In May I purchased a whole life insurance policy from TransAmerica Life Insurance Company. Every month I paid $250 in savings that my agent, Nella Zelenskaia, never explained that about $40 of each of my monthly contributions went in fees back to them for the policy and processing. After going to a financial workshop that cautioned against "whole life" insurance policies, I called the TFLIC to have them explain my charges. Once I realized that I was going to be paying over $480 just in fees alone I realized that the policy was too expensive and decided to cancel the policy. I also realized that they had never sent me a letter with the schedule of payments and that my fees were guaranteed to rise every year even after the policy matured in 15 years.
Since I cancelled the policy before my maturity date, even though my cash value was $3,259.18, they took out a surrender charge of $2,690. I only got $569.18 of my money back. I knew there would be a penalty for cancelling before the maturity, but thought that the money I received would have been the amount I was charged not the other way around.
These people are slick. I even had my tax account look into this policy before I got into it and he approved; however, without having recieved the shedule of payments with the policy it made it that much more difficult to realize what the fees I would be paying were.
Nella is ruthless. Once she realized I was thinking about cancelling my policy she became extremely upset didn't return my calls or e-mails promptly and made me deal directly with the company, yet she still calls my accountant and friends trying to get them to sign up for this policy. I would NEVER recommend a whole life insurance policy to my family or friends especially not with this crooked company.
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