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Guardians For Living Complaint - 'No out of pocket expense' life insurance scam

Review by ILITSCAM on 2007-04-02
NATIONWIDE -- I was told I could receive life insurance with no out of pocket expense by these individual through the purchase of a benefits package from My Benefits America (MBA) of Dallas Texas. I and many others were also solicited by these individuals to invest in MBA through the purchase of "territories". The name of the life insurance program was FREEDOM 7. The premiums were to be paid by a charitable trust call GUARDIANS FOR LIVING. This program was to have established an Irrevocable Life Insurance Trust (ILIT) for me. Myself and others have since found out this program is fraudulent and the individuals and companies named in this letter have scammed people for hundreds of thousands of dollars.

My Benefits America
12655 N. Central Expressway
Suite 320
Dallas, TX 75243
www.mybenefitsamerica.com

[MOD EDIT - REMOVED PERSONAL CONTACT INFORMATION]


Many of the life insurance companies who were involved (even though they didn't know it) have opened fraud investigations. It is my understanding that some of the companies have taken steps to drop some of the agents from writing business for their companies.

More than 30 A-rated insurance companies were involved even though they were unaware of the program details. Any policy I received was canceled within 30 days of being issued for nonpayment.

I am assuming they are collecting all this personal information for some sort of identity theft, but I don't know for sure.
Comments:1 Replies - Latest reply on 2007-04-02
Posted by ILITSCAM on 2007-04-02:
OK State Board of insurance issued a cease & desist to My Benefits America, Guardians for Living and the employees of each:

Oklahoma Insurance Department
P. O. Box 53408
Oklahoma City, OK 73152-3408
(405) 521-2748

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