New York Life Insurance Company
New York Life Insurance Company

I purchased a policy for my business and for both my partner and myself. The partnership dissolved and I called to cancel policy and was sent thru being handed off here and there in order to get my everything taken care. I thought that everything was a done deal but I kept getting letters in the mail in regards to a loan that would pay for my policy, and I thought nothing of it until I kept getting them. I called and spoke with a customer service rep and told her that I did not authorize this and she stated that she would send out some paperwork for me to sign. I received the paperwork and it stated that there was a cash value left on my policy so I figured great filled out the paperwork and sent it back in. I received the check in the mail and looked at it and it was much less than what was quoted on the cash value. The company had taken the amount for the loan that I never authorized in the first place and sent the remainder. I called the customer service center and was told a supervisor would take a look at the phone call. I received a call back form the supervisor and she stated that the rep did everything right, although I did state in the phone call that the partnership had dissolved I never actually stated outright that the policy needed to be canceled. I have been in business for myself for years and would ever call a customer a liar, as I felt at that point. So in a round about way I called the person who sold the policy and they are no longer with the company nor is his boss. They clearly stated that they couldn't do anything for me. I feel that if a company can steal a couple hundred dollars then they could steal more so I plan on never doing business with them again. Its a shame since my company is at a point where we are planning to place 1,000 people in positions in our company over the next 2 years in spite of a poor economy.

Company: New York Life Insurance Company
Country: USA

  <     >