Lincoln Benefit Life Insurance
Sole My Money

I signed up for a term life policy 4 years ago that was supposed to be switched to a "whole life" policy after the first year. The way it was explained to me) because I didn't even want to sign up for the term because it was too expensive - $1200) was that after the first year I could switch to the whole life policy which cost $5000 and get a credit for the 1200 for the first year which is what I did.

The insurance broker faxed me over the pages on a rush basis after the first year to switch the policy and I faxed them back to her the same day. What I believe was the terms and conditions page had been recopied to many times that you can't even read it.

A few weeks later the policy book was delivered to me by her. The way she had described the policy was that my money would only grow so according to what she told me I should have $15000. What I have now is nothing. I in theory have $12000 because they deduct "costs" and "expenses" - none of which she told me when she was selling me the policy. She told me the reason is because when she was explaining the policy to me her laptop computer wouldn't allow her to show me the costs and expenses. Another feature she failed to tell me about is that I have to be in the policy for 20 years! If I pull out in advance I forfeit $14300.

When I received my last statement I didn't understand the costs and expenses and called up to find out what was going on and I found out then for the first time that Lincoln Benefit (my insurance company) no longer sells whole life policies and I had been signed up for an "adjustable flexible" policy. I explained that I had never even heard my insurance broker utter those words and that she had only referred to the policy as a whole life policy. She also had never told me about costs and expenses and never explained the $14300 default fee if I pulled out before 20 years. She did a bait and switch on me.

Their complaint department did an investigation and have said everything is on the up and up and I have no recourse. I told them I would then have to sue. I was totally lied to and relied on everything she told me about this policy. According to the book I got from her (which I tucked away in a safe place) I had 20 days to cancel but she didn't give me the book until several weeks after I had faxed over the pages to her, she never told me to look it over and she never informed me I had 20 days to cancel.

She also never told me about the $14,300 default fee or about the costs and expenses - she simply described my money growing each and every year so by now I would have the $150000 I've put in plus around 5% interest. This ended with their investigation in which they determined that I was in the wrong and they kept all of my hard earned money.

I work as a secretary and have two children and a husband out of a job and this is not money I can afford to lose. Don't do business with these people as they are not to be trusted.

Company: Lincoln Benefit Life Insurance
Country: USA
State: Nebraska
City: Lincoln
Address: 2940 South 84th St
Phone: 8005259287

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