100 Insurers Message Board

Subject: Re: Re: Re: Primerica

Comments:
: : : I purchased life insurance in the late 80's from an A.L. Williams agent. since that time Primerica bought out that company. Money has been deducted from my account every month since then. When I called to inquire about the life insurance they said the account was inactive. Does any one know what that could mean? What should I do? I want my money from the policy! : : You need to find your original policy and contact a Primerica agent in your area. If you haven't seen someone in years then chances are you didn't have an FNA. Find a office close to you and have someone come to your house and look at your policy. : ------------------ : Based upon the reported rolling of money found in policies by the PFS agents, I would first do the following. : I would go to my bank and ask for a computer print-out of the deductions made on the bank draft. This is your proof that money is still being deducted. : They I would examine the policy itself to see when the experation date was. This will provide you with the date the policy may have already expired or when it will expire. : If it has already expired then you are without life insurance policy death benefits and you are self-insuring with your own money. : If you don't want to self-insure and you still have a need for life insurance then look at the conversion right you have assuming the policy has not already expired. : Since you say the policy was written in the 1980s then in your conversion rights there will be a clause guaranteeing you that you can covert to a Primerica Whole Life policy that builds cash values. : Assuming the policy has expired then it may be that since they are still deducting money from your account you may have had a side money accumulation account and you didn't know you had one. : If that be the case you may find that all the money you are paying to the company including the amount of money you were paying for the life insurance if it has expired is now being deposited into the money accumulation account. : If you do not have a money accumulation account and they still are deducting from your bank account they owe you all that money back plus interest on it. : Caution....When you establish what has happened be sure you contact a professional insurance agent such as a CLU or LutcF or Money Planner who has the titles of learning behind his name and not just one of those run-of-the-mill PFSers who may once again attempt to use those funds to cut another commission out of it for himself. : It is a well known fact the outrageously premium priced PFS insurance products can not compete with the less costly traditional Insurance Company's same products on the open competitive market. :)

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