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Prudential Life Insurance Complaint - Life Insurance Held Hostage By Prudentials Bad Faith And Greed - Life Insurance
Complaint
PHILADELPHIA, PENNSYLVANIA -- Prudential Life Insurance is holding HOSTAGE proceeds from 2 life insurance policies my father paid on 50 years before he died in June 2008. They say the beneficiaries are in dispute but keep delaying the one action that can settle this dispute - filing an Interpleader Action. For 8 weeks now this corporation (The Rock) keeps saying they intend to file this action which will allow the Courts to decide my father’s intent as to who is supposed to get the money, but in California this action requires the Insurance Company to deposit the death benefit money with the court. In essence the money will be paid out and this is something no insurance company wants to to, They want all the premium money they can get but don’t really want to pay any money out.
The longer Prudential practices this BAD FAITH tactic to delay paying out on these policies, the greater the chances are that my family will lose a home that has been in our family for 50 years.
The company has in their possession a copy of both my father’s Trust and Living Will plus a hand written note all expressing his final wishes as to who the undisputed beneficiary truly should be, yet they continue to delay taking any action to resolve this issue so the money can be paid to the family.
This is an outrage and another fine example of corporate greed. The Rock has no integrity whatsoever and no heart either. This company should be ashamed of their very transparent efforts to retain money they have no right to keep from those my father paid (50 years) to provide for after his death.
We have complained to the California State Insurance Commissioner and I have even sent a FAX to the CEO John R. Strangfeld Jr., with no results thus far.
The longer Prudential practices this BAD FAITH tactic to delay paying out on these policies, the greater the chances are that my family will lose a home that has been in our family for 50 years.
The company has in their possession a copy of both my father’s Trust and Living Will plus a hand written note all expressing his final wishes as to who the undisputed beneficiary truly should be, yet they continue to delay taking any action to resolve this issue so the money can be paid to the family.
This is an outrage and another fine example of corporate greed. The Rock has no integrity whatsoever and no heart either. This company should be ashamed of their very transparent efforts to retain money they have no right to keep from those my father paid (50 years) to provide for after his death.
We have complained to the California State Insurance Commissioner and I have even sent a FAX to the CEO John R. Strangfeld Jr., with no results thus far.
Comments:
Posted by madconsumer on 2008-08-17:
i just went thru this with my mother's estate. it took the courts 8 weeks to solve the issues once it was filed.
i as well, work in hr, and i can tell you, i make sure all of our new employees understand the process if a benificary is not chosen. i more or less make them enter one. all benificaries can be changed any time. only time a court will not accept a change, is if the person making hte change was not mentally able to do so. and the courts will decide this fact.
some estates have drug on and on in court.
i as well, work in hr, and i can tell you, i make sure all of our new employees understand the process if a benificary is not chosen. i more or less make them enter one. all benificaries can be changed any time. only time a court will not accept a change, is if the person making hte change was not mentally able to do so. and the courts will decide this fact.
some estates have drug on and on in court.
Posted by BobJohn on 2008-08-18:
I am not being nasty but your father is to blame. It sounds like he did not have specified his beneficiaries on the policy. Insurance policies have specific beneficiaries, if he didn't make it clear on the policy (not other documents) who the beneficiaries are then the insurance company can't just pay out the amount, they have to go to the courts to make the decision as to who should be receiving the proceeds. The insurance is not keeping the money for themselves, only trying to find out through the courts who should get it. I hope the matter is resolved soon for you, I've dealt with a drawn out probate process and it is a real pain.
Posted by imnashvillebound on 2009-04-29:
My 8 year old son is the beneficiary of his fathers life insurance. His father died over a year ago. Although I'm his mother prudential would not even speak to me until I went to court and became the guardian of my sons estate. They said after I did that they would issue the monies. I went to court and the judge appointed me guardian of his estate, she instructed me to send the guardianship papers to Prudential and return on a certain date to prove the funds were in a blocked account until my son reaches 18. I provided Prudential with the paperwork but was told it wasn't enough that I now needed a court order. To make a long frustrating story short, guardianship papers, filing for the money to be released, one attorney (who has written them several times and made many phones calls) and thousands of dollars on legal bills later they still have not issued the payment. In California the money goes into an account where no money can be withdrawn by anyone except my son when he turns 18 so it isn't mine and now he's 8 and we have been trying to get what is rightfully his since he was 7.
Posted by vietvet on 2009-07-06:
PRU sales reps are liars who will say anything to make a sale. Following 2 strokes every insurance policy I have granted LIFETIME wavier-of-premium - EXCEPT PRU! They demand a "re-certification" of my disability via physical at MY expense. Then PRU keeps annoying the doctor for 'more information' - finally the doc drops me and I need to find another.
PRU feels they have "won" by an avalance of paperwork to me and forcing me to change doctors after PRU hassles the doc.
My 'piece of the rock' is more like a piece of something else
PRU feels they have "won" by an avalance of paperwork to me and forcing me to change doctors after PRU hassles the doc.
My 'piece of the rock' is more like a piece of something else
Posted by Slammed by Rock on 2009-07-06:
Well put! I am sorry about your dilemma. I will include you in my prayers!
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