Just called to find out why my policy purchased back in 1986 was being cancelled and my monthly payment has been made automatically every month. Was told by George that I haven't been paying the increased payment so they took money out of my cash value to make up the difference.
My policy was paid up in 2000 and I continued to make the $24.35 payment every month for a death benefit of $29,558 through Aetna Life Insurance, later sold to ING and now to Protective Life Insurance. At no time did I receive information that my premium was increased, just a letter saying that I may want to contact them because of changes in insurance needs. They never said my premium wasn't enough. All the cash surrender I had built up is gone.
I have a guaranteed Interest rate of 4.50%.
George tells me if I don't begin paying the increased rate of what ever it may be, he didn't tell me, I would forfeit everything I have paid since 1986. I told him I was contacting the AG regarding this.
Product or Service Mentioned: Protective Life Corporation Life Insurance.
Reason of review: Life Insurance.
I didn't like: Being robbed.