Report: #1157882

Complaint Review: Midland national life insurance company

  • Submitted: Fri, June 27, 2014
  • Updated: Thu, July 03, 2014
  • Reported By: jeffery miller — Cameron North Carolina
  • Midland national life insurance company
    one midland plaza
    sioux falls, South Dakota

Midland national life insurance company they canceled my policy after I had started it and paid by allotment when I was 24, after 20, now I am 48 sioux falls South Dakota

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I started my contract with Midland National Life Insurance Company 12/15/1989 , my policy number is 2500603160 , it was a premium payable life ,  I was 24 and now 48,     it was a payable 50.00 a month in which I paid by military allotment for over 21 years,  the policy was suppose to be paid in full and complete after 20 years,   so after 20 years the policy was suppose to be complete and no other money was suppose to be paid.  during the years, I borrowed money from the policy and was paying but it was not paid in full,   IN 2010, I received a letter from my military allotment athority that said my $50 allotment was returned,    I called Midland and they said there was changes and I should now pay 56 dollars. so then it was changed.   I told them that it has been 20 years and I should be finished my monthly payments and still have my policy,  this is when I started having problems,  I called month after month, and finally they canceled my Insurance, have not asked for the money I borrowed from my accumalated funds. [continued below]....

.....     I have the original policy, signed by the man who came to my door back in 1989.  it was a 50,000.00 policy that had children as riders,   I feel that I paid them 12,600.00 dollars and got ripped off.   They changed the 50.00 monthly to 56 without warning and notice, my last address did not change.  although my military allotment was going ,,,,, the $50  they returned it back to the them who notified me,  we changed it to the $56 but then I checked to see how long I have been paying and seen in the contract that it was complete after 20 years,, even if I had to keep paying,   for them to just cancel my policy was wrong.  I am fornuated that nobody has died that was covered.

I am now looking for a lawyer to help me with this rip off company

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