ComplaintsforFidelity & Guaranty Life

• Initial Complaint

  06/18/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  Fidelity Life Associate and efinancial are scams and falsifying information to clients. My policy is for 100k, 2 to 3 months later it changed to 25k. 25k is for health/natural causes and 75k is for accidental in which I did not sign up for. My policy was for 100k health/natural causes and if I wanted accidental it would be additional 25k in which I declined that offer. At this point I am requesting a refund.

  

  Business response

  06/18/2024

  Thank you for your inquiry.  Please note we do not show a policy for ************************* and it appears this complaint is for another company and not Fidelity & Guaranty Life Insurance Company.  If you believe you have an F&G policy, please provide a F&G policy number or documentation indicating this is an F&G policy.

• Initial Complaint

  05/30/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  Fidelity & Guaranty Life insurance company. My mother in law was the owner of a life insurance policy on her son, my husband. She purchased and has been paying on this policy since 1987! Her health began to decline around May of 2023, passed Nov 2023. Policy lapsed Nov 2023 as we were caring for her under hospice care. We notified the company of her passing and was trying to get information on how to transfer ownership of this policy and pay the reinstatement fee. Weve been getting the run around, being transferred to different departments. Finally spoke with someone who got us on the right track. Sent in death certificate, letter from probate judge naming my husband as executive of the Estate/policy, reinstatment application form and change of ownership form as requested by F&G. Was notified 3/20 that everything was received and approved to change ownership and reinstating. Now ** being told that there is nothing that can be done bc owner has to sign the paperwork in order for the change of ownership. This company is a joke, Ive been jumping through hoops over the past 6 months bc its something different every time we call. The letter from the probate judge names my husband as executor therefore by law he can make any changes he wants. Ive never had to deal with such a complicated company.

  

  Business response

  05/30/2024

  Thank you for your inquiry.  Based on the information provided we are unable to determine what the policy number is that you are referencing.  Please provide documentation indicating the Fidelity & Guaranty policy number so that we may full review and respond to the authorized individual regarding these concerns.

  Customer response

  06/03/2024

  This is the policy number:

   

  U759307

  *****

  T

  

  Business response

  06/03/2024

  Thank you for your inquiry. A written response will be sent to the policy owner or other authorized individual within 10 calendar days.

• Initial Complaint

  05/22/2024

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  On May 7th, I contacted F&G Life insurance to cancel my policy that terminates June 27, 2025, as we have a financial need. I was asked if I wanted it cancelled on the contract date of June 27, 2024, or if I wanted it cancelled effective immediately. I said Immediately. They asked me to send a fax stating this-I did. I also requested it be overnight and provided my overnight account information as well as my contact information to confirm they received the fax. I was told that it would be paid on a pro-rated basis, and I was given the amount I would get. I agreed. I followed up two days to see if they received my fax since I never received conformation and was told they received all the information needed-but there was a 7-day waiting period before it would be overnighted. Then I received a letter dated May 10th, that stated the policy would be canceled on June 27, 2024, and a check mailed. I contacted F&G Life Ins 8-10 times since trying to clear this up. I spoke with a **************************, Appalonia, ******, and ********* as well as 1 or 2 others in the Policy holder service department and each time they confirmed that they had all that was required of me yet no explanation as why no check was sent to me or any information in my file as to why no response was sent, phoned texted or given to me at all. I was given a commitment by them to get back to me as they could not get a supervisor on the phone. I also managed to talk with ****** and a ********************* who, I was told, were subject matter experts in this issue. They also made commitments to get back to me because they could not get an answer, nor could they get a supervisor to talk with me. I would like someone to at least give me the courtesy of a phone call and explain what is happening! As a Viet Nam Era veteran, I feel as though I am getting the same disrespectful treatment as I did when I came back from overseas in 1973.

  

  Business response

  05/22/2024

  Thank you for your inquiry. Due to state and federal privacy laws we are unable to respond directly to the BBB.  Therefore, a response will be sent to the policy owner within 10 calendar days.

• Initial Complaint

  05/17/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  This money was setting in a life asset account. They say they eschewed it to the state. The state has no record of it. They do not know where it is. They were very rude and not willing to resolve this in any way. I did everything that they wanted to keep account active., although they say I didn't.

  

  Business response

  05/20/2024

  Thank you for your inquiry.  Due to state and federal privacy laws we are unable to respond directly to the BBB.  A response will be sent to the policy owner within 10 calendar days.

  Customer response

  05/21/2024

   
  Complaint: 21725713
  
  I am rejecting this response because: I have still not received a response from them. They are very unwilling to deal with this matter.
  
  Sincerely,
  
  *****************************

  

  Business response

  05/21/2024

  As previously stated, we are unable to respond directly to the BBB due to state and federal privacy laws and a written response will be sent within 10 calendar days.

• Initial Complaint

  05/02/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I have processed multiple request for a full disbursement for my account. I have been denied my funds over and over. I am attempting to get a full disbursement so I can close my account. They are illegally holding my money and have been doing so for approximately 9 months now. I have spent hours and hours on the telephone to no avail. I have been told one thing and 30 days later, they will deny my funds and have a different reason for the denial. There is a different reason for the denial every time I call. I do not recommend F&G Life Insurance to anyone. Look for other options. My life insurance account is valued over $5,000 but after the surrender fee, they will only send me &*****, before I withhold taxes. I initially requested the disbursement due to an auto accident and needed the money. Now I am just stuck with nothing.

  

  Business response

  05/02/2024

  Thank you for your inquiry.  Due to state and federal privacy laws, we are unable to respond directly to the BBB.  Therefore, a response will be sent to the policy owner within 10 calendar days.

• Initial Complaint

  04/22/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  In March 2022, a *********************************************** agent's misrepresentations induced us to purchase an annuity policy that was not in our financial interest. The first was his claim he had a fiduciary obligation to us. This led us to trust he had our financial wellbeing top of mind. However, this agent was paid commissions by F&G after securing our funds for them. This is a clear conflict of interest. The second misleading claim was selling us a long term financial product knowing we needed an investment strategy that would produce immediate returns to pay our living expenses. My husband is retired and over 65 and I only work part-time.The third was his claim that the annuity would generate income when the stock market did well but our funds would never be reduced even when the markets performed poorly. He chose the particular F&G indexes the funds were allocated to and said not to withdraw any funds for a year to maximize any returns should the stock market do well and to avoid severe early withdrawal penalties.We relied on our savings for a full year to help cover expenses and hoped the annuity would provide a return to help pay this years bills. Well, the stock market did very well - but we were devastated. Not only were there no gains despite a bullish market that couldve produced more than $90,000 in profits, but our nest eggs cash value was depleted to cover rider fees. We contacted the agent to express our confusion and disappointment. He advised us to hold on for yet another year. We said wed prefer to be refunded the full amount we initially invested (F&G policy is to keep more than 11 percent in surrender charges and other fees, which in this case is tens of thousands of dollars). Days passed and we received no response to that request. My husband then filed a complaint with the BBB on April 12, 2023. We received a boilerplate letter from F&G three days later stating we could expect a response to your inquiry in the next couple of weeks. In the meantime, F&G informed the agent of our BBB complaint and he asked us to withdraw our complaint. All we seek is to terminate the annuity and be made whole. We have lost enough money on a financial product sold through misrepresentations and that has failed to meet the claims made.

  

  Business response

  04/22/2024

  Thank you for your inquiry.  A response will be sent to the policy owner within 10 calendar days.

  Customer response

  04/22/2024

   
  Complaint: 21600194
  
  I am rejecting this response because: it doesnt address any issues raised in my complaint.
  
  Sincerely,
  
  **************

  

  Business response

  04/23/2024

  Thank you for your inquiry.  Due to state and federal privacy laws we are unable to respond directly to the BBB.  Therefore, a response will be sent to the policy owner.

• Initial Complaint

  04/15/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I am writing to file a formal complaint against F&G, regarding their misrepresentation and sale of an annuity policy that has caused significant financial distress for both myself and my fianc. Our experience with F&G has left us in a precarious financial situation. We were referred to F&G by a trusted family friend who assured us that their services offered a secure investment opportunity that would protect our savings from market volatility. We were led (By F&G) to believe that the product being sold was a means of investment with built-in protections against market downturns.However, upon signing up for the policy, we realized we had been misled. We had unknowingly purchased an insurance policy with exorbitant premiums that we simply cannot afford. The terms and conditions of the policy were not adequately explained to us during the presentation, and the complexity of the product was not fully disclosed.As a result of this misleading sale, we have been forced to make drastic financial sacrifices. We have had to leave our apartment and borrow money to keep up with the premium payments. The surrender charges associated with canceling the policy are prohibitively high, leaving us trapped in a situation that we never would have willingly entered into had we been fully informed.This experience feels like a bait-and-switch tactic employed by F&G, where promises of financial security were used to lure us into a product that ultimately brought us financial hardship. We feel betrayed and taken advantage of by a company that we trusted to act in our best interests.We respectfully request that the Better Business Bureau investigate our complaint against F&G and take appropriate action to ensure that we are fairly compensated for the financial losses and emotional distress caused by their deceptive practices. We also urge the bureau to hold F&G accountable for their actions and to take measures to prevent similar incidents from occurring in the future.

  

  Business response

  04/15/2024

  Thank you for your inquiry.  A response will be sent directly to the policy owner regarding these concerns.

  Customer response

  04/22/2024

   
  Complaint: 21571903
  
  I am rejecting this response because:

  - I maintain that we were unaware of the details of the policy. This is why we had so many follow up meetings - we were confused about the policy & its details and in fact it was not presented to us candidly. They did not address my concerns adequately & did not provide us with an avenue to exit the policy. 

  
  Sincerely,
  
  *********************

  

  Business response

  04/23/2024

  Thank you for your inquiry.  Due to state and federal privacy laws we are unable to respond directly to the BBB.  Therefore, a response will be sent to the policy owner within 10 calendar days.

  Customer response

  04/24/2024

   
  Complaint: 21571903
  
  I am rejecting this response because: Once again, the complexity of the policy was not explained well & we believe we were misled and did not know what we were signing up for and are now in financial hardship.
  
  Sincerely,
  
  *********************

• Initial Complaint

  04/15/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Resolved

  More info

  Subject: Formal Complaint Against F&G - Misrepresentation and Financial Hardship I am writing to lodge a formal complaint against F&G concerning the misrepresentation and sale of an annuity policy. We were referred to F&G by a trusted family friend, who assured us of a secure investment opportunity safeguarding our savings from market fluctuations.We were led to believe that the product being sold was an investment vehicle with protections against market downturns. However, upon signing up for the annuity policy, we discovered it was an insurance policy with exorbitant premiums beyond our means.The terms and complexity of the policy were not adequately explained, leading to significant financial strain. We have been compelled to downsize our living arrangements and resort to borrowing money to meet premium payments. Negotiations with F&G to reduce costs have been met with resistance, and surrender charges for canceling the policy are prohibitively high.This experience has left us feeling betrayed and taken advantage of. We urge the Better Business Bureau to investigate our complaint, ensure fair compensation for our losses, and hold F&G accountable for their deceptive practices. We trust in your swift and decisive action to address our concerns.

  

  Business response

  04/15/2024

  Thank you for your inquiry.  Due to state and federal privacy laws, we are unable to respond directly to the BBB.  Therefore, a response will be sent directly to the policy owner.

• Initial Complaint

  04/12/2024

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  I took out a 20 year return of premium policy in 2005. I am now being told this is a 30 year policy and not a return of premium. *************************** is the agent that clearly lied to me, and I will seek resolution here before seeking legal options. I will expect to have the right to cancel my policy next year, and have my premiums returned as promised.

  

  Business response

  04/12/2024

  Thank you for your inquiry.  Due to state and federal privacy laws we are unable to respond directly to the BBB.  Therefore, a written response will be sent to the policy owner within 10 calendar days.

• Initial Complaint

  04/12/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  We were sold a policy with F&G which was supposed to provide returns when stock markets are profitable but prevent losses when the markets take a tumble. This business model appealed to us as we are an older couple limited by time to a low-risk, short term investment strategy. Based on the agent's verbal representations and various charts demonstrating how the policy works, we expected our initial investment of $600,000 would always be protected. The agent asked us to wait for one year, the anniversary date, to see how the account progressed. During that time, March 2023-April 2024, the markets fared very well and we expected to see a return on our investment - a return we could use to pay our bills.However, not only were there no profits for us after a year, but our initial investment lost some of its cash value. At he same time, we missed an opportunity to earn over $60,000. (This is a modest estimate of a 10 percent return although the stock market fared better). Even a CD or high yield bank account would have provided $30,000 in interest. Stagnation and losses are not what we were promised. Nor is it what the charts projected: gains when markets rise, zero losses when they fall. We expressed our dismay via email over this inexplicable financial outcome with the agent who sold us this policy. We asked him to explain how there could be no returns on our $600,000 but a loss of initial investment value. We wrote how we felt misled and defrauded, and requested at least return our initial investment and waive the surrender charges of $67,592.25. There has been no meaningful response to this request other than to suggest we stay invested. However, we cannot do so when the two reasons we bought the policy have proven false. We are filing this complaint in hopes of resolving this matter. However, if our money is not returned in full, we plan to pursue any and all legal options.

  

  Business response

  04/12/2024

  Thank you for your inquiry.  Due to state and federal privacy laws we are unable to respond directly to the BBB.  A written response will be sent to the policy owner within 10 calendar days.

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩