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Old 11-24-2011, 02:24 PM   #21
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Originally Posted by Rich View Post
I defy you to read a prospectus from an insurance company and fully understand the import of the words! It truly is a rigged system, designed to obfuscate, confuse and mislead their customer base.
And you bought their products anyway?

Must've seemed like a good idea at the time.


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Old 11-24-2011, 04:28 PM   #22
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Originally Posted by Rich View Post
Without notice (or any logic that I can figure) my life insurance company, AIG, American General increased my semi-annual payments from $625 to $1,348 dollars. I have had this policy since December 1984 (for $200,000 dollars). The premium, until this just received bill, had always been for $625 dollars, semi-annually. At one time the policy had cash value of around $10,000 dollars. The value as of this moment is around $500 dollars.

The policy also states:
INTEREST IS CREDITED TO THE POLICY MONTHLY IN THE DETERMINATION OF CASH VALUE. THE GUARANTEED RATE IS 4.500%. (the underlined above is as seen on the policy report, which is the most current one I can locate, from 12/08/09)

The heading of the policy states the following:


I have no doubt whatever the company is doing to me is perfectly legal. I offer this up as a warning for all when dealing with an insurance company regarding what one is told and led to believe (that this policy would be useable for my entire life, up to age 99 as I recall) and that the semi-annual premium would be $625 dollars, the amount I paid for the previous 26 years.

Fortunately we can let the policy go as we have no debt and my wife would be fine without it should I predecease her. Its just very annoying that the company is able to get away with marketing such a misleading product.

Never mix financial products with life insurance.

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Old 11-24-2011, 04:29 PM   #23
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Originally Posted by Rich View Post
I defy you to read a prospectus from an insurance company and fully understand the import of the words! It truly is a rigged system, designed to obfuscate, confuse and mislead their customer base.

Anytime there is a plethora of fine print, you can bet it ain't there to protect your best interests.
A totally unblemished life is only for saints.
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Old 11-25-2011, 06:54 AM   #24
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Here's hoping Rich gets lucky and that AIG messed up and is trying to do an annual billing instead of semi-annual. You never know.

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