Complaint Review: Jackson National Life Insurance Co. - Lansing Michigan
Jackson National Life Insurance Co. Assignment loan to cover business purchase. Loan paid went through steps in 2009 I thought. Wanted to check to make sure my daughter was the beneficiary. They say assignment still on policy. Company would not fix this. Original company I had the loan with can't be found!! But still assigned to them where ever and who ever they are? Lansing Michigan
I had to get a life insurance policy (100,000) when I purchased my dental practice in 1995. At that time the company name that loaned me the money was HPSC. I dutifully paid my loan payments and my premium payments for 14years. I never missed or was late on payments all that period of time. When the loan was paid off I went through the steps asked of me to take the assignment off the policy. Someone fron the loan company(HPSC) signed it and sent it back and I erroneously thought this took care of things. A long time ago so my records on this are gone or destroyed by water damage where the records were kept. I continued to pay my premiums that have skyrocketed by the way. Then recently I wanted to make sure the beficiary information was correct and this is when everything went south! The people at Jackson National Life Insurance Co. told me the policy still had assignment on it. Well I knew this could not be true since the loan had been paid off in 2009 and the company was made aware of this fact. Jackson National just dropped the mess up back in my lap and told me to figure it out. I had no idea how to do this since in my search now can find nothing about the original company. They may have been sold to someone else but I can't get anywhere! I ask Jackson National where the money will go if I die and they don't seem to know. It is starting to sound like a scam so I decided since they won't help me straighten it out that I would just let the policy lapse and cancelled. I did that and then something else happened. Of course there was no outcry from someome that supposedly has assignment on the policy. Also after total cancellation of the policy they mysteriously allowed me to reinstate it. Why would they do such an unheard of kind of thing! So I still have the policy but can't get them to confirm the policy is assignment free! Don't know what to do so I thought I would try here and see if this can be straightened out before I die. Sorry about the letter not being in paragraph form but could not get that function to work. Thank you for your attention to this matter and a timely response.
This report was posted on Ripoff Report on 09/30/2017 07:45 AM and is a permanent record located here: https://www.ripoffreport.com/reports/jackson-national-life-insurance-co/lansing-michigan-48909-4068/jackson-national-life-insurance-co-assignment-loan-to-cover-business-purchase-loan-paid-1403283. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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