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I have a $75000 life insurance policy with this company. When I purchased it I was told I would pay monthly premiums for five years and then the policy would be paid up. Now I have received a letter claiming my policy is "underfunded, " requesting a payment of $1200, and requiring a monthly premium payment of nearly $200. This was a total surprise. It appears I am being forced to pay a great deal of money or lose my coverage. I cannot understand why I was not made aware of this as a possibility when I purchased the insurance. I am very upset that the $75000 I was counting on to support my wife after my passing has suddenly vanished. Why is this the first I have heard about this?
The complaint has been investigated and resolved to the customer’s satisfaction.
CON seco Life insurance has done the same to us. My husband purchased a policy 13 years ago and it was to be paid up in 5 years. Which until last month was true until Conseco sent us an underfunded letter and they want $12, 000 more and $600 per quarter. They have to be out of their minds (or our money). We have paid $12, 000 already for a $48, 000 policy. But... that's not the half of it. We have decided to take the "Full Surrender" due to the fact we don't have that kind of money to keep it in force. We sent the Full Surrender paper November 18th (is when they received it). I then called for 3 weeks to customer NO service almost every other day to check on status. 3 weeks later they tell me it was denied due to the fact we needed a 30 day wavier notice signed. We sent that in on Dec 13th the day they received it. Yesterday Dec 22 we received a letter from Conseco that we may TEMPORARILY disregard all previous notices sent to us. What a con job. We are still trying to Surrender the policy so I called AGAIN and was told that now we have to send a letter stating that we still what to cash out the policy. What's next by the time they finally get around to taking care of this my husbands policy will be worth nothing. OH YEAH! that's the idea stall long enough to not pay a dime. PLEASE Insurance commissioner look into this company scam!
Was this issue ever resolved for you ?
My husband and I have had Conseco life insurance for more than 10 years and I was told by my Conseco insurance agents that they had another policy that was cheaper with better benefits than the ones that we had. So, I let them cancel our policy and we got a refund. But, I found out that the policy premium was higher and I keep getting the run around from the agents. What ticks me off is knowing that the majority of insurances require a minimum of 2 years wait period. I hope no one else falls for this. The insurance agents are Mr. and Mrs. Livingston