*** *** obtained a Universal Life policy from me effective 05/02/2013. After a few months, his account immediately went into a Non-Pay status on our State Farm Payment Plan (SFPP). Due to not making his regular monthly payment on SFPP, the account was removed from SFPP and *** was
sent a letter with the Non-Pay/Cancellation notice from SF Life Company. At this time he started to make payments direct to SF Life Company through EFT. He would make a payment one month and then no payment for the next few months. We would get notice that his account was going to lapse due to Non-Payment. We would call and send him an email. When doing so, he would make payment in the following weeks. The process of no payment for a few months, then we call and email, then he pays was a very typical process throughout and leading into the cancellation of his policy. Due to his irregular payments and missing a month here and there, he had accrued a large balance that was due in April, to keep his account active and keep correct amount of accrued cash. After sending *** an email regarding the status of his account and amount due. He contacted my office via phone and spoke with ***. She explained to him the reasoning for the large amount due and he told her that he cannot make that amount of a payment, but wants to keep the policy. He asked if there was any cash value in the policy to make the payment and we informed him that there wasn’t, the policy had already cancelled on 5/31/2015. She then called down to our Life Company and inquired about what we can accept for the lowest payment to reinstate the policy. The final amount that was discussed with *** to reinstate his life policy active was $699. *** said that he would pay it. We never received any call from ***.Unfortunately, due to the fact that *** had made irregular payments throughout having his Universal Life Policy with my office, the policy has exhausted all cash value to keep the policy active and keep the death benefit in place in the event he was to pass away. Additional, *** just stopped making payments. He did not formally request for his life policy to be cancelled. If he had called into my office and requested it to be cancelled, my office would have needed something in writing that explains which policy he wanted cancelled and/or have a cancellation form signed and dated. Neither of which happened.I have attached a copy of his payment history for the last year and notices that were sent out to him regarding the payments.Please let me know if you are in need of any additional information to help resolve this issue
I am rejecting this response because: I did responded on the last message sent by [redacted], but she did not respond to me as to proceed with my cancellation. Below was the email conversations I had with [redacted]. Life Policy [redacted] Life Policy [redacted] Actions [redacted] 6/10/15 To: [redacted] Hi [redacted]Since I
cannot afford to reinstate my policy, can I still keep my son's policy
active? Will there be any changes to his policy? What is the cash value
for my policy? I'm not going to rewrite my policy
at this moment. I am currently unemployed and cannot afford it at this
moment. Best Regards, [redacted] Actions [redacted] Add to contacts 6/10/15 To: [redacted] Hi [redacted], I’ve looked into all the possible options for you, however since the account has had 2 notices of cancellation for nonpayment
in the past, on the 3rd notice, the account automatically closes unless premium
is paid to bring the account current. If you cannot make the payment to
reinstate the policy, the other option would be to rewrite your policy
brand new. Please let me know if you have any questions and let me know
how you would like to proceed. Have a great
day. JThank you,[redacted] Office
Associate
[redacted]Click HEREto see how much LIFE
INSURANCE you need! Actions [redacted] 6/03/15 To: [redacted] Hi [redacted].Thank you
for your response. At this moment, I cannot make the payment in the
amount of $699. I am currently unemployed and will most likely going
through some surgeries on my elbow and writs. Looks
like I might have to discontinue with the policy. What do I have to do
for that? Best Regards, [redacted] Actions [redacted] Add to contacts 6/02/15 To: [redacted] Hi [redacted],I wanted to update you
on your Life policy [redacted]. You must make a payment of $699 to
bring the account current since the payments were not consistent in the
previous year. You also need to come in to
sign a Reinstatement Application, and at that point, I can put your
account onto a Recurring Monthly payment. Please let me know when would
be the best time for you or if you have any questions. Thank you! JThank you,[redacted] Office Associate
[redacted]Find us on FacebookClick HEREto see how much LIFE INSURANCE you need!
*** *** obtained a Universal Life policy from me effective 05/02/2013. After a few months, his account immediately went into a Non-Pay status on our State Farm Payment Plan (SFPP). Due to not making his regular monthly payment on SFPP, the account was removed from SFPP and *** was
sent a letter with the Non-Pay/Cancellation notice from SF Life Company. At this time he started to make payments direct to SF Life Company through EFT. He would make a payment one month and then no payment for the next few months. We would get notice that his account was going to lapse due to Non-Payment. We would call and send him an email. When doing so, he would make payment in the following weeks. The process of no payment for a few months, then we call and email, then he pays was a very typical process throughout and leading into the cancellation of his policy. Due to his irregular payments and missing a month here and there, he had accrued a large balance that was due in April, to keep his account active and keep correct amount of accrued cash. After sending *** an email regarding the status of his account and amount due. He contacted my office via phone and spoke with ***. She explained to him the reasoning for the large amount due and he told her that he cannot make that amount of a payment, but wants to keep the policy. He asked if there was any cash value in the policy to make the payment and we informed him that there wasn’t, the policy had already cancelled on 5/31/2015. She then called down to our Life Company and inquired about what we can accept for the lowest payment to reinstate the policy. The final amount that was discussed with *** to reinstate his life policy active was $699. *** said that he would pay it. We never received any call from ***.Unfortunately, due to the fact that *** had made irregular payments throughout having his Universal Life Policy with my office, the policy has exhausted all cash value to keep the policy active and keep the death benefit in place in the event he was to pass away. Additional, *** just stopped making payments. He did not formally request for his life policy to be cancelled. If he had called into my office and requested it to be cancelled, my office would have needed something in writing that explains which policy he wanted cancelled and/or have a cancellation form signed and dated. Neither of which happened.I have attached a copy of his payment history for the last year and notices that were sent out to him regarding the payments.Please let me know if you are in need of any additional information to help resolve this issue
I am rejecting this response because: I did responded on the last message sent by [redacted], but she did not respond to me as to proceed with my cancellation. Below was the email conversations I had with [redacted]. Life Policy [redacted] Life Policy [redacted] Actions [redacted] 6/10/15 To: [redacted] Hi [redacted]Since I
cannot afford to reinstate my policy, can I still keep my son's policy
active? Will there be any changes to his policy? What is the cash value
for my policy? I'm not going to rewrite my policy
at this moment. I am currently unemployed and cannot afford it at this
moment. Best Regards, [redacted] Actions [redacted] Add to contacts 6/10/15 To: [redacted] Hi [redacted], I’ve looked into all the possible options for you, however since the account has had 2 notices of cancellation for nonpayment
in the past, on the 3rd notice, the account automatically closes unless premium
is paid to bring the account current. If you cannot make the payment to
reinstate the policy, the other option would be to rewrite your policy
brand new. Please let me know if you have any questions and let me know
how you would like to proceed. Have a great
day. JThank you,[redacted] Office
Associate
[redacted]Click HEREto see how much LIFE
INSURANCE you need! Actions [redacted] 6/03/15 To: [redacted] Hi [redacted].Thank you
for your response. At this moment, I cannot make the payment in the
amount of $699. I am currently unemployed and will most likely going
through some surgeries on my elbow and writs. Looks
like I might have to discontinue with the policy. What do I have to do
for that? Best Regards, [redacted] Actions [redacted] Add to contacts 6/02/15 To: [redacted] Hi [redacted],I wanted to update you
on your Life policy [redacted]. You must make a payment of $699 to
bring the account current since the payments were not consistent in the
previous year. You also need to come in to
sign a Reinstatement Application, and at that point, I can put your
account onto a Recurring Monthly payment. Please let me know when would
be the best time for you or if you have any questions. Thank you! JThank you,[redacted] Office Associate
[redacted]Find us on FacebookClick HEREto see how much LIFE INSURANCE you need!