Western Reserve Life
Distributor Transamerica Capital we were cancelled for being late two days after they cashed our check and we got both letters in the mail the same day Clearwater florida

We bought this policy 12 years ago, and although we didn't use it for the retirement account we thought we would initially we did pay premiums for 12 years for the sake of having the life insurance.

The amount of our premium varied according to the stock market and the value of our cash value (whcih turned out to be zero according to them despite the amount listed on every single statement we received). The premium could be $146 or over $200. Whatever they asked for we paid.

Last week we received two pieces of mail from them in the same day. One said we were cancelled because our policy lapsed and hadn't remitted the amount of $146.50 by February 17. The second reflected that they had received our payment on February 17 and had applied it to our policy.

I called them the next day. I was told because the 17th of February was on a Sunday, and the 18th was a holiday our payment was not posted until the 19th, therefore our policy had lapsed.

After the woman who I spoke to claimed to speak to her manager, who I was not permitted to speak to, basically told me I was late in paying, I asked for the money we just paid to be refunded. I was told it couldn't because it had been there to cover us should we have needed it.

When I asked if could access the cash value, I was told it was "cash value and not surrender value" and had no monies due to us.

They did mail us an application for reinstatement, which will require late fees be paid and possible physical exams for both myself and my wife.

I will not pay this company one penny more ever, and I hope our experience can save others the wasted dollars we spent for the last 12 years. Our cash value could not justify hiring an attorney to fight this battle, but perhaps this letter will cost them a future customer or two.

Company: Western Reserve Life
Country: USA
State: Nationwide
Address: Po Box 5068 Clearwater, Fl 33758

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