• Report: #811773

Complaint Review: Midland National Insurance and Annuity Division

  • Submitted: Tue, December 20, 2011
  • Updated: Thu, December 22, 2011

  • Reported By: outraged — fayetteville Arkansas United States of America
Midland National Insurance and Annuity Division
4601 Westown Parkway, Suite 300 Des Moines, Iowa United States of America

Midland National Insurance and Annuity Division Michael Mitchell refusing to release my money from annuity Des Moines, Iowa

*Author of original report: to email or not, that is the question even they cannot answer

*Author of original report: midland delaying surrender yet again

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I opened the annuity back in 2007 and was promised 15% return every year for 14 years. The agent lied to me from the very beginning and I only received 12%. Last year received only 3% return on the annuity.

For over a month, I have been trying to cash out the annuity. The agent, Mike Mitchell, has screwed me around and lied to me about getting the proper forms for surrender. He won't take my calls or return them either.

His secretary told me he could not get me the surrender forms and I would have to call the number in Iowa to request it myself. When I called the number I was placed on hold every time for more than 15 minutes and finally gave up. I did finally receive the form and the agent sent it.

Wait! I thought he did not have the authority to send me the form? That's what he and the company tried to tell me.

I have emailed the company complaints on the lack of service by the company itself and the agent. They really seem not to care at all. I finally received a form for the surrender after 3 weeks. I filled it out and mailed it back last week. I was super upset that they INSIST on having the original copies of the policy since they issued the policy. I do not understand them wanting originals. Now I am left with copies.

I had my bank lady look at the form and submit all the necessary paperwork for the surrender. I even had the form notarized for my safety.

I emailed the company again yesterday to check on the progress. They advised me I did not fill out the form correctly and did not submit the original policy form. I had to check a box that says I have mislaid my policy and re-fax the surrender form today. I really think they would not have contacted me about the form not meeting there standards.

I was advised that after they get the form CORRECTLY filled out it will take 7-10 days to process and another 2-3 for direct deposit into my banking account. Can you imagine how long it would take for postal mail to get a check?

I am beginning to wonder if I will have to contact a lawyer to get my policy cash value.

I am very upset at this company and think this is a complete scam to take money from hard-working Americans to fill their fat pockets.

Shame on you , Midland National!




This report was posted on Ripoff Report on 12/20/2011 10:02 AM and is a permanent record located here: http://www.ripoffreport.com/r/Midland-National-Insurance-and-Annuity-Division/Des-Moines-Iowa-57193/Midland-National-Insurance-and-Annuity-Division-Michael-Mitchell-refusing-to-release-my-mo-811773. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 Author of original report

to email or not, that is the question even they cannot answer

AUTHOR: outraged - (USA)

Ms.,
 
You do need to fax or email the first page of the form to us again.  The form states that we need the original specification page of the policy or the lost policy statement box checked. 

We cannot accept the emailed copy.

Please check the lost policy box, initial by the checked box, and either fax or email it back to us. 

Once the corrected form is received, we will process your request in 48-72 business hours.  Please keep in mind our office will be closed Friday, December 23rd and Monday, December 26th. 
 
Thank you,
Myrna Garcia
Senior Client Communication Specialist
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#2 Author of original report

midland delaying surrender yet again

AUTHOR: outraged - (USA)

Ms.,
 
Please either mark the box that you have lost, destroyed or mislaid the annuity in section 2 and fax the correction back with your initials, OR mail back the original specifications pages to Midland National Life at 4350 Westown Parkway, West Des Moines IA 50265.

If you fax the specifications pages and mark that you dont have them, that is inaccurate information and your request to surrender may be delayed due to this.
 
Once we have either the original specifications pages (no corrections to the full surrender request form) OR the correction made to section 2, we will process your request within 7-10 business days.
 
If you have questions, please call us toll-free at 1-877-586-0244. We are available Monday through Thursday from 7:30 am to
5:00 pm (CST) and Friday from 7:30 am to 12:30 pm (CST).  A service professional within the Client Communications Department will be happy to take your important call.
 
Thank you,
 

Ashleigh Motzko
Senior Client Communications Specialist
4350 Westown Parkway
West Des Moines  IA 50266
Phone # 877-586-0244
Fax # 877-586-0249
 
Should you have any questions, please contact Client Communications at 1-877-586-0244, or by email at fixedcustomerservice@sfgmembers.com.

 
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