This is a company owned by Mutual of Omaha. They own several insurance companies and what the scam is as follows:
Get people to sign up for major medical health insurance. Get their premiums for several years and when the insurance company wants to get rid of you, transfer everyone over to a different company. In this case, Mutual of Omaha wanted to get rid of clients in Central Reserve Life that just would not go away. Two years ago they transferred 1,000's of clients over to World Insurance Company. At the end of 2011, all these people were informed that World Insurance Company was no longer doing business in their state, so all insurance would terminate on 06/01/2012. The Internet shows them doing this in Kansas and Colorado. In fact, they have done this in all 50 states. This is the only way they can drop 1,000's of people legally.
This is not the first time they have done this and this will not be last. [continued below]....
..... Legal but not moral. To add insult to injury, World has continued to send out premium due statements to 1,000's of clients for the month of June, 2012 even though coverage is finished/terminated as of June 1st, 2012/. World Insurance will now sit on a shelf somewhere for a few years and they will than do this all over again
Make no mistake about this, State Insurance Departments know about this tactic, but there is nothing they can do about this. It is legal. What you need to know is that if you do business with Mutual of Omaha, the parent company and/or their other two companies, Central Reserve Life and/or World Insurance Company, you can expect this to happen sooner or later. Most independent agents are aware of what they do so the better agents try to keep their clients away from any company owned by Mutual of Omaha. If your agent tries to get insurance for you with any of these companies, ask him why. Further ask if it not well known that Mutual of Omaha is well known for this tactic of dropping people they dont want. Be smart and ask questions.