• Report: #606502

Complaint Review: American Amicable Life Insurance

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  • Submitted: Sun, May 23, 2010
  • Updated: Mon, May 05, 2014

  • Reported By: phntmsldr — America Nationwide United States of America
American Amicable Life Insurance
Waco, Texas United States of America

American Amicable Life Insurance scamming American military Waco, Texas

*Consumer Suggestion: Understanding Insurance

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I had been approached by a 'retired' military man wanting to be a financial advisor, he had gotten on base to approach service members at a local eatery. I was interested in setting up savings for retirement so I talked about investments and funds. He pushed this American Amicable 'investment', failing to mention that at the time, they were just getting sued for their 'Horizon Life' plan and that my advisor was getting commissions off of these policies he was aggressively pushing. I walked away thinking I had made a good choice in my life.

It took me awhile to finally understand what I got myself into. I had bought a really bad life insurance policy at an outrageous rate with a worthless premium. Few other things to this policy, the first 3 years costs $18,000, and if you cancel in this time (which is what American Amicable wants you to do) you only get back less then half of what you put in. If you try to hold out for the $6000 a year, in 20 years,  you may break even in the amount you pay. Of course youre paying taxes on the interest from the fund rider so that takes away value.

I had a lawyer look over this policy. He called it despicable, but American Amicable had learned their lesson from the class action lawsuit of their Horizon Life policy and had tightened up their legal loopholes. When I called the company, asking what exact was going on with this, they quickly pointed out I could not be part of the lawsuit because the name of my policy is different, and was given a very cold, ungrateful reception after that.

Im surprised that an organization like this is stationed in Texas, a state I thought really was about American military. Now they have a weasel living comfortable right under their noses, aggressively looking for young GIs to steal from them their hard earned money. Insult to injury, American Amicable was bought out April 2010 by a Canadian based company,Industrial Alliance Insurance and Financial Services Inc. So not only am I paying a scammer to take all of my money, all that money is leaving the States to support a foreign business. 

This report was posted on Ripoff Report on 05/23/2010 08:47 PM and is a permanent record located here: http://www.ripoffreport.com/r/American-Amicable-Life-Insurance/Waco-Texas-/American-Amicable-Life-Insurance-scamming-American-military-Waco-Texas-606502. 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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#1 Consumer Suggestion

Understanding Insurance

AUTHOR: John - ()

I can understand the problem of the person who posted this. I was in the US Navy from 1995-2009. I am now an independent Insurance Agent who uses American-Amicable. The reason I use there products is they have a BBB rating of A+

It sounds to me like the consumers. Be they Sailors, or Marines, don't understand insurance. Would they buy a new car (with payments) and not understand what they are getting? SGLI insurance that the military offers isn't very good for a young sailor with a family, like I was at one time. Should you die, could your family survive on $400,000 for life? Mine couldn't. Keep in mind, they need to live, pay a mortgage, schools, etc. At 40 my life policy is for $1,000,000 on top of annuities, and a pension. 

It sound to me like these Sailors/Marines were being offered annuities. My current annuity earns a minimum of 1.7% per month. Last year it earn 6% for the year. Keep in mind this is tax defered. In a saving or IRA you may earn 0.5% at best! Then with the savings you are taxed. Had I been put $20 a month out of my Navy money, that I blew! I would be way better off than I am now.

I think this person will look back when older, and wiser, and realize how foolish of a post this is. 

When I do the math at $20 a month he could have put $960 in durring his enlistment, and it would be taxed, or he could have kept the annuity and had $1572.22 at 6% tax deferred. What is better? 

Darn those evil insurance agents.

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