This serves as our acknowledgment of receipt of the subject complaintWe will review our files and then prepare a response within a reasonable amount of time from today's date, August 5, Walter TD***, Vice President/Assistant General Counsel, Forethought Life Insurance Company
I have had Forethought supplemental for yearsThey have always responded and paid on my medical and heart related treatments that are approved by my medicare policyI have no complaints about their serviceTheir fees continue to increase as do all insurance premiums
Here to warn you about,Agents Representing ForeThought LIfe INS CO.My year old parents were contacted by ForeThought Life Ins.,agent here in Dickson,Tennessee,representing ForeThought and *** *** ***.My mother and Sister her husband were all present at contract signing,This agent Ask all question,filled out all paper work,My dad had a pre-heart condition,which was fully disclosed,this agent choose to check NO on the paper work,and Told us all that it would not be a problem,as long as Dad did not die OF A HEART ATTACK.WELL HE DID NOT,BUT WAS KILLED ON HIS TRACTOR ROLLOVER
So they will not pay,and they are saying we falsified the paper work.I assure you we did not,agent went as far as taking extra money payments to catch dad up on policy
We were assured at Funeral home that they would pay,so we spent a little more out of pocket,for Daddy
ForeThought,says that these agents do not work for them,and that they are not responsible.He wrote four policy's that day.And we are 7,out
My husband passed away October, We had had a Forethought policy through a Funeral Home since March Forethought paid quickly and with interest(The policy had been paid up for several years.) I was very satisfied with the company
I have had Forethought supplemental for 10 years. They have always responded and paid on my medical and heart related treatments that are approved by my medicare policy. I have no complaints about their service. Their fees continue to increase as do all insurance premiums.
This serves as our acknowledgment of receipt of the subject complaint. We will review our files and then prepare a response within a reasonable amount of time from today's date, August 5, 2014.
Walter T. D[redacted], Vice President/Assistant General Counsel, Forethought Life Insurance...
I write on behalf of Forethought Life Insurance Company ("FLIC") to respond to your August 6, 2014, letter conveying a Certificateholder's complaint. I have reviewed this complaint, as well as the Certificateholder's FLIC file. The Certificateholder questions why her premium payments exceed the death benefit on her Certificate of Coverage, requesting either a reduction in her premium amounts or an increase in her death benefit. The correct premium amount and death benefit are, however, clearly laid out in the Certificate of Coverage. I hope the following information helps to explain the insurance coverage that the Certificateholder has held since November 2010.
On November 12, 2010, the Certificateholder completed and signed a Group Insurance Enrollment Form, applying for insurance on her own life. After receiving the Enrollment Form, FLIC issued a five year monthly premium whole life insurance certificate to the Certificateholder as the insured. The Certificate of Coverage ("Certificate") was mailed directly to the Certificateholder. Both the Enrollment Form and the Certificate clearly state the premium amount is $143.30 and that the premium amount is to be paid monthly for five years.
The proceeds of the insurance coverage were assigned to [redacted] to help pay for the Certificateholder's funeral at the time of need.
By way of further background, Forethought funeral planning is composed of two contracts.
The first is the Funeral Planning Agreement that the funeral firm makes with the purchaser. The funeral firm promises future delivery of consumer selected funeral goods and services. The funeral firm agrees to accept the death benefit of the FLIC Certificate as full payment for the funeral goods and services selected.
This means that regardless of the prices of those items at the time of death of the insured, the funeral firm will accept the insurance proceeds as full payment, even if the current retail price as listed on their current price list is more than the proceeds. The funeral firm is responsible for performing and honoring the contract. It is entitled to use its current price list on the date of death to determine the funeral prices. If, however, the death benefit proceeds are greater than the retail price of these items at the time the funeral is provided, any proceeds in excess are paid to the Certificateholder's selected beneficiary.
The second contract is a life insurance certificate from FLIC to fund the Funeral Planning Agreement. The insurance is purchased from a licensed life insurance agent. This contract is between the Certificateholder and FLIC.
The Certificateholder has asked why the amount of premiums paid over five years is more than the original price of the funeral planned. When a Certificate is issued, the premium is calculated based on the funeral price, the age of the insured, and the payment plan.
The premium includes the risk FLIC assumes to insure an individual. From the first moment the Certificate is in force, the Certificateholder was (and still is) fully covered. If the Certificateholder had passed away even after making one monthly payment, FLIC would have paid the entire death benefit, even if this benefit greatly exceeded the premiums paid.
I trust I have responded to your letter with regard to the life insurance the Certificateholder purchased. Should you have additional questions, you may contact me by phone at 812-933-6783.
Sincerely,
Kevin M. K[redacted]
Assistant General Counsel
Forethought Life Insurance Company
This serves as our acknowledgment of receipt of the subject complaintWe will review our files and then prepare a response within a reasonable amount of time from today's date, August 5, Walter TD***, Vice President/Assistant General Counsel, Forethought Life Insurance Company
I have had Forethought supplemental for yearsThey have always responded and paid on my medical and heart related treatments that are approved by my medicare policyI have no complaints about their serviceTheir fees continue to increase as do all insurance premiums
Here to warn you about,Agents Representing ForeThought LIfe INS CO.My year old parents were contacted by ForeThought Life Ins.,agent here in Dickson,Tennessee,representing ForeThought and *** *** ***.My mother and Sister her husband were all present at contract signing,This agent Ask all question,filled out all paper work,My dad had a pre-heart condition,which was fully disclosed,this agent choose to check NO on the paper work,and Told us all that it would not be a problem,as long as Dad did not die OF A HEART ATTACK.WELL HE DID NOT,BUT WAS KILLED ON HIS TRACTOR ROLLOVER
So they will not pay,and they are saying we falsified the paper work.I assure you we did not,agent went as far as taking extra money payments to catch dad up on policy
We were assured at Funeral home that they would pay,so we spent a little more out of pocket,for Daddy
ForeThought,says that these agents do not work for them,and that they are not responsible.He wrote four policy's that day.And we are 7,out
My husband passed away October, We had had a Forethought policy through a Funeral Home since March Forethought paid quickly and with interest(The policy had been paid up for several years.) I was very satisfied with the company
I have had Forethought supplemental for 10 years. They have always responded and paid on my medical and heart related treatments that are approved by my medicare policy. I have no complaints about their service. Their fees continue to increase as do all insurance premiums.
This serves as our acknowledgment of receipt of the subject complaint. We will review our files and then prepare a response within a reasonable amount of time from today's date, August 5, 2014.
Walter T. D[redacted], Vice President/Assistant General Counsel, Forethought Life Insurance...
Company
I write on behalf of Forethought Life Insurance Company ("FLIC") to respond to your August 6, 2014, letter conveying a Certificateholder's complaint. I have reviewed this complaint, as well as the Certificateholder's FLIC file. The Certificateholder questions why her premium payments exceed the death benefit on her Certificate of Coverage, requesting either a reduction in her premium amounts or an increase in her death benefit. The correct premium amount and death benefit are, however, clearly laid out in the Certificate of Coverage. I hope the following information helps to explain the insurance coverage that the Certificateholder has held since November 2010.
On November 12, 2010, the Certificateholder completed and signed a Group Insurance Enrollment Form, applying for insurance on her own life. After receiving the Enrollment Form, FLIC issued a five year monthly premium whole life insurance certificate to the Certificateholder as the insured. The Certificate of Coverage ("Certificate") was mailed directly to the Certificateholder. Both the Enrollment Form and the Certificate clearly state the premium amount is $143.30 and that the premium amount is to be paid monthly for five years.
The proceeds of the insurance coverage were assigned to [redacted] to help pay for the Certificateholder's funeral at the time of need.
By way of further background, Forethought funeral planning is composed of two contracts.
The first is the Funeral Planning Agreement that the funeral firm makes with the purchaser. The funeral firm promises future delivery of consumer selected funeral goods and services. The funeral firm agrees to accept the death benefit of the FLIC Certificate as full payment for the funeral goods and services selected.
This means that regardless of the prices of those items at the time of death of the insured, the funeral firm will accept the insurance proceeds as full payment, even if the current retail price as listed on their current price list is more than the proceeds. The funeral firm is responsible for performing and honoring the contract. It is entitled to use its current price list on the date of death to determine the funeral prices. If, however, the death benefit proceeds are greater than the retail price of these items at the time the funeral is provided, any proceeds in excess are paid to the Certificateholder's selected beneficiary.
The second contract is a life insurance certificate from FLIC to fund the Funeral Planning Agreement. The insurance is purchased from a licensed life insurance agent. This contract is between the Certificateholder and FLIC.
The Certificateholder has asked why the amount of premiums paid over five years is more than the original price of the funeral planned. When a Certificate is issued, the premium is calculated based on the funeral price, the age of the insured, and the payment plan.
The premium includes the risk FLIC assumes to insure an individual. From the first moment the Certificate is in force, the Certificateholder was (and still is) fully covered. If the Certificateholder had passed away even after making one monthly payment, FLIC would have paid the entire death benefit, even if this benefit greatly exceeded the premiums paid.
I trust I have responded to your letter with regard to the life insurance the Certificateholder purchased. Should you have additional questions, you may contact me by phone at 812-933-6783.
Sincerely,
Kevin M. K[redacted]
Assistant General Counsel
Forethought Life Insurance Company