What is the name of your state (only U.S. law)? Ohio/Florida
I will try to be brief.
Over 20 years ago, I bought 2 policies from a major company. Both were to be for the same amount, one for my daughter, one for me. I specified that I wanted them to be paid up in 20 years and still have the insurance after that time. I was widowed and we were in Ohio at the time.
I have since remarried and we now live in Florida. My daughter is also married be we have continued to pay on both policies. Upon checking to see how many more payments were left on our policies, since it was around the 20 year mark, we were told by the agent in Florida that her policy is paid and any future payments would just add to the benefit amount. However, MY policy wasn't paid up and never would be as the company no longer had a policy written that way and not only would I never be paid up but I would not have any insurance in future because their investments were not very good and they were not paying as much so my payments weren't even covering the cost of keeping the policy in force!
I have been fuming for years over this and questioned and requestioned the agent here (the one in Ohio is no longer with the company) as to how I can be cheated this way and why the company is not liable for their agents mistakes-if there was one. I didn't think a policy could be changed that drastically without my knowledge or approval.
Am I up the creek? Is this legal? I couldn't change to a different kind of policy or get new insurance elsewhere at my age. It just doesn't seem right to have one policy written correctly and supposedly MY policy changed for the reasons they gave.
Thank you for any information about this.
I will try to be brief.
Over 20 years ago, I bought 2 policies from a major company. Both were to be for the same amount, one for my daughter, one for me. I specified that I wanted them to be paid up in 20 years and still have the insurance after that time. I was widowed and we were in Ohio at the time.
I have since remarried and we now live in Florida. My daughter is also married be we have continued to pay on both policies. Upon checking to see how many more payments were left on our policies, since it was around the 20 year mark, we were told by the agent in Florida that her policy is paid and any future payments would just add to the benefit amount. However, MY policy wasn't paid up and never would be as the company no longer had a policy written that way and not only would I never be paid up but I would not have any insurance in future because their investments were not very good and they were not paying as much so my payments weren't even covering the cost of keeping the policy in force!
I have been fuming for years over this and questioned and requestioned the agent here (the one in Ohio is no longer with the company) as to how I can be cheated this way and why the company is not liable for their agents mistakes-if there was one. I didn't think a policy could be changed that drastically without my knowledge or approval.
Am I up the creek? Is this legal? I couldn't change to a different kind of policy or get new insurance elsewhere at my age. It just doesn't seem right to have one policy written correctly and supposedly MY policy changed for the reasons they gave.
Thank you for any information about this.