help and concern for this issue. I am trying hard to help them bc as I stated they are illiterate and don't understand too much. Please help me!
Thank you sooo much,
Posted: Wed Jul 02, 2008 02:58 am Post Subject:
Thanks Gary. I often participate in focus groups, where we sit around and discuss cases very similar to this and consider the various options. I had a feeling that by submitting stories to the community, it would have the same effect. Only, in here, I'm getting feedback from people who have not spent huge amounts of time in the litigatory arena and offer opinions very similar to those of a potential jury.
I appreciate your suggestions and rest assured that my game plan is strinkingly similar to the one you outlined above.
For future reference; anytime I post a drama in real life here in the community, it is for the exact reason I did so this time. Your opinion is always welcome.
Thanks,
Mark
Posted: Fri Jul 25, 2008 05:15 am Post Subject:
Great lawyer in NC that would be all over this:
Wade Smith, Knows NC Insurance comissioner well.
Helped Launch John Edwards career, Defense Attourney Duke Lacrosse case, helped put Neifong in jail, helping a friend of mine who got ripped off by a major real estate brokerage.
Posted: Sat Jul 26, 2008 04:49 pm Post Subject:
Simple fact, so many people don't read the policy or the illustrations or they would know that these UL's are sometimes underfunded, but some are ok with it until this happens.
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