Report: #1244664

Complaint Review: National Life Insurance Company of Vermont - Montpelier Vermont

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  • Reported By: Bob — Zephyrhills Florida USA
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  • National Life Insurance Company of Vermont 1 National Life Dr. Montpelier, Vermont USA

National Life Insurance Company of Vermont Vermont Life Insurance CompanyParagon National Financial Resources National Life Group Misrepresentation of Terms of Policy for past 22 Years of payments totalling $44,000+ Montpelier Vermont

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Purchased life insurance policy in May of 1993, paid $105 a month for the past 22 years totaling over $44,000, received letter stating that unless I sent an additional $945 to cover deficit my $65,000 life insurance would lapse. I contacted the home office in Vermont and presented my case and was told I had no other alternative.  The explanation given to me was the premium increased after 22 years leaving a deficit. Was told a letter would be coming to explaining what my monthly premium increase would be to keep this policy in force.  That was on 7/20/15.  Have yet to receive that letter.  Paid the usual $105 for this month and am waiting for the letter.  I am 74 years old and thought my retirement was secure and that my wife would be covererd with good life insurance upon my death.  This has impacted my mental health as well as my physical health and that of my wife.  We are dumbfounded and horrified that this has happened. 

This report was posted on Ripoff Report on 07/27/2015 02:26 PM and is a permanent record located here: https://www.ripoffreport.com/reports/national-life-insurance-company-of-vermont/montpelier-vermont-05604-1000/national-life-insurance-company-of-vermont-vermont-life-insurance-companyparagon-national-1244664. 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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