Prudential Insurance Company Complaint - Between the "Rock" and a hard place.
PHILADELPHIA, PENNSYLVANIA -- In 1993 I purchased a Variable Annuity life insurance policy from Prudential Insurance Company. I specified and was "guaranteed" a policy that would be paid "in-full" in twelve years, thereby coinciding with my retirement age.
After paying the premiums for 144 consecutive months by electronic transfer of funds, Prudential advised me that the policy was not "paid-in-full" and would probably take three more years.
After the next three years of paying premiums, not only was the policy not paid up but Prudential raised my premiums by 60% with the terms of premiums then being indefinite.
During all this there was much communication with the company and my state insurance commission to no avail. The company chose, (rather than to negotiate a settlement with me), to cloak themselves in litigious edict and deny any obligation to contractual responsibility.
As it became obvious that Prudential is not reputable and paying more premiums was just whistling by the graveyard, I canceled the policy and THEY kept my 15 years of premiums. Better to lose $30,000 than possibly another thirty to fifty thousand.
I have now noticed that many people have posted similar stories and it's apparent that Prudential can fleece us with immunity and, with us having no recourse, continue to post outrageous annual earnings statements.
I would recommend that anyone invested in any of Prudential's products liquidate them as soon as is rational. And, anyone wishing to purchase these types of products should look elsewhere.