Settlers Life Insurance

Premiums were drafted as authorized, based on signed authorizations to do so However, as requested, the policies in question have been cancelled and all monies received for the policies has been refunded

Premiums were drafted as authorized, based on signed authorizations to do so.  However, as requested, the policies in question have been cancelled and all monies received for the policies has been refunded.

Review: This company took money out of my bank account with out permission . I also never received a copy of my paper work I signed or copies of the policies . The agent [redacted] told me Settlers ins comp. would except my money orders as payment. He never returned my calls or text. I need my money returned to me ASAP! Schools starts Tuesday 8-27-14 and my children don't have school clothes or school supplies bills are not paid all to this situation. Please help get my money back! Actually since I never received any ins from them I want all money paid to them. Both payments for July and August .Desired Settlement: The money amount they took from me and any other amount that was charged to me for this also the pain n suffering of not having to be able to take care of my family. Sleepless nites, stress n strain on my heart n mind!

Business

Response:

Premiums were drafted as authorized, based on signed authorizations to do so. However, as requested, the policies in question have been cancelled and all monies received for the policies has been refunded.

Review: While going though some health issues my policy after 5 years was not paid. I contacted the insurance company to have the insurance reinstated for myself and my son in January . At that time I was told the papers would be mailed. After that time I never received those papers from the insurance company. Than in April my daughter called the company to find out what happened. They said the papers had been mailed. Once my daughter received the papers we decided to cancel my insurance and place the additional funds on my sons policy. I contacted the company and sent in additional monies.After not hearing anything else from the company my daughter called on May 30 and was told the monies that were placed in an account on hold. I spoke with [redacted] she said the policy lapsed. I told her it was requested to cancel the policy in April and continue my sons policy.She said because the policy lapsed that no monies would be given back on this whole life policy that was in effect for the last 5 years and they were holding the monies waiting for the paperwork they never received.Desired Settlement: Refund of whole life policy for the last 5 years for the life insurance policy for myself and reinstatement of my sons policy

Business

Response:

This is in response to your request received in our office June 10, 2013.As is noted in the complaint, two separate individual whole life insurance policies were issued by our company. One, on the complainant's life, was in force from August 2006 until September 2012; one, on the adult son, was in force from September 2010 until September 2012.Based on our receipt of a completed application for reinstatement and the required delinquent premiums, the policy on the adult son has been reinstated as requested.The complainant has confirmed in her complaint that she desired cancellation of the policy on her life. As indicated above, the policy lapsed for non-payment of premiums two years after it was issued. The policy remains terminated, and no cash value has accrued in the policy, so there were no refundable monies when the policy terminated.If you have any questions, please do not hesitate to contact me, toll free, at ###-###-####, extension [redacted].Very truly yours,[redacted]

Consumer

Response:

I have reviewed the response offer made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.I was not aware of the whole life policy with no cash value attached. My brothers policy was reinstated and an an agent was assigned to her case. My mother has had this policy longer than 2 years it was taken over by this company from another company.Regards,[redacted]

Review: My husband and I carried a burial policy on his mother for several years before he died in 2007. After he passed away, there was no one to look out for her, she made me the beneficiary of the policies we had on her at that time. I continued to pay those two policies and another one for her that I was not the beneficiary of. Approximately a year and half after my husband died , my mother -in-law's granddaughter took her from the nursing home and I still paid all three policies for her for several months. The following summer I did not get the bill for the separate policy and when I called about it I was told that the bill would be sent to her new address and that they would pay it from then on. I told them fine. The bulk policy that I had been paying continued to come to me as usual. At no time was I ever informed that the beneficiary had been changed to someone else on the two policies that I continued to pay which would have been the ethical thing for the employee on the phone at the time to do. If I had known that, I probably would have stopped making payments on the policy; regardless, I should have had the information to make the decision to continue making the payments, or not. Today, I was told by two people at Settler's Life that the claim would go to her beneficiary and not to me. I am appalled that a company that I am paying money to does not operate ethically to inform their customers of important changes such as this. A company should have loyalty to their customers not to someone that probably has never paid them a dime.Desired Settlement: I would like a refund of the premiums that I have paid on those two polices since that beneficiary change was made. I feel that I have been a victim of fraud.

Consumer

Response:

I have reviewed the response offer made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.I have read the attached response and I still do not understand why I as the PAYEE was not notified that a change had been made that affected the policy. I would not have to have been told any specific details but just made aware that the money I had been paying for the policy would ultimately be controlled by parties other than myself. If that is against privacy policies, why wasn't my bill separated at that point and that portion of the bill sent to the new address and the new beneficiary? You wouldn't have to have told me anything. It would have spoken for itself. In any other business this would have been done instead of just assuming I would still want to make the payments on a bill which has turned out that I have no control over at all. Furthermore, I am not sure that ANY benefit was paid to anyone. I have no rights! The letter states I had agreed to donate the money as a gift. That is not true. I agreed to help pay burial expenses for the person named on the policy because I thought at the time that I would have to take care of that as a duty to my late husband. I never agreed to donate my hard earned money to help the deceased person's relatives, pay her bills. I continued the policy with the belief that I could pay my husband's share of the bills, as I saw fit or as he would have wanted them paid. Instead, of being a part of this process, I have no money to help buy a marker for her grave, pay my husband's share of the funeral expenses, or anything else related to her final arrangements. NO that is not what I paid my money for faithfully every month!

Regards,

Business

Response:

Due to state and federal privacy laws, life insurance companies are limited as to what may be disclosed about their insurance policies. While a policy is in force, all rights belong to the policy owner. As a result, owners have a right to all information concerning their policies and the right to change the beneficiaries of their policies. Beneficiaries of life insurance policies have no rights in the policies until such time as the insureds die, at which time the policy rights transfer to the designated beneficiaries. Therefore, during the lifetime of an insured, without express written permission from a policy owner to discuss policy details with a designated beneficiary, no information may be shared with the beneficiary or any other person not expressly authorized by the policy owner to receive such information.The complainant states that she was paying the premiums for the policy owner, which essentially became the complainant's gift to the policy owner. That was a decision apparently made between the complainant and the policy owner, and it would have been up to the policy owner to disclose to the complainant that the designated beneficiary or her policies had been changed. At no time we were at liberty to discuss the owner's policy details, other than information related to premiums due, with the complainant. The agreement to pay the premiums for the policies was made between the owner and the complainant. No refund of premiums is due, and we stand ready to honor the contracts we had with the policy owner.Sincerely,[redacted]

Review: Have made 500 dollar payments for the last 4yrs..trying to increase policy...but never an operator to talk to & never return calls...believe the company is fake...need to find out to German refund or check on my policy.Desired Settlement: Assure me they are legit or refund my 2,000 dollars..

Business

Response:

Thank you on behalf of Settlers Life Insurance Company for contacting us with regards to Ms. [redacted]'complaint.The basic premise of the complaint is rather surprising. Our company is clearly listed in telephonedirectories, has an active website with customer service direct email connections and phone numbers([redacted]), can be easily found on [redacted] and [redacted], and is registered with theVirginia State Corporation Commission's Bureau of Insurance, as well as the South CarolinaBureau. We are currently celebrating our 32nd year of existence as Settlers Life (after starting out asHuff Cook Mutual Burial Association in 1932). We also carry a current rating of A minus from theA.M. Best Company, the fourth highest of sixteen financial strength ratings assigned by thatcompany. There should be no doubt whatsoever about our legitimacy, existence, financial strength, orsuccess.Our records show one policy on our books which fits the facts offered by Ms. [redacted]. (We are avoidingsetting forth specific details, in order to protect her privacy.) Ms. [redacted]' daughter is also involved, as theowner of the policy. The payments have indeed been made, as set forth in the complaint, and we haveproperly credited each of them. The last two were paid by the owner, however, not Ms. [redacted]. Thepolicy is active, although the last annual premium payment was due on February 4, 2016. We have notyet received it, and the close of the grace period is rapidly approaching.As for the assertion that Ms. [redacted] called our company and there was no operator to respond, our regularhours are 8 am to 5 pm ET, Mon - Fri, with a live switchboard operator and voice mail available. Wekeep records of all incoming calls going back several years. We searched all incoming calls received on11/03/2015 (the date cited in the complaint) and no call was received from any of the phone numbersassociated with Ms. [redacted] or her daughter. We also searched our recorded calls for an entire two yearperiod for the same phone numbers and were unable to locate any call from Ms. [redacted] otherdaughter. Per our notes on record the last call we received was on February 19, 2013 from Ms. [redacted]daughter. She made an inquiry regarding additional insurance, and we promptly passed the appointmentrequest to one of our agents. Nothing further was heard from our agent or Ms. [redacted] or her daughter.With respect to finding out about a "German refund", noted in the complaint, we do not understand thatterm. However, we would be pleased to speak with Ms. [redacted] or her daughter. All they need to do iscall. My department is specifically tasked with answering their questions and assisting them with allaspects of their policy ownership. They can reach me personally by calling toll free to [redacted],extension 4369. Note: If I do not hear from Ms. [redacted]' daughter shortly, I will call her myself to remindher of the possibility Ms. [redacted]' policy will lapse soon.I trust this responds to all the aspects of the complaint. Thank you again for bringing it to our attentionand allowing us to respond.Sincerely,[redacted]Policyholder Services Department Manager

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution would be satisfactory to me. Regards,