Complaints

The complaint text that is displayed might not represent all complaints filed with BBB. 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.

• Initial Complaint

  Date:03/03/2025

  Type:Order Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Called Equitrust Life Insurance company regarding urgent need for 10% penalty free withdrawl followed by a surrender of the policy and was told I cannot do the 10% penalty free withdrawl and the complete surrender in the same year without penalties on the entire amount. I do not see this in the original document in the *********************************************** 11-16-2025 but life happened and I need the before April1, 2025.

  Business Response

  Date: 03/07/2025

  BBB,

  The information provided to Mr. ******* during his phone call to EquiTrust Life on March 3, 2025, was accurate according to the terms of his contract.
  

  Per Section 5.6 of his contract:
  "Partial withdrawals in excess of 10% may be subject to a Surrender Charge. If the contract is subsequently surrendered during the Contract Year, the Surrender Charge will be applied to any previously uncharged Partial Surrender amounts taken in the same Contract Year."  A copy of this section is attached for reference.

  To avoid all Surrender Charge penalties, Mr. ******* has the following option:
   - He may withdraw up to 10% of his contract value now without penalty.
   - On his Contract Anniversary date (November 16, 2025), he may surrender the contract and receive the full value without any penalties.
  

  If Mr. ******* has any additional questions or concerns; he may contact our ***************** Team at ************.

  Best Regards,

  **** ******
  Senior Consumer Affairs Analyst
  EquiTrust Life Insurance Company
  
  

• Initial Complaint

  Date:02/11/2025

  Type:Product Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On 1-25-24 I signed up for an annuity with Equitrust. Eventually, they requested the money transfer from *************** on 3-8-24 and the deposit was transferred to them on March 12, 2024. The check was sent with signature confirmation and was received and signed for on March 18, 2024. Since that time, I have learned that the 6.00% interest rate was not honored and a policy was issued for 5.6% not the correct rate. I received a screen shot from the agent. Further it has been over 11 months and I have yet to receive my policy from Equitrust. I have asked both the agent and Equitrust several times for my policy, but I have not received it. The agent is no where to be found, the agency he works for has done nothing, and Equitrust no longer responds to phone calls or emails since receiving my funds. The check was cashed on April 1, 2024 per ***************. Equitrust had the check within the 60 days, but held it because of a glitch in the system regarding the licensing of the agent. They had to request it be fixed. And/or it just sat in the mailroom or on someones desk. Equitrust verified for me that the agent was in their system as of 1-24-24. Any delay was of their own volition. I am requesting that the correct rate of 6% be honored as the funds were received within the 60-day time frame and a corrected policy be sent directly to my home. Contract ending 9180F.

  Business Response

  Date: 02/21/2025

  BBB of ************,

  Yesterday, February 20, 2025, EquiTrust Life reissued Ms. ******* contract to reflect a 6.00% rate.   A new contract will be mailed via ***** to Ms. ***** early next week at her address of record.   While the funds arrived after the rate decreased, there were delays outside of Ms. ******* control.  Therefore, EquiTrust made an exception to re-issue her contract with the higher rate.   

  Best Regards,

  **** ******, ******************** Analyst

  EquiTrust Life Insurance Company

• Initial Complaint

  Date:10/22/2024

  Type:Product Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  3rd year in a row I have had to deal with Equitrust's policy of sending via regular mail checks to the institution the monies are going to, and with snail mail, I have had to wait at least 2 weeks for a check to be received by, in this case, *********, to receive my rollover for $42,000. Yesterday I followed up with ******** in the corporate office at Equitrust, with the usual complaint, Ally still has not received my $42,000 rollover check. ******** confirmed my check was mailed to Ally on 10/10/24, but as of 10/21, Ally has yet to receive it. I can understand they want paper checks, not ACH's, for accounting purposes. ******** told me I had to wait until 10/25, 15 days later to report if the check still is not received. I have lost due to this over $150 in interest, but talking to ********, reading off of a script, she says that this is Equitrust's policy, to mail paper checks. I asked if I could for future years, pay for next day mail, so I have a tracker, and she said no. When I asked her if on 10/25 if Equitrust could send next day with a tracker a replacement check if Ally still had not received my check by 10/25, she said she would have to check with her supervisor. I asked to speak to a supervisor, and was told, "I would be told the same thing". This company has absolutely no empathy to their customers. I invested $500,000 with this company 3 years ago, and you would think they would find a better solution than to mail via **** because this is "what they always have done". The world has changed. **** regular mail is not reliable. I am willing to pay for myself expediting a replacement check and even then ******** said she would have to check if that was possible. I would like a call from a senior manager so if **** has not received my check by 10/25, we can expedite, and not have to deal with this nonsense.

  Business Response

  Date: 11/01/2024

  We appreciate your patience while EquiTrust reviewed the concerns raised in the recent Better Business Bureau complaint, received on October 23, 2024.
  
  We understand that you were dissatisfied with the time taken for your partial transfer from EquiTrust to ********** Below, we have outlined the timeline and processes involved in handling your transfer request to address your concerns:
  
  Receipt and Processing: EquiTrust received your request to transfer funds to ********* on October 1, 2024. The withdrawal was processed the next day, on October 2, 2024. To avoid any surrender charges on your transfer, we set the effective date to coincide with your contract anniversary on October 9, 2024.
  
  Mailing and Confirmation: A check for the transferred funds was mailed to ********* on October 10, 2024, per their provided mailing instructions. EquiTrust received confirmation that ********* cashed the check on October 22, 2024.
  
  Mailing Preferences: For your reference, a copy of *********'s transfer request is attached. Page 2 specifies that ********* requested the check be mailed to their PO Box in ************, **, using regular mail. While we can accommodate overnight delivery upon request, ********* did not request this service nor provide overnight mailing cost information to EquiTrust.
  
  Transfer Methods: In your complaint, you mentioned that EquiTrust does not permit ACH or EFT transfers for partial fund transfers. For clarification:
  -If funds are being transferred to a standard checking or savings account, ********************** allows ACH or EFT transfers.
  -For transfers to brokerage accounts or other ********************** products, we require that funds be sent by check or bank wire.
  -EquiTrust only covers the cost of overnight mailing if there is a processing delay at our end. No such delay occurred in this case.
  
  We value you as a customer, and we hope this clarifies *********************** process and policies regarding the handling of your funds. Please feel free to reach out if you have any additional questions.
  
  Sincerely,
  
  **** ******
  Senior Consumer Affairs Analyst
  Direct: ************ Fax: ************
  Email: **********************************************************************   

  Customer Answer

  Date: 11/06/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  **** *****

• Initial Complaint

  Date:03/13/2024

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Won't respond to request for annuity payout

  Business Response

  Date: 03/14/2024

  Better Business Bureau,

  Thank you for the opportunity to review our customer's concerns.   We apologize to the owner for the inconvenience caused by EquiTrust requesting additional information for setting up this systematic withdrawal request.   EquiTrust received updated information on March 4, 2024, and have now set up payments as requested.   The first monthly payment was sent electronically to the client's bank account on March 14, 2024.  Future payments will be sent around the 6th of each month for the interest earned in the previous month.   EquiTrust will mail a confirmation letter to the owner's address of record.  To protect privacy, we will not provide the BBB any additional information.  

  Best Regards,

  *********************, Senior Consumer Affairs 

  EquiTrust Life Insurance Company

  Customer Answer

  Date: 03/24/2024

   
  Complaint: 21426838
  
  This all could have been avoided had Equitrust simply honored my request for systematic monthly withdrawals. Equitrust needs to upgrade there business system so these requests can be submitted online and then confirmed. It shouldn't take more than a week to get a response on submitted requests. I Thank BBB for their help in resolving this matter and hold Equitrust will work to improve the way they handle client requests 
  
  **********************************************

  Business Response

  Date: 03/25/2024

  We are always striving to improve, and honestly EquiTrust does continue to look for ways and solutions to improve the customer's experience with us.  We always appreciate feedback from our consumers.   

• Initial Complaint

  Date:11/27/2023

  Type:Order Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have a contract with EquiTrust Insurance Company that involved funding by way of a Section **** provision of the **** I have the responsibility and obligation to document the transaction on tax reporting forms. I have requested a copy of the premium check that was mailed to them consistent with ************************************************************************************************ reasonable basis. I believe having this document in addition to a **** statement is prudent business practice.

  Business Response

  Date: 11/28/2023

  BBB and ****************,

  Normally EquiTrust does not send out copies of other companies checks.   **************** should have reached out to Mutual of America if he wished to receive a copy of the check from this **** exchange.   However, in the spirit of positive customer service I have attached a copy of the check and the cost basis information for the owner to access here.   

  Best Regards,

  *********************, EquiTrust Life Insurance Company

• Initial Complaint

  Date:11/13/2023

  Type:Product Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  The problem I have with this company is that they take their sweet time on everything, including requests from other institutions on direct rollovers. Just recently, for the 2nd year in row, I requested a 10% penalty free from my annuity, and they are always coming up with some reason that the paperwork submitted by the institution, in my case ********** was not "acceptable". It took a 3 way call with someone named ***** to figure out what the issue was, and then **** did resubmit the paperwork, and I did get an email notice on 11/6 saying the check would be mailed on 11/7 to ********** Now for the other problem. This bank does not do wires, they send checks, which is fine, but why can they not send these checks priority? It is my understanding they send it regular mail. That is RIDICULOUS. The money this company makes off their paltry interest they pay on these annuity plans is more than enough to send checks via priority mail, **** whatever. I even called in and asked the C/S rep if I could pay from my own money to get the check sent overnight, and they said that was not possible. So in this case, each day that goes by it costs me $7 in interest the money is not in the Ally account. ********************** could care less. My great wish is to get out of this annuity in the worst way, but I know I can't so at least make the process more customer friendly for their customers. They seem to think that they can take their time on everything, and are not held accountable for delays, even if they are at fault, or the delay could have been avoided if they really cared about the customer. That is corporate America. I would like a call from an executive at this institution, so next year when I withdraw my 10% penalty free, I do not have to wait a month or more just to get my money. I would hate to think how long it would take them if you pass away and really need the money.

  Business Response

  Date: 11/15/2023

  EquiTrust received the transfer request on October 20, 2023.  There was a delay as we didn't accept the bank's signature originally.  After review, this delay should not have happened, and we apologize for the short delay we caused.   We received new paperwork on November 2, 2023.   We processed the transfer request on November 6th and the check was sent the following day.  EquiTrust will direct deposit funds into a bank account, however ************** is correct that we do not wire funds.  In the future, the owner may want to request ********* to have the funds send ***** or *** to expedite the mail time or he may want to have the funds directly deposited into his personal bank account.  

  Sincerely,

  *********************, EquiTrust Life Senior Consumer Affairs Analyst 

  Customer Answer

  Date: 11/16/2023

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  *******************

• Initial Complaint

  Date:11/09/2023

  Type:Service or Repair Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Hello. For some years now, I have been getting letters from Equitrust on some unclaimed property I was due. Well, I have for years called them that they had the WRONG PERSON. I now just received a letter from Equitrust saying this Unclaimed Property will be sent to the ***************** where I reside, and I will be hit with taxable income. Now to me this is being perceived as an unjust attack on me resulting in a monetary impact. The following is the Account Information:Type of Account: Traditional *************** Amount: $29,286.28 Check Number: EQ0001120026F Policy Number: EQ0001120026F Account Number: ************* Now I have researched this Problem in the past. The Deceased had two sons. One was Named ***************************** and the other was ***************************. My name is ******* ***************************, so their computer is messed up. My wife actually called one of the living sons and told him he needed to resolve this on his side, which has NEVER happened.If this is not corrected soon, I will be required to get a Lawyer to resolve this problem and any impacts that *** occur to me.Let's get this resolved....NOW.

  Business Response

  Date: 11/15/2023

  EquiTrust apologizes for the confusion.  We will reach out to the ***************** to get this issue resolved. 

   

  Sincerely, 

  *********************,  EquiTrust Senior Consumer Affairs Analyst

  Customer Answer

  Date: 11/16/2023

   
  Complaint: 20847475
  
  I am rejecting this response because:
  
  Sincerely,
  
  *****************************

  Business Response

  Date: 11/17/2023

  Yes, we are now aware that our Due Diligence Letter was mailed to incorrect *****************************. As of November 10, 2023, we have updated the payee information for unclaimed property to reflect the following:
  
  ******************************* Estate 
  2xxxx ************
  *********** **  31027

  ****************** in ******** should no longer hear from our company.   Sorry for the inconvenience.  

  Customer Answer

  Date: 11/20/2023

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  *****************************

• Initial Complaint

  Date:07/17/2023

  Type:Product Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have 2 annuities with this firm which I have had for several years. I have attempted to contact them numerous times in the last week to no avail. One time I was on hold for over 23 minutes waiting for someone to answer. The message was always the same; all operators are busy, please hold for the next available person. I have tried several of their phone #s and get the same answer. I tried a local # and someone answered and said " this is *****, please leave a message". I did twice and have not heard back.I bought these policies in ****** from a broker who is no longer with them and have filed a complaint with their insurance commission. This is my retirement money and i would like to talk to them about some changes I want to make. Your help would be greatly appreciated.

  Business Response

  Date: 07/18/2023

  BBB,

  EquiTrust apologizes to ************** if he has experienced long hold times.  Our hold times are currently average 4 minutes, 37 seconds this week.  However, depending on the time of day it may be longer or shorter.  We are currently training additional staff for the service team as we continue to grow our business and company.   We are open from 8am to 5pm Central Standard Time. Our customer service number is ************.   

  ************** from EquiTrust called and spoke to ************** on July 17, 2023 at 1:37pm and spoke with him for 9 minutes.  She answered all of his questions and went over the options on his annuity contacts. 

  If ************** has more questions or wishes to discuss the details of his annuity products in more detail, we have an additional **************************** that can be reached at ************.  They generally have a hold time under 2 minutes.

  Best Regards, 

  *********************, Senior Consumer Affairs Analyst

   

   

• Initial Complaint

  Date:05/12/2023

  Type:Product Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  ** April 2023 I filled out a form to have $40,000. withdrawn from my annuity account. On 5/1 I talked with rep. ****** regarding having only 10% taken out annually to avoid a penalty with fed and state taxes taken out of that. I also mentioned to her that I recently submitted a form to have $40,000. with fed and state taxes taken out of that as well. She said it was processed 4/28. When I received the check, instead of the balance of $40,000. minus fed and state taxes, it was for $40,000. What they actually had done was extracted ********* from my account imposing a surrender fee of $1084.50, subtracted an additional $1277.42 market value adjustment, and the fed and state taxes for penalty of going over the 10%. I talked to rep ***** on 5/9 and 5/10 who stated I wrote the withdrawal amount on wrong line of gross instead of net. They clearly acknowledged my intentions as a mistake the way I had interpreted it, with no directions to speak of, but refused to let me send the check back citing " company policy". Their strategy is obvious. These fees are very lucrative to them and serves their own priorities rather than their customers. Namely, me.

  Business Response

  Date: 05/22/2023

  BBB,

  EquiTrust ********************* has agreed to accept the check back from the client for $49,420.74 and reverse the surrender charge.  The client then can request the penalty free amount if they wish to proceed to take withdrawal without any penalties.   

  Best Regards,

  *********************, EquiTrust Senior Compliance Analyst 

  Customer Answer

  Date: 05/23/2023

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ***************************

• Initial Complaint

  Date:03/07/2023

  Type:Product Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On January 15, 2023 I started trying to call *************************** from the ************ ******** office and requested that he send me the paperwork to cash out my annuity. After several failed attempts and no return calls I contacted *************************, ****'s supervisor, who finally got **** to return my call the end of January, beginning of February 2023. I informed **** what I wanted to do and asked if I could have the money direct deposited. He advised NO "because the amount was so large it had to be sent to me in a check". After waiting a few weeks and STILL not hearing ANYTHING from ANYBODY, I called **** again, once again several attempts and a threat to call **** before he finally called me back. At this point **** informed me that they sent the check to the office in **********, **. He further advises that I have to do all my work with THEM now. I have called there twice. BOTH times the lady has been VERY rude and disrespectful. She sent me a form to have the funds DIRECT DEPOSITED????? (Which after looking at the contract and speaking with **** and **** CAN'T be done because of the amount of money). To further stall this whole process NO ONE can tell me what the check will be for. When I asked the woman today in the ********** ** location, she said they still have to figure out what they are going to charge me for the "surrender charge" and "if" they are going to charge a fee for "all the work that **** did". This is NOT right. ALL that I should be charged is a standard surrender fee that is already stated in the contract. There is NOTHING to "figure out". Today is March 7, and she advised me today that it will take them until March 20, to "figure out" what the total fees will be, AND that they will send me a paper. I MUST agree to ALL the terms and conditions on that paper, or they will not allow me to have my money. This is beyond belief and as a 72 y/o lady just trying to live out my life, it is causing me way more stress than I need. Shame on all of them

  Business Response

  Date: 03/10/2023

  BBB,

  Thank-you for the opportunity to respond to ************************** complaint.   In her complaint she mentions someone named ****************************  This person is not employed by EquiTrust nor is he an insurance agent with EquiTrust.  The first correspondence we received from ********************** regarding her request to surrender was February 21, 2023.  Since there were still penalties on her contract for early surrender, we mailed her a letter on February 28th informing her of the surrender penalties that would incur if she wishes to proceed.  In her request to surrender, she also included information to send the funds electronically to her bank account that ended xxxx785.  ******** account we already had on file for her ended xxxx786.  We called out to ********************** to verify the correct bank information on March 7, 2023. 

  March 8, 2023, we received our letter back signed by ********************** to proceed with her surrender and that she was aware that she would incur early surrender penalties.  The full surrender value of her contract was sent EFT to her bank account on March 9, 2023.  EquiTrust feels there were no delays in processing on our end as we wanted to make sure we had the correct bank information and also make sure the owner was aware of the 14% penalty for early surrender.  Once we had the information confirmed, the funds were sent the next business day.  

  Sincerely,

  *********************, ********************** EquiTrust Life Insurance