Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Looking for anyone who may have bought a Prudential Variable Life Insurance product back around the late 1980's. At the time we bought two such policies for our children who were infants at the time, we were told by the agent that upon the kids' 21st birthday, the death benefit of the policy would automatically (without regard to the market performance) raise from $25,000 to $50,000. Turns out that was false so I'm looking to see if anyone else had a similiar promise made. Thank you.
life insurance and annuities are the most complex products to understand.
i would venture to say more ofton than not its not fully explained by the salesman and details are omitted that make it very different from what you thought.
its all in the offering prospectus but it takes an mba to figure out.
odds are whatever you ended up with is all there in black and white. its just difficult to decipher.
ITS ALL FINE PRINT LOL... i posted in a thread here someplace my experience at the local bank when i went to renew my cd.
i consider myself fairly knowledgeable when it comes to this stuff and the bank tried to sell me an annuity. i had a pretty good idea about how it worked along with their promise of 10% a year for 10 years offer.
he realized the *** was up and i knew the ins and outs of what he was trying to slide by me but i went home and actually tried to understand the prospectus. i have to admit i couldnt fully grasp alot of it.
i did grasp enough though to realize what the salesman was saying wasnt a lie but it wasnt the exact truth either.
What it probably stated and should have been told to you is that at the 21st birthday your child has the right to increase coverage to 50k, but it requires paying an additional premium. This is a basic child rider most life policies get sold with these days and I presume it was no different back then. In any case its probably pretty cheap to increase the coverage and its guaranteed coverage with no physical required. Then again life insurance of any kind is generally cheap for a 21 year old provided they haven't developed any health problems.
Looking for anyone who may have bought a Prudential Variable Life Insurance product back around the late 1980's. At the time we bought two such policies for our children who were infants at the time, we were told by the agent that upon the kids' 21st birthday, the death benefit of the policy would automatically (without regard to the market performance) raise from $25,000 to $50,000. Turns out that was false so I'm looking to see if anyone else had a similiar promise made. Thank you.
Prudential reminds me of my father's life insurance policy. It won't help you other than to let you know to beware the insurance companies, they will do anything to keep from paying a policy.
My father was given this policy by his employer back in the early 70's. He retired in 1992. However, in 2003, Prudential sold the policies to some other company you've never heard of, I can not recall the name. I was told by observers that those type policies only pay if you die while employed. My father died 17 years after retirement. I was told that unless he kept paying the premiums the policy was no good. I called the insurance copmpany who owned the policy in 2009, and was told the policy was no good. They wanted me to provide documents I did not have and wanted me to prove the policy was good. I only had the Prudential policy dated in the 70's and it was $15,000. I did not give up. I had a strange feeling the insurance company was trying to get rid of me. Also, I never knew that a policy with Prudential could be sold, more than once, to other companies, making it harder to keep track of it. I produced the 2008 will and a letter threatening a lawyer and soon there after the beneficiaries got the checks. DO NOT let an insurance company get away with not paying a valid policy. My father never paid a dime in premiums after retirement so the advice I got on that part of it was not accurate.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
