On 10/3/2001 I was an agent working with the WMS Securities and the life insurance product we were selling was WRL Assurance Co. of Ohio Life Insurance policies. Being a good agent I knew that I should also own a policy. So I canceled my existing policy and received back a surrender of 3,091.72. Well I decided to put it towards making me money on my new policy.
I stopped going to meetings since I was not cut out to sell life insurance and I never heard from my agent again. Not even when I canceled my policy.
Then a year ago when I cancelled my insurance and I still needed to get some life insurance for my husband and we decided to cancel my policy (which I was paying $300.00 in premiums) and get life insurance policies through a company that was offering life insurance at my husbands work.
When I cancelled my policy with WRL Assurance Co. of Ohio I received a check for the surrender value in the amount of $190.78 back from WRL and I nearly flipped out of my mind. The cash value of the policy was $5,575.60 and the surrender charge was $5,084.82. That is a difference of $490.78 and I only received $190.78. I have a copy of the check, so right there they cheated me out of $300.00 additional dollars. That doesn't even include the money ($3,476.00) I gave them to add to the my annuitites. That was not money that I paying towards my premiums that was supposed to be put towards my annuities. I said no way since I gave them MY money, money up front from the cancellation surrender refund of the life insurance that I originally had when I started up the policy and there is no way there were going to get to keep it if I have anything to say in the matter. I have been laid off of my job and I needed the money desperately, I am 53 and I can't find a job.
I sent them letters and got only excuses. I cc'd the Division of Insurance and they did not do anything to help me either. I want the money back that they ripped me off of!!!!! It was my money, it was not a premium I paid. It was a cash contribution to my fund that was supposed to grow and be my retirement investment for the future. Not part of the money I paid for the life insurance policy.
Instead I basically got nothing. I feel totaly cheated and my faith in insurance companies is gone. All of them are just big rip offs and all they do is take your money. They don't care about the consummer. All they care about is their bottom dollar.
If there is any companies that should be checked out by the government it should be the insurance industry.
Don't you agree!!!!!