• Report: #600337
Complaint Review:

Americo Financial Life & Annuity Insurance Co.

  • Submitted: Wed, May 05, 2010
  • Updated: Thu, May 06, 2010

  • Reported By: Lnbnaplesflorida — naples Florida U.S.A.
Americo Financial Life & Annuity Insurance Co.
P.O. Box 410288 Kansas City, Missouri United States of America

Americo Financial Life & Annuity Insurance Co. formerly The College Life Ins. Co. of America, Refusal to pay and inventing a loophole to avoid doing so Kansas City, Missouri

*Consumer Suggestion: Americo Financial

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Americo Ins. goes under several names in fine print at the bottom of their policy/form letters.  I'm now assuming they use whichever is beneficial to them.

After working successfully since age 16,  and through several painful things, I realized after NOT being able to work for over 8 months I was in need of a disability policy. 

Was solicited by a company named Americo, an agent scheduled and appointment to verbally ask questions, take down my information, etc.  to have apprx. $85 a month withdrawn from my bank acct.  for a policy that SUPPOSEDLY would pay for TWO YEARS in case of my being unable to work due to illness or injury. 

I very willingly mentioned, and agreed to exclude, my one health condition, though controlled/treated, of cervical dystonia.

I'd just returned to work after a rotator cuff injury that had me unable to lift one arm without pain for months, and had even lost a job over that as I was unable to work, and am/was an independant contractor. 

That scared me into realizing I needed at least coverage for my home mortgage. 

I'm divorced with NO other income, as I was then.  I wanted some peace of mind, and turned to this company for it.  Bad decision since I didn't choose another.

While on my once a year vacation (I'm a licensed barber/hair stylist/colorist)was returning from visiting my parents...the airplane ascending/descending caused a pressure 'pop' in my left ear.  I've suffered unbearable sensitivity to sounds since.  Diagnosed by three hearing specialists as 'collapsed tollerance to sound'. 

Again...I have worked, and quite successfully until this incident.  Over 30 years as in my former profession.

The Americo agent sat across from my dining room table and took  information, even recommending I should get a job as an agent with them myself!  I still have the note she sent to me with her boss' name on it concerning that.  Nothing keeping me from working then, but NOW they are claiming my hearing problems 'since childhood' have voided my claim.

They also have not taken into acct. that a MONTH after my plane trip, a car accident caused by another (my braking to avoid her hitting me as badly) has me in physical therapy.   I couldn't work even if I did NOT have collapsed hearing, and intollerance to sounds (even my own voice I have to keep so low, I have to be close to others for them to hear me). 

This company has not yet been contacted by my attorney, but I can see no other outcome but to let him file a complaint with the Ins. Commissioner's office, and to pursue this.  I have too much documentation on my TWO conditions, and have no intention to sleep through this, as companies like this hope happens.  I won't be worn down and give up.  Contacting the media is one of my options.  I do not take women  in particular being bullied/dismissed by companies.

This report was posted on Ripoff Report on 05/05/2010 08:43 AM and is a permanent record located here: http://www.ripoffreport.com/reports/americo-financial-life-annuity-insurance-co/kansas-city-missouri-64141-0288/americo-financial-life-annuity-insurance-co-formerly-the-college-life-ins-co-of-ameri-600337. 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

Americo Financial

AUTHOR: LifeAgent82 - ()

As a life insurance agent I would like to apologize for your bad experience with The Agency you worked with, I am not affilated with the agecy you work with as I am an independent agent and run my own agency in PA.

In defense of the company Americo Financial, I would like to point out a couple things.

1: You should never ever lie on a life insurance application. If an agent ever asks you to lie about something..even a lie of omission, that should be your first clue that the agency by default is not reputable. Any good agent/agency will make you aware of the possibilty of denial because of your conditions. They will advise you of your options and then walk you thorough the ethical steps you need to take.

2: Americo will not fullfill your request as they have every right to deny a claim if it is found the application is based on falsified information. Any Life Insurance Carrier has the right to do this.

3: The Insurance Carrier should not be the one under fire, it should be the agency you are working with, the signing agent is responsible and because of their own unethical actions will have their license suspended if not revoked. It is the agency you should be going after not the company.

There are ethics behind Life Insurance, not all Life Insurance Agencies are ethical..use your common sense and your own morals to determine if you should be working with the agent that is sitting in front of you. If something doesn't sound right, take a step back..put the process on hold and do your research.

You should not have to go through this, not in the least. I am sorry that the agent has left  a bad taste in your mouth but please do not think that all Life Insurance Agents and all Life Insurance Carriers are all bad and dishonest. 

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