Life Insurance
My father-in-law bought a whole life policy in 2000 with a $50,000 death benefit. He has been paying a monthly premium of $279.48 now for 24 years. That adds up to $80,490. The policy was with Aetna but sold to The Hartford. Now The Hartford has Selman and Co. administering the policy. I was finally able to talk to someone about what his policy cash value was and she told me it was $31,000 and the death benefit was still only $50,000. Is this even possible? When I asked the lady what his options are today: cash in or maybe stop paying the premium and just have a $50,000 paid up life insurance policy I keep getting put on hold. Multiple phone calls have resulted in 30+ minute holds with no help. Desperate, please help!
Terry Says
OK, he got ripped off by an insurance salesman. You need to contact them and get those options IN WRITING. Then my advice would be to make sure that if he stops paying there is still a $50k death benefit. If so, don’t put any more into this — obviously!
Now you have my email, saying your question has been answered. If you can’t get through to the Hartford (not Selman) ask for the legal department and tell them your next call is to the Consumer Financial Protection Bureau. If you can’t get a straight answer in writing, keep track of the numbers you called, and write back to the email you receive from me.
