Colonial Penn Life Insurance Company
Rip off Insurance company

I am a member of the VFW Auxilary and as a member, Colonial Penn offered members a reduced rate for life insurance. Forms were sent to every member and if interested you needed to complete the forms and return them with your check. Rita Frieta the underwriter called after receiving my forms to say I was accepted and the policy would be sent. It was to be a fixed rate for 10 years and then would increase. I asked what the rate woud be after 10 years and she told me all the info would be in the packet with the policy. She indicated that I had 30 days to review the policy and if decided I didn't want it to simply return it and my money would be refunded. After receiving the policy and saw what the premiums would be after the 10 years I immediately returned the policy and a signed cancellation form (which was included in the packet) to the company. For $25,000 in life insurance if I would have kept it, after the 10 years my premiums would have went so high they could never have been paid. Especially if I would be on a fixed income. If I lived to age 80 I would have paid well over $350,000 for the $25,000 policy limit. Now 2 months later nothing! I received a letter stating they received my request to cancel the policy and before they could do it they needed the policy returned and a signed letter requesting the cancellation. I called customer service and first they said they didn't have anything. When I asked them how they knew I wanted to cancel it if they didn't get the policy? I was put on hold and then was told they got the policy but not the signed form. I tried to say the form was with the policy. I was put on hold again and then she told me a form was mailed to me on 12/3/08. I asked her what if I don't get this form? She just kept saying it was mailed. It is now 12/18/08 and I have not gotten anything from them to date. To me they are stalling so they can say I had the coverage for a month so they don't have to send back my money! What a rip off. If this is how they treat VFW members how do they treat regualar people? It was a good lesson to learn. Companies are looking for older people belonging to orgainizations to take advantage of. Beware!!! I hope they enjoy their freedom since all the Veterans sacrificed so much so they could have it. Some with their lives. I will be contacting our Local, State and National VFW Presidents to let them know how this company is ripping off members.

Company: Colonial Penn Life Insurance Company
Country: USA

  <     >