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Lincoln Benefit Life Complaint - Lincoln Benefit Fraud

Review by gbarney04 on 2007-07-03
OLD GREENWICH, CONNECTICUT -- I bought term life insurance approximately 4 years ago which was to be converted to a whole life policy at the end of a year. The reason for the switch from term to whole was because that I wasn't going to get any insurance due to the cost (I didn't want to spend $1200 for the term) but my agent said if I switched to a whole life policy after a year the $1200 I paid with the term would be put toward my whole life policy which costs $5000 (per year). She explained that with the whole life I would be able to keep all of my money and it would grow at a rate of bet. 4-5% per year. I have since paid a total of $15000 and only found out recently when I called to question "costs" and "expenses" on my policy (totaling $1600 per year) that I actually don't have a whole life policy but a "flexible adjustable" policy and that I have to stay in this policy for 20 years or forfeit $14400. As a result, I in reality have nothing in my account that I can call my own. They tell me I'm not even entitled to borrow against any of this money and if I pull out I will actually owe them money since my account is down to $12000 due to all of the fees. My agent failed to tell me any of this. Lincoln Benefit did an investigation and found the agent to be 100% correct in her dealings with me so I appear now to have lost all my money. Lincoln Benefit stole my savings.
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