Complaint / review text:
Prudential agents did not tell the whole story in reference to insurance policies that they told us to surrender in order to buy a more expensive payment on the bread winner of the family.
They have taken a loan on an existing policy to pay for the one we purchased with the understanding that the amount we paid covered the premiums yearly.
I was disabled with multiple sclerisis and have recently found that I owe over ten thousand dollars to Prudential to bring the new policy up to date and although by law they pay the premiums that I used to pay. No one ever notified me that I was responsible for the loan that they took to pay for my new policy. No they want me (disabled and On a fixed income) to pay over $700. Oo per year or else my polices would become depleted to pay off the loan that Prudential took on an old policy to pay off the new one. My old policy which I have had since I was 17 years old is almost depleted and therefore not payable on my death. If this keeps happening they will deplete the only policy I have left with them. I am very upset about this. My choices now are to pay off the loan on the policy or lose the death benefit and in time lose any death benefit on the new policy. (Very complicated) I have talked and written but to now avail. I've been lied to by agents and now no one will help me keep the policies I paid for all my life. I am 65 and I don't have a long time left.
One of the polices they talked me into surrendering was on my son who recently passed away at 33 years old from cancer and all the bills for him had to come out of pocket because he had no insurance to pay for his burie. SHAME on PRUDENTIAl for their conspiricy to defraud their customers. I am ashamed to have had them for so long as my ins. Ppl. Now I am going to lose all my isnurence because I cannot afford to pay $10,000 to reinforce the old policy and then have to pay the premium ea. Year for a #25, ooo dollar death benefit.