Should I Keep My Horizon Life Insurance Policy Through American-Amicable Life Insurance Company Of Texas?
Oct 19, 2006 by robbase7 | Posted in Insurance
I'm a soldier and bought this scheme 6yrs ago. Got a letter and check in the mail today saying the company had a settlement with the oversight.
You in all probability already know this, but the American-Amicable Life Insurance Company of Texas was sued by the Securities and Exchange Commission for pleasing in shady selling practices. It involved the Horizon Life line of products that was part of the “Construction Success” program. The settlement calls for $10 million to around 57,000 military personnel and a refund of $1.4 million to Fort Benning soldiers for a program sold there. (relate below to the SEC litigation release).
I would look elsewhere for investment and life insurance since this company appears to have been involved in less than straight business dealings. I would think about what you want out of a life insurance plan and what you would want out of an investment before you talk to anyone about either product. Talk to friends and make sure you understand any investment or insurance aim you might be considering. MostChoice.com has articles explaining the different types of life insurance and annuities, and you can also analogize resemble plans through the site and speak to multiple state-licensed insurance agents without cost or devoir.
Before you speak to an insurance agent, tell him/her exactly what you want and don’t settle for anything less than that.
You can find MostChoice.com here: http://www.mostchoice.com/life-insurance .cfm
It depends. The most beneficent thing to do is take your policy to a life insurance agent in your town. Have him/her review your policy. Ask the same into question. By reviewing the policy, the agent will have a better idea of the type of programme you have (term or permanent). They can tell what kind of company Horizon Life is (fiscal strength, claim history, reputation, etc.) By informing you of the gen and with some guidance, you are in a better position to answer your question. I strongly urge a life insurance specialist-- As opposed to multi-line agents (i.e. auto, domicile insurance, etc.) If you are considering replacing the existing policy, NEVER CANCEL it until your are approved by the new company. Pure Luck. Let us know what you decided!
lesliepham_bui | Oct 19, 2006
You to all intents already know this, but the American-Amicable Life Insurance Company of Texas was sued by the Securities and Exchange Commission for pleasant in shady selling practices. It involved the Horizon Life line of products that was part of the “Edifice Success” program. The settlement calls for $10 million to around 57,000 military personnel and a refund of $1.4 million to Fort Benning soldiers for a program sold there. (tie-in below to the SEC litigation release).
I would look elsewhere for investment and life insurance since this company appears to have been involved in less than pole business dealings. I would think about what you want out of a life insurance plan and what you would want out of an investment before you refer to to anyone about either product. Talk to friends and make sure you understand any investment or insurance envisage you might be considering. MostChoice.com has articles explaining the different types of life insurance and annuities, and you can also measure against plans through the site and speak to multiple state-licensed insurance agents without rate or obligation.
Before you speak to an insurance agent, tell him/her exactly what you want and don’t put in for anything less than that.
You can find MostChoice.com here: http://www.mostchoice.com/life-insurance .cfm
Hope this helps,
Barnes@MostChoice
MostChoice.com | Oct 20, 2006
Life Insurance 4 Years After Divorce?
May 30, 2008 by Effraye | Posted in Insurance
Okay, here's the case. A Colorado man gets divorced from his wife, the divorce is amicable so they do it without a lawyer. He leaves her as the exclusive beneficiary on his life insurance because they have two kids together. Meanwhile he gets remarried and moves to Hawaii. Four years after the divide he dies, and now the insurance company is claiming that there's an 1873 law on the Colorado books stating that if you pine for to leave your ex-wife as beneficiary, you have to state it in your divorce agreement.
I sympathize that, but wouldn't the fact that he's now had FOUR YEARS to change the policy to reflect his new location matter?
Anyone with divorce/legal expertise that can help me?
I don't put one's trust in such a law exists. If this was true it would be chaotic. If the decedent's beneficiary request is not honored who is now the beneficiary? Children of the prior to marriage? Children of the new marriage? New wife? Decedents estate to be argued over by the survivors? What if there was yet another affiliation? As you can see it could get confusing.
Is it the insurance company that is telling you this or someone told you that this is what the insurance company said? If it is the insurance company have them put it in writing citing this 1873 law.
Never heard of that law. Insurance policies are CONTRACTS. They MUST pay out to the named beneficiary.
So, who is it explicitly they want to pay, the new wife? The old kids? Have them spell out, in writing, exactly what they thirst to do and why. Then file a letter of complaint with your state insurance department, including their illustration.
If someone BESIDES the insurance company is telling you that the insurance company says this, I wouldn't believe them. Flat out. So if new wifey says, "the insurance company says", I don't cogitate on so.
mbrcatz17 | May 30, 2008
I don't put faith such a law exists. If this was true it would be chaotic. If the decedent's beneficiary request is not honored who is now the beneficiary? Children of the antecedent to marriage? Children of the new marriage? New wife? Decedents estate to be argued over by the survivors? What if there was yet another nuptials? As you can see it could get confusing.
Is it the insurance company that is telling you this or someone told you that this is what the insurance company said? If it is the insurance company have them put it in writing citing this 1873 law.
Tom Z | May 30, 2008
I am an insurance envoy, and I can tell you that there is no such law in my state. I don't know about Colorado, but I wouldn't buy into what the company says without at least checking with a village lawyer first.
I know this. In the state of GA, if you are listed as a beneficiary on a policy, you get the means unless you took place in their death (ie: killed them or arranged their mass murder).
In the future you can save yourself some trouble by always doing business with reputable companies; and be unshakeable to check their ratings through "standards and poors", "AM kindest" or some other rating company.
On a Side note, Colorado wasn't even a state until August 1, 1876, so a 1873 law would be kinda curious wouldn't it.
Hope this helps
Josh,
AIG American General
JD | May 30, 2008
Rethink103, Life insurance covers lots of unalike things. Since I'm from Wisconsin I'm not familiar with the Colorado regulations, so I recommend you fall upon a nearby life insurance agent. http://www.easylifeinsuranceguide.com/Co lorado-Life-Insurance.html. They should be masterly to help you.
John l | May 30, 2008
You're legal in identifying the need for legal advice. Insurance contracts are contracts after all. Even if we are frequent with the law, insurance professionals are not equipped to give a legal opinion on matters beyond common experience. Find a lawyer.
aaron p | May 31, 2008
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You in all probability already know this, but the American-Amicable Life Insurance Company of Texas was sued by the Securities and Exchange Commission for pleasing in shady selling practices. It involved the Horizon Life line of products that was part of the “Construction Success” program. The settlement calls for $10 million to around 57,000 military personnel and a refund of $1.4 million to Fort Benning soldiers for a program sold there. (relate below to the SEC litigation release).
Since then, the company has produced more than 400 designs for significant corporations, including iriver, a producer of digital media players; Kyobo Life,