I received a letter on 10/18/10 stating the dividend formula on my Lifespan Term will be reduced. This was approved by the Circuit Court of Green County, Ala. And therefore has reduced my insurance death benefit from $119,000 to $65,538 at age 76 with the same premium that I have paid for 20 years of $235.20 a month. Next year when I'm 77 years old my death benefit will drop to $46,321 and when I'm 78 it will drop to $42,889. I have paid in $55,507.20 in the last 20 years and if I live two more years my wife will receive $42,889 after having paid in $61,152. What kind of sense does that make. I could have put that money in the bank and had $61,152 instead of $42,899. My math says that is $18,253 in the red. What is this country coming to when a person gets old and has faithly paid for a service that should be there but is taken away in his old age. I feel the insurance company has just taken my money and advantage of me and my family and many more - I believe the number is approximately 2,272 people. The company invested their assets, per their letter to me, and experienced a decrease in return on those assets during this prolonged recessionary period. According to them this has been going on since 2007 at least. So why not tell us what is going on, so why wait until now and give us from Oct 18 to Dec 1 to make up our mind if we are going to continue paying premiums into a policy that has less value than what I have paid into it. All I have to say is this is highway robbery and the state and federal governments allowed this to happen. What is our great nation coming to when the "common people" are taken for a ride such as this. There is nobody in his right mind that would make an investment such as this. State Mutual has taken my money and will give me nothing for it. State Mutual says in their letter to me "Though Mr. Dunlap focuses on the total amount of premium he has paid over the years, he fails to recognize that he has enjoyed insurance coverage in excess of twice that amount each year for nineteen years." Well, I thought I had ": twice that amount until I died if I keep up my premiums. So with that said I still say that what State Mutual Ins.Co. Went to court and has done along with the Circuit Court of Green, County, Alabama is legal highway robbery. That is my opinion and I have a right to my opinion. I just want to tell everyone that will read this to beware.
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