MetLife Securities, Inc. Reviews (1)
MetLife Securities, Inc. Rating
Description: Investment Securities
Address: 2403 Research Boulevard 3RD Floor, Rockville, Maryland, United States, 20850
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Review: I purchased a whole life insurance at a value of $150,000.00 from MetLife back in 1993. At the time of the purchase, I was told by the MetLife representative that the payment would be completed in 10 years. However, I have been asked by MetLife to pay the premium continuously from 1993 until now at a yearly premium of $2,669.50, which is more than 20 years of payment. In addition, the MetLife representative **. [redacted] (at ###-###-####) informed me that I have to continue paying the premium for the rest of my life in order to keep the life insurance!
In 2011, when I asked **. [redacted] to explain the payment options, she did not mention that I could actually use the dividend generated from my life insurance to cover the premium. Moreover, without my consent, she and the company selected the loan payment method to cover the premium. As a result, I was asked to pay an interest in the amount of $120.13 that was incurred from the loan that I did not agree to take. In 2012, I protested to **. [redacted] about the loan setup and the amount of interest incurred. **. [redacted] ignored my protest and did not do anything to remediate the situation.
On June 12, 2013, I decided that enough is enough so I contacted MetLife directly to terminate the policy. That was the first time I learned from MetLife that I could use the dividend to cover my insurance premium.
My experience shows that MetLife provides very poor customer service in two critical aspects: (1) its sales representatives misinform and mislead customers when they try to push the sales of a life insurance product at the beginning; and (2) its sales representatives do not reveal favorable payment information to help the customers and instead select an unfavorable payment method without customer’s consent (and against customer’s interest).
I request that MetLife refunds the loan interest of $240.26 they charged on my insurance policy.Desired Settlement: MetLife should adjust the interest they have imposed on my pay for two years $120.13 X2=$240.26.