Mother died back in December, 2007, leaving two annuities. The one left to her second husband was eventually paid to his power of attorney. Banker's has yet to honor the claim for the second, left to her sister, two daughters and a foster child.
First Bankers tried to tack on two extra beneficiaries. No explanation how they got there. They weren't added through her agent or anyone else at the local branch. Yet they were perfectly fine with it. Covering for larcenous home office executives, perhaps? These names disappeared two weeks after we started questioning it.
Then came the phony excuses: "A lot of people died this month. We're back-logged." "Your claim was directed to the wrong department."
By the end of February we began to ask why the annuity was never distributed. A letter came that alluded to a previous letter (never received) asking for three documents from each beneficiary they must have before payment. We complied immediately.
Another month passed. We called again. It seemed there were other forms we needed to send. As before I sent them out to the others to be signed and returned. Two weeks later I was assured everything was in order. It would be paid in 10 to 20 business days.
Another month passed. We called again. Now they discovered the policy was written in a strange way with Mother as the owner and me as the annuitant. It was no longer a death claim; it was a surrender. More forms. It would be processed within 20 business days. Nothing.
I called again and so did my agent. The forms were received. Everything's in order. Please allow 10 business days. In the meantime I got a weird letter saying they were changing my address "as requested to "c/o (my name) Friendswood, Tx."
Ten days later I called again to be sure they had my address right. I also asked if the check had been issued. It hadn't. They faxed me another form, which I filled out and returned. By now it is quite clear that they will not be paying the claim. We are exploring legal action.
For one thing I would love to know the name of the insurance companys that will refund all prem. if u cancle because I have never seen one that will. Second When u r dealing with a big company once in awhile there r bound to be problems give me one company that has never had some one wine about then. But keep in mind that 9 out of 10 complants r made by people that r always the victom. There will always be a problem with something some where. Not to mention the complants that there r about Bankers r so few compared to all the people that they have helped. So I do fell bad for those of u who have had a hard time, if the complant is lagit. But u need to understand that the services offered by this company chang lifes for the better evry day!
DO NOT trust Banker's Life. The salespeople are unscrupulous. The office staff is incompetent. The salesman sold a large annuity to our dad, an 80 year man who failed the test of cognition twice. The salesman had to return several days in a row before our dad was lucid enough to pass and sign a contract for an annuity that tied up 3/4 of his savings for 10 years. When cornered by the angry offspring of our dad, the BL salesman said that two of us could sign a change order and become co owners, which we did in the salesman's presence. The annuitant, our Dad's money-hungry lady friend, signed this change order also. BL stamped it and filed it in 2003. Two years later Dad died. The co owners applied for the money. BL gives us the runaround from one lawyer, one office, another lawyer, another office....all responding something different. Bottom line, Dad printed his name on the change order. Dad needed to sign his name. BL would not honor the change order. How do we get the deceased to sign now? So, we hired a lawyer who filed a complaint in court. BL ignored it. The judge ordered BL to honor the change order as Dad's intent was clear. BL NOW files a motion to set aside, claiming they were not informed about the complaint: it went to the wrong address. Ha! The judge's order went tot he same address and BL responded immediately. More lies. More incompetence, more time passing and more money for us to pay to our lawyer. DO NOT trust this company.
3. Written by Former Banker's Agent, on 15-08-2008 00:46
Banker's motto is: Pass the Buck. I am not surprised all of you are having so many problems with Banker's claims. My advice: FILE A COMPLAINT WITH THE INSURANCE COMMISSIONER IN THE STATE YOU LIVE IN!!!! This always makes them squirm. Also consider getting an elder law attorney. Good luck.
To the person listed with the comment on 7/14/08 about LTC plan. If you choose to stop payment on your policy BLC will convert your plan to a fully paid up policy based on the amount of premiums you have paid in. If you never use the funds then you don't get your money back just like you don't get your premiums back on a car or home insurance policy if you did not make any claims.
We have been trying to collect on a long term care policy and a 90 day policy for my mother who has entered an assisted living facility. It has been a NIGHTMARE!!!! They keep saying they have what they need, then when I call back, they need something else. this has been going on for 3 and 1/2 months. It is supposed to be a 10-15 business day turnaround????> Ha!!! We have also been trying to get her name changed back to a former name. We have done everthing they have asked several times, still one policy has the old name after over a year. Her agent is out on "sick" leave for almost 3 years and can not be reached. They will not set her up with another agent. I have had no help and am getting close to litigation. Enough is enough. Her health has suffered because of this. She now has a bleeding ulcer becasue of all her worry. I need help!!!!!!!!!!!!!!!!!!!!!
i have worked for Bankers for ten years I have not had anyone have a problem with a claim. Unless you have a good agent I would call home office to get your claim paid. If they give you a hard time threaten them with calling the insurance department. I have clients that Bankers has paid over 300,000 in long term care benefit with minimal problems. Never seen a check not go out within a month of the company receiving a death certificate. Seen some stupid agents or clients put the beneficiary to the estate which has caused a whirlwind of problems. I like Bankers enjoy working with the senior market.
I had to respond about the comments concerning the long term care policies. I also, used to work for Bankers and I also took out long term care policies on my parents. The reason I did this is because Medicare only covers the first 20 days in a nursing home now. No, I will not get my money back! However I have the peace of mind that paying $100.00 a month now, will save me from paying $3,000.00 in the future if my parents ever found themselves needing nursing home care or home health care. That is the chance Im willing to take, especially when 75% of people over the age of 70 will require some sort of nursing care. I also dont want to see my parents lose their home and property, because if you are unable to meet that $3,000.00/month payment, upon the death of my parents the state has the right to reclaim any money that is lost. Which means that they can sell everything my parents have worked for their entire lives. To me it's worth the chance to spend $100.00/month to not have to worry about everything else. Im sure the people compaining now, wouldn't complain one bit if their family had actually had to use this policy. Suck it up!!!!
I currently work for BLC and I have to tell you all that it sounds very unusual for the problems you are stating to be accurate throught the company as the agent it is our duty to make sure things go smoothly so that you have no worries in a time of mourning and like with some companies there are bad apples that unfortunately are not rushed out quick enough so perhaps things were not correctly submitted by them if you would like to call the warren office and ask for Krista I will be more than happy to assist you with any problems you are having. I am sorry for your losses and the added stress upon you please call the Warren oh office 330-856-6597 ext. 212 and I will assist you the way you should have. I know this company is in the right place I am sorry you have had an unusual experience. Have a good Day.
9. Written by Bankers Life Ins., on 14-07-2008 12:41
my husband and I have long term care policy with bankers.I learned the money is not refundable to us the customer,if we wish to stop payments or if do not use.Other insurances do. Is this legal? The money is ours. PG
10. Written by Mary M Johnson, on 10-07-2008 09:25
My husband had a life insurance policy on our grandson. At my husband's death, I gave the policy to him. He is trying to surrender the policy and is getting a runaround. He has mailed, and faxed the death certificate and he is being told they have not received it. bull!!!!
Comments
Comments (12)
