American Amicable Life Ins. Co of Texas American American Life of Texas rips off little old ladies Waco Texas Texas

 I have recently assumed responsibility for managing my 94 year old mothers affairs.  I found an annuity life insurance policy written by AmericanAmicable Life of Texas on my mother dated May 10,2006 when my mother was 85 years old.  The policy provided for  Endowment Insurance with a $4000.00 death benefit. The yearly premium was $853.00 per year until she was 110 years old.  The policy reached full maturity on May 1, 2031.  To date , August 17,2014,she has paid $6,824.64 in total premium payments.  The current cash surrender value is $1250.00.  

On August 1,2014 I called to question the ethics of such a policy, sold over the phone to an 85 year old  women with dimminished capacities who could have never understood the details of such a policy.  I was informed by Policy Services that my mother was given an over the phone medical evaluation and was announced to be insurable by AmericanAmicable. 

When asked the nature of my complaint, I informed them that not only was the policy unethical it was immoral and I wanted American Amicable to cancel the policy and to return all my mothers $6826.64 paid to date.  My request was refused stating that the Endowment Poilicy had a life insurance component worth $4000.00 payable upon her death which could have been paid to her estate as early as the day after the policy was issued.  My counter was she didnt need anymore life insurance to begin with and had she been of sound mind she would have refused the offer and  ended the call immeadiately.  I demanded to speak to someone with the authority to resolve the issue and was told someone would call me by 5pm that day.  

Instead of a call I recieved a letter from a Mendee Moore informing me I had to provide a Power of Attorney and medical records verifying her "Dementia" when the application was written on april 27,2006.  At which time my concerns would be foreworded to the Underwriting Department for review.

My mother is now in assisted living and needs that $6800.00.