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ComplaintsforMutual Trust Financial Group
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Complaint Details
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Initial Complaint
07/02/2024
- Complaint Type:
- Product Issues
- Status:
- Answered
This was a universal life insurance policy I purchased in 1992 at a premium of $65.00 per month. In discussion with the agent, this premium would remain the same for life and the policy would grow cash value over time. I received a letter this May that my insurance would be terminated on July 14, 2024, if I didn't send them $690.01, by that date. This was the first communication from the company regarding any problem with my payments.I contacted the company and was told that was just the cost of the insurance. Evidently the operators of the company just pocketed all the money and wanted more. I was told that in order to keep the policy I would have to pay the $690.01, and then increase the monthly payment by 200 or $300.00 per month. I was also told that the Universal Life Policy does require varying premiums, but no one ever contacted me in any way that I needed to increase my payment amount.Business response
07/08/2024
Please see our response which has been attached as a zip file which contains correspondence and substantiation documents regarding the complaint.Customer response
07/12/2024
Complaint: 21926031
I am rejecting this response because: The statements from the company do not reflect the statements from the agent with whom I worked to obtain this policy. I know this does not hold water and I have no recourse. *********** can do what they want and I can't stop it. I know the policy said variable premium, but I was told the premium would never go up for the rest of my life. My problem is the company never offered me the opportunity to pay a higher premium in order to keep the policy in force. Although the statement invited me to contact them, I never saw the need to contact them, since "my premium would never go up". My fault for believing words and not seeing the fine print.I do not intend to pursue this any further. I accept my lose as my own and do not expect Mutual Trust to do anything.
Sincerely,
*********************
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Customer Complaints Summary
1 total complaints in the last 3 years.
1 complaints closed in the last 12 months.