Everyone knows “You should have life insurance”. Well I’m here to tell you that if you have Industrial Alliance Life Insurance and you are a Senior Citizen, you may not be as safe as you think.
A slickster name Mike H____k from Surrey BC, sold a life insurance policy to an 80 old lady over 4 years ago. He worked with a Multi Level Marketing Corporation with the initials CDM_. She trusted this overly religious man because he spent all of his time worming his way into her trust. He made a huge chunk of money by dividing the insurance into two policies for both children. He convinced this Lady to put extra money in every year because he said it would pay for itself in a few years, what he didn’t tell her was that it was draining her investment accounts.
The policy cost more than this lady makes per year, the payments drained her life savings, she could not afford to keep paying them and Industrial Alliance canceled them on her.
The lady filed a complaint with the Insurance Commission which asked Mr. H____k if he sold her the right policy, he said “yes, I just did what she asked me to do” they said, “ok, we believe you and not this 84 year old woman”. A number of other agents have looked at this policy and have been completely disgusted at what this man did to this Senior.
The sad part is that this lady tried to change representatives to help her figure out her policy and Industrial Alliance told the new agent he would have to pay $1200 in order to be the representative on the policy. There is something very shady in this behavior. This is looking like a Corporation trying to pocket all the money and push the Senior out of her policy. Is that legal?
Industrial Alliance seems to be pulling some shady deals, the Insurance council doesn’t seem to care at all, they just seem to exist to cover Agent’s Butts.
This Senior Lady is now out over $100,000 in cash and her policies worth $70,000 and $90,000 are terminated because the company would not reply to her inquiry regarding minimum payments or combining the policies to make it affordable.
This entry was posted on Monday, December 8th, 2008 at 5:40 pm and is filed under Fight Back. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.