- Report: #1090592
Report - Rebuttal - Arbitrate
Complaint Review: Woodmen of the World
Woodmen of the WorldWoodmen Tower, 1700 Farnam Street Omaha, Nebraska USA
Woodmen of the World Woodmen Financial Services, Inc.Omaha Woodmen Life Insurance Society Policies rigged to play out when you need them the most Omaha Nebraska
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My 82 year old father paid 21 years to Woodmen of the World for a $10,000 flexible life insurance policy. They only sent him 1 statement annualy, when they should have been sending monthly statements.
In the past few months, they've almost wiped out the cash value of his policy. When we started asking questions, they blamed it on "falling interest rates", which is a lie. We also got answers such as "I can't answer that" or "I don't have that information".
I noticed the cost of insurance was far exceeding his premium payments, and thus the decline in cash value. To keep it going, he would need to pay 500% more. He can't afford that, nor does it make sense for such a low value policy.
We hoped to take the cash value before Woodmen stole it all. However, they're dragging their feet on processing the surrender and I fear nothing will be left by the time they send a check.
Had Woodmen of the World notified us in advance of the increase in the cost of insurance, we could have averted this disaster. I believe they intentionally sabatoged my father's policy in hopes it would lapse before he died. They walk away with all the money and my father is left with nothing.
My dad is at the age where he's no longer eligible for new insurance. It's down right dirty to take advantage of a vulnurable elderly person like this.
This report was posted on Ripoff Report on 10/09/2013 06:54 AM and is a permanent record located here: http://www.ripoffreport.com/r/Woodmen-of-the-World/Omaha-Nebraska-68102/Woodmen-of-the-World-Woodmen-Financial-Services-IncOmaha-Woodmen-Life-Insurance-Society-1090592. 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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