We bought term insurance through the mail promotion approximately 20 years ago. we specifically wrote term because both my husband nor I were working but were receiving our CPP disability along with long term private from our place of employment.
We had the payments set up for automatic withdrawal on the first of each month. We were only contacted once to see if we wanted more coverage. At that time the agent asked if I wanted coverage for myself and I told him to check the file I already had the same amount of insurance.
I then received a letter stating I now had coverage for accidental insurance I then wrote a letter to AIG clarifying that no it was not accidental it was term we did not want accidental. we were already receiving full disability pension.
When I contacted AIG to submit a claim for Bernard my husband when he passed away I was simply told that we were not entitled any insurance because he did not pass away accidentally...I then got furious because he had no regard for anything I was saying.
I proceeded to tell him to look into our file that there was a letter clarifying that we applied for term and that it we had sent another letter from Lefebvre ave they had not even updated the address change.
Once again I was told that he did not see any letter, he then said to send him a copy of the death certificate, again I told him to recheck the file he already received a copy.
He finally said, yes I found it he would see if we what he could do. I proceeded to ask what happens to the monthly payments. He still had no answer and stated I will get back to you.
Well I am sill waiting. So I ask again who gets the money from all the years we paid into the policy and how many others have been swindled like this.
We bought the additional term insurance because money was tight and we considered term was the best way and we could afford it. We had no idea that we were paying for someones new home or vacation.
Pretty good way to supplement your income. I would like to know how many others were denied their claim for the same reason, after they paid in for along time and thought they were securing their posessions
not someone elses.