EAGLE EYE 444
King Casanova
Earlier this week, I got the most RUDE awakening possible. I HOPE THAT ALL OF YOU WILL CHECK AND DON'T LET THIS HAPPEN TO YOU !!!!
Back on February 15, 1982, I took out a Life Insurance Policy on myself for a total of $50,000 and over all of these years, my intent was to leave something behind to help my family have something to help them to continue paying their bills etc. This was set-up on a bank draft with the premium being paid directly from my bank account each month, year, etc. With that done, the premiums have been paid right on schedule during the past 41 years now without any problem including the automatic monthly payment even paid on 1/15/2022. Of course, the original premiums started out much lower BUT over the years have increased to higher premiums on several occasions during these past 40 years now.
I absolutely came "UN-GLUED when I received a letter a few days ago that stated that my Life Insurance Policy would be NO LONGER IN FORCE as of 2/15/2022. To my surprise this is based on when I turned 70 back in September 2021, the entire amount that I have ever paid now belongs to the Insurance Company AND I HAVE NOTHING NOW that will be passed on to the beneficiary listed (my Daughter) as this was the entire reason for my Life Insurance.
I have been advised that I have NO RECOURSE in this matter. It was sold to me under the pretext that this policy would have to be paid during my entire life and at that time, my beneficiary would receive the proceeds as such. All of this paperwork has been stored away for so many years now and I knew up front that the monthly amounts would change to a higher amount about every 5 years and they have increased as such and so has the monthly amount paid to this Insurance Company.
Obviously, I am not an expert when it comes to Insurance Policies etc BUT over all of these years, after the original local seller of this policy to me apparently died, vanished or whatever, there was nobody else local tied to this (Name Withheld) Financial Life Insurance/Investment Company whose headquarters is located in Minneapolis. Back in 2017, I made sure that the beneficiary of my Daughter was in fact correct on this policy by contacting the Main Office in Minnesota and everything was correct with that information as I did receive the confirmation copy of this document. However, nobody ever contacted me to advise of any other details about this policy including the 70 year old stipulation part either as even since my 70th birthday back last September, they still have debited my bank account each month as of January 15, 2022.
I will be breaking this news to my Daughter and SIL later today and this makes me feel like a total failure in my lifetime effort to make sure that they have something to help them in there future lives.
I am sure not any kind of expert when it comes to insurance policies etc BUT I really feel like I have been "taken to the cleaners" and not in a very nice way either. The fact is, I don't know that this happening is legal or illegal at this point. I was advised on Thursday afternoon that I have no recourse on this matter. Either way, IT WAS AN EYE OPENING TIME FOR ME THIS WEEK.
I can only hope that others of you check your policies about the clause of turning 70 years old and loosing your "promised benefits".
I would welcome any advice based on others experience if possible and if any of you members here would use the private message feature here on the board, I would appreciate any input.
Back on February 15, 1982, I took out a Life Insurance Policy on myself for a total of $50,000 and over all of these years, my intent was to leave something behind to help my family have something to help them to continue paying their bills etc. This was set-up on a bank draft with the premium being paid directly from my bank account each month, year, etc. With that done, the premiums have been paid right on schedule during the past 41 years now without any problem including the automatic monthly payment even paid on 1/15/2022. Of course, the original premiums started out much lower BUT over the years have increased to higher premiums on several occasions during these past 40 years now.
I absolutely came "UN-GLUED when I received a letter a few days ago that stated that my Life Insurance Policy would be NO LONGER IN FORCE as of 2/15/2022. To my surprise this is based on when I turned 70 back in September 2021, the entire amount that I have ever paid now belongs to the Insurance Company AND I HAVE NOTHING NOW that will be passed on to the beneficiary listed (my Daughter) as this was the entire reason for my Life Insurance.
I have been advised that I have NO RECOURSE in this matter. It was sold to me under the pretext that this policy would have to be paid during my entire life and at that time, my beneficiary would receive the proceeds as such. All of this paperwork has been stored away for so many years now and I knew up front that the monthly amounts would change to a higher amount about every 5 years and they have increased as such and so has the monthly amount paid to this Insurance Company.
Obviously, I am not an expert when it comes to Insurance Policies etc BUT over all of these years, after the original local seller of this policy to me apparently died, vanished or whatever, there was nobody else local tied to this (Name Withheld) Financial Life Insurance/Investment Company whose headquarters is located in Minneapolis. Back in 2017, I made sure that the beneficiary of my Daughter was in fact correct on this policy by contacting the Main Office in Minnesota and everything was correct with that information as I did receive the confirmation copy of this document. However, nobody ever contacted me to advise of any other details about this policy including the 70 year old stipulation part either as even since my 70th birthday back last September, they still have debited my bank account each month as of January 15, 2022.
I will be breaking this news to my Daughter and SIL later today and this makes me feel like a total failure in my lifetime effort to make sure that they have something to help them in there future lives.
I am sure not any kind of expert when it comes to insurance policies etc BUT I really feel like I have been "taken to the cleaners" and not in a very nice way either. The fact is, I don't know that this happening is legal or illegal at this point. I was advised on Thursday afternoon that I have no recourse on this matter. Either way, IT WAS AN EYE OPENING TIME FOR ME THIS WEEK.
I can only hope that others of you check your policies about the clause of turning 70 years old and loosing your "promised benefits".
I would welcome any advice based on others experience if possible and if any of you members here would use the private message feature here on the board, I would appreciate any input.
