Michigan insurance bureau..re duplicate life insurance policy

[insurance0707]

The Michigan insurance bureau told our family that they cannot go by the provisions of our life insurance policy.. because it is a duplicate life insurance policy that was sent to them AND our family by the insurance company directly... Due to the fact we lost our original policy.

The Michigan insurance will not go by the rules or laws regarding the provisions of a duplicate life insurance policy. Our family is questioning a waiver of premium charge that we received for over 30 years. the duplicate life insurance policy clearly shows there was no charges for this rider.

The Michigan insurance bureau has drank the Kool-Aid from the insurance company. The insurance company states the duplicate insurance policy was printed out in 2019 including a copy of the data page and original application. They told the Michigan insurance bureau that data page with the original policy DID list a premium for this rider... The insurance company is saying the rider dropped off of this policy in 2016 that's why the 2019 duplicate life insurance policy and data page don't show it anymore.

Ain't that some shit?

 

[insurance0707]

I'm a health insurance agent not a life agent but even I know some b******* when I read it. Any life insurance agents out there know the facts about a duplicate life insurance policy

 

[insurance0707]

I actually laughed when I first read it there excuse, but i quit laughing when the insurance bureau believe them

 

[DHK]

Was @Bill Boersma able to help you?

 

[Allen Trent]

The Michigan insurance bureau told our family that they cannot go by the provisions of our life insurance policy.. because it is a duplicate life insurance policy that was sent to them AND our family by the insurance company directly... Due to the fact we lost our original policy.

The Michigan insurance will not go by the rules or laws regarding the provisions of a duplicate life insurance policy. Our family is questioning a waiver of premium charge that we received for over 30 years. the duplicate life insurance policy clearly shows there was no charges for this rider.

The Michigan insurance bureau has drank the Kool-Aid from the insurance company. The insurance company states the duplicate insurance policy was printed out in 2019 including a copy of the data page and original application. They told the Michigan insurance bureau that data page with the original policy DID list a premium for this rider... The insurance company is saying the rider dropped off of this policy in 2016 that's why the 2019 duplicate life insurance policy and data page don't show it anymore.

Ain't that some shit?

Depending on how long the normal rider lasted on the policy for that carrier, it sounds legit. For instance, did the insured on the policy turn, say age 60, 62 or 65 around 2016? if so, the waiver may have expired by definition of the rider language at that specific age or the 1st policy anniversary after that age. That is very common for waiver or premium riders & child insurance riders. they have a specifically defined end point stated in the contract language of the rider.

Also, did the duplicate policy sent include a copy of the application in the back like an original policy would? Not sure if it is supposed to or not, but if the application is in there, maybe you can see on the application if the waiver of premium box was marked on the original application.

 

[insurance0707]

Well if Transamerica is going to say the waiver of premium Rider dropped off in 2016 because he turned 60 and they printed out the duplicate policy in 2018....transamerica claims that's why it no longer appears on the data page,well, my former husband passed away in 2017 and they know that. if that's the case then the death benefit of 500,000 should not appear either because he is passed away

 

[insurance0707]

Yes Allen,. The company did send a copy of the duplicate policy. There was no waiver of premium Rider to check under the flexible adjustable premium policy. The agent did check under the term Riders a waiver of premium Rider but he left blank if it was convertible or not convertible under section 13, right below section 12 on term insurance. Every single Rider under 13 was a term Rider. Section number 15 was for flexiblle adjustable.... Basically universal life. There was no box to check for that rider. The provisions of the policy just stated we made this part of the policy... They didn't provide any rate chart for the rider to let us know iwhat they were charging for this rider

 

[insurance0707]

Transamerica is stating the waiver of premium Rider rate chart can not be provided because that policy was issued in 1988 and they don't have that information in their system anymore Although in 2016 they were charging $75 a month for that Rider to waive $125 life insurance premium. I complained to the insurance bureau....that was 3 years ago they were charging the waiver of premium Rider.... Are you trying to tell me they can't tell you how they were charging the premium for this Rider 3 years ago

 

[Allen Trent]

Transamerica is stating the waiver of premium Rider rate chart can not be provided because that policy was issued in 1988 and they don't have that information in their system anymore Although in 2016 they were charging $75 a month for that Rider to waive $125 life insurance premium. I complained to the insurance bureau....that was 3 years ago they were charging the waiver of premium Rider.... Are you trying to tell me they can't tell you how they were charging the premium for this Rider 3 years ago

They should certainly be able to tell what a rider cost was in a given year, especially if it was detailed on the anniversary statement. I am not familiar with transamericas policies or anniversarty statement. Is it possible the $75 in rider charges per month were not just the waiver of premium charge, but also charges for riders like an accidental death rider or spousal rider.

Has the state of michigan helped to at least get a response in writing from Transamerica or the agent of record, if any

 

[insurance0707]

They also in 2009 started charging out of the blue $1,200 a year for loan repayment on a $4,000 cash value loan plus charged over $300 a year in interest on that loan.we were under no obligation to pay $1,200 a year in loan repayment the only thing we had to pay was interest. I have no clue why they started just deducting 1200 a year from the cash accumulation in 2009 + over 300 a year in interest. They took my former husband to the woodshed with all the fees he was charged. I do have premium notices from 2002 and 2003 showing our premium was listed at $1,500 for the life insurance and a little over $300 for interest on a 4,000 cash value loan..... which we paid annually... In reality we were being charged 1500 a year for the premium, plus 300 ain interest plus $1,200 a year starting in 2009 in loan repayment, that was never requested plus over $800 a year in that damn waiver of premium Rider that we never requested either and on top of it all MDR charges that we were not aware of as well. This is why so many Transamerica policyholders policies lapsed. To add insult to injury, in 2017 they told my former husband that his premium would go up to $15,000 a year plus an additional $300 a month oh, so basically over 18,000 a year. My former husband paid $125 a month from 1988 to 2016. In 2017 they told him basically over 18,000 a year, he gave up...he couldn't afford that. He dropped the policy he paid for over 30 years in 2017 and passed away in 2018. When he passed away I looked into all these fees and charges and realize what happened. In reality he only had to pay around $300 a month, not $18 thousand a year. yes I have complained to the Michigan insurance bureau and yes Transamerica stated he had to pay $15,000 a year to keep the policy to maturity of age 100. I have this in writing from Transamerica harbour...they sent that statement to the insurance bureau, the only reason why is because I had an illustration showing that from them. There is a special place in hell for these people. Well one can hope.

By the way Transamerica agreed in a class action lawsuit regarding this policy of my former husband and 70000 other policyholders in the same boat... They agreed to pay out 195 million dollars. Our sons are the beneficiary of this policy age 35 and 21, they received the class action lawsuit of 195 million-dollar payout, Transamerica sent them a check of around $120 total, not each but $120 total for the two of them after their father paid for 30 years. We were so disgusted it has not been cashed. I guess the reason why I'm bringing this up is the other agents to consider who they place their business with