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11-24-2011, 02:24 PM
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#21
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,860
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 Quote:
Originally Posted by Rich
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.
Rich
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And you bought their products anyway?
Must've seemed like a good idea at the time.
__________________
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Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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11-24-2011, 04:28 PM
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#22
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Thinks s/he gets paid by the post
Join Date: Mar 2010
Location: Chicago
Posts: 1,154
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Quote:
Originally Posted by Rich
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:
ANNUAL REPORT FOR THE MEDALIST – ADJUSTABLE LIFE INSURANCE POLICY WITH FLEXIBLE PREMIUM, DEATH BENEFITS AND CASH VALUE
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. It’s just very annoying that the company is able to get away with marketing such a misleading product.
Rich
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Never mix financial products with life insurance.
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11-24-2011, 04:29 PM
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#23
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Thinks s/he gets paid by the post
Join Date: Oct 2002
Location: Chattanooga
Posts: 3,895
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Quote:
Originally Posted by Rich
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.
Rich
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Anytime there is a plethora of fine print, you can bet it ain't there to protect your best interests.
__________________
Earning money is an action, saving money is a behavior, growing money takes a well diversified portfolio and the discipline to ignore market swings.
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11-25-2011, 06:54 AM
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#24
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Recycles dryer sheets
Join Date: Feb 2006
Location: Indianapolis
Posts: 417
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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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