ED Magedson – Founder
American Amicable Life InsuranceWaco, Texas United States of America
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/reports/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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