In 1993 I purchased a term life insurance policy on my ex-husband for $550 a year.
When the term was up I was notified by Jackson National Life Insurance Company that I could change this policy to a "cash value" policy, previousy referred to as "whole life." Part of the premium each month would go into an investment and would be just like a "savings account."
The new cost was almost $3500 a year. Now, almost 8 years later, it seems that they never got around to changing the policy. So basically, I could have shredded my money each year and come out the same. I have ZERO for my $3500 a year.
It was totally Jackson National's mistake, but BIG SURPRISE, they have no record of my phone calls or the conversion form I signed and they take NO RESPONSIBILITY!
Do not ever use this company, they will RIP YOU OFF!
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