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Report: #1310078

Complaint Review: National Life Insurance Company - Montpelier Vermont

  • Submitted:
  • Updated:
  • Reported By: charles — Cupertino California USA
  • National Life Insurance Company Montpelier, Vermont USA

National Life Insurance Company National Life Group,National Life Insurance Co., Life Insurance Company of the Southwest, didnt pay the beneficiary upon the creators death, instead began demanding monthly payments for the life insurance from the beneficiary then created a loan to steal the benefits from the beneficiary Montpelier Vermont

*General Comment: You got it all wrong

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National LIfe Insurance Company, which I nickname them "National Lie"  have committed gross fraud.  They not only did not pay out the life insurance Mr. Childs, (my fiance whom I have POA to speak on behalf of to resolve this matters) which was purchased by his grandmother 50 years ago, for Mr. Childs, who Mr. Childs is the benefactor.  Upon requesting documents to support why they would not pay out the Insurance Policy they claimed, that he, the new born child was the insured as if someones grandmother would pay her entire life onto an insurance policy that her grandson, who is now 53 would die before her.

 

 Further, it also states that Mr. Childs is the benefactor, which makes it more strange why they believe a contract that he did not create would apply to him outside of being a benefactor.  Later they created a loan account without Mr. Childs authority to pay for the monthly payments once his grandmother passed away.  Upon me calling to speak with a representative they informed me that they needed Mr. Childs S.S. number to be able to opt out of the insurance, making it to where he would not only be providing them information to commit more fraud it would also change it from Mr. Childs being paid the life insurance to mr. Childs being the insured cancelling to participate in the insurance and to get a small portion of what was invested returned to him minus the payments due for no payment of life insurance since the creator of the insurance the insured DIED. !!!  How sick is this...

 

Further, upon request for documents they provided documents claiming that Mr. Childs was not born yet, or not of age to consent to the terms of the loan therefore any agreement to create a loan to satisfy the Insurance policy was not something he could have authority to agree to.  AND that upon the death of the creator of the insurance he became the insured as well as the benefactor and now liable to pay for the insurance and the loan.  Further, they they took all the money in loan interests from the insurance policy and then reported it to the IRS as INCOME EARNED by Mr. Childs.  The grandson of a wonderful women who for 50 years deposited money into a life insurance policy that upon her death would grant her grandson with some future stability.

 

This corporation is conmpletely fraudulant and so corrupt I dont even know how to speak to them.  It breaks my heart and is completely without honor.  

This report was posted on Ripoff Report on 06/07/2016 02:11 PM and is a permanent record located here: https://www.ripoffreport.com/reports/national-life-insurance-company/montpelier-vermont/national-life-insurance-company-national-life-groupnational-life-insurance-co-life-ins-1310078. 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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#1 General Comment

You got it all wrong

AUTHOR: John - (United States)

POSTED: Friday, August 16, 2019

National Life is a great company, Good Honest and Trustworthy.

There is nothing wrong or unusual about a loving Grandmother buying a very beneficial cash value life insurance contract for her grandchild. Its a nice loving thing to do.

I recommend you take the policy to an insurance agent who also has a series 65 designation. He has a duty to be honest and tell you the truth. I am sure thet you will discover that you are mistaken and owe National Life an appology. One would think that grandma had an insurance policy on herself or maybe therre was one on grandpa? Best of luck! God Bless!!

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