ComplaintsforSecurity Mutual Life Insurance Company of NY

• Initial Complaint

  09/10/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I purchased life insurance with this company 5 years ago. They continuously over charge for their premiums after making 3 requests to stop overcharging me. They then sends checks in the mail to my old address every month which I have asked to be changed several times. After 90 days I am unable to cash the checks and after waiting on hold each time for over an hour, I am asked to return the old checks for them to stop and send a new one. I also asked to cancel my policy, pay my cash value, and they told me they would send me paperwork to request in writing by mail which they have not. I also called my bank MCU to ask for assistance and placed me on hold and never said anything.

  Business response

  09/11/2024

  We are in receipt of the complaint relating to the above–referenced policy.
  
  We are beginning a review of the circumstances described in the complaint and will be in touch with you shortly as to the results of our review.
  
  Thank you for bringing this matter to our attention.
  
  Should you have any questions, please contact me at 1-800-765-6668, extension ****.
  

   

  Susan E. Z***, ALMI, ACS

  Customer Relations and Product Compliance Specialist

   

  Customer response

  09/11/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
  
  There is no indication on how my policy will be canceled as per my request and how I will be getting my money back for all over payments and future paid premiums. Also no indication on how I will get my cash value for my policy. 
  
  Regards,
  
  ****** *******
  
  
  
  
  

  Business response

  09/16/2024

  This is in response to Ms. ********* expired checks, confirmation of new address, and request for cash surrender of one of the policies that she holds with us.  On 8/30/2024, Ms. ******* notified us of the expired checks and her change in address.  We requested these checks to be returned to be reissued.  On 9/2/2024, Ms. ******* requested the Application of Cash Surrender and this was mailed.  We await the return of the checks and Application of Cash Surrender and are prepared to expedite and overnight the replacement checks and surrender check to the updated address of record.

  We thank you for bring this to our attention and hope this clarifies what is needed.

  Cordially,

  Sara S**** ACS

  Customer Relations

   

• Initial Complaint

  04/29/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  The number to contact to cancel policy does not work. I keep getting the run around and your company is not cancelling my policy. I called several times. on hold for up to hour get a person that transfers me and the call drops. This happens repeatedly and I have no way of cancelling and getting my cash value refunded. I need someone to take ownership. cancel my policy. send me a a confirmation email and stop debiting my account.

  Business response

  04/30/2024

  This letter is in response to your correspondence dated April 29, 2024, received by us, regarding the above referenced matter. The contact person for this matter is Laura H********* Ms. *********’s direct number is ###-###-####. Inquiries can be emailed to her at ******************. Our records reflect the following: • Ms. ***** is the owner and insured of two whole life insurance policies issued by Security Mutual Life Insurance Company of New York. • Policy numbers *********, effective March 27, 2020 and *********, effective December 27, 2023, are both paid to May 27, 2024. • Per Ms. *****’s Request for Preauthorized Monthly Deduction Plan submitted with each application, premiums for both policies have been deducted monthly from her financial institution account. • On April 29, 2024, upon receipt of Ms. *****’s request submitted through the Better Business Bureau Inc. (Upstate New York), we spoke to Ms. ***** via phone. • Prior to this communication, Security Mutual Life Insurance Company of New York had not received any request for stop payment or policy surrender. • As of our phone conversation with Ms. ***** on April 29, 2024, Security Mutual stopped the automatic withdrawal from her financial institution account and emailed her surrender forms upon her request. • As soon as the surrender forms are received, Security Mutual Life Insurance Company of New York, will promptly process Ms. *****’s request and send her the appropriate surrender value on each policy. We trust the above sufficiently addresses your request, but please do not hesitate to contact me if additional information would be helpful. Should you have any questions, please contact me at ###-###-#### or e-mail me at ******************. The Company fully reserves all of its rights and defenses which arise under the Policy and as may be otherwise provided by law, and the issuance of this correspondence should not in any way be deemed or construed as a waiver of any right the Company may have with respect to this matter

• Initial Complaint

  02/04/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I am starting to believe this company is a scam. Last year I reached out to the company to cancel my life insurance policy. The lady mentioned that she made a note of it on my profile to proceed but I never heard anything back. I then noticed in January after reviewing my bank statement that the transaction was STILL being charged. I called on 1/13 and spoke with Irma who instructed me specific directions of providing a letter with wet signature, a voided check and emailing it to the cancellation department. She mentioned that by doing so I would receive my funds in 3 business days. I executed those instructions on 1/16 via email. I had not heard back nor did I see the funds so on 1/24 I emailed again asking for an update. No word back. So I called and the young lady mentioned they received it and that if Irma instructed me to do what I needed to do then it was getting taken care of because Irma "was goals" in the department. It has now been 13 business days and I have not received the funds in my account and have considered pressing charges because of the unprofessionalism of this company especially it involving money.

  Business response

  02/06/2024

  A Security Mutual representative spoke with Ms. ******* on 2/5/24 and explained the missing Community Property requirements. She said she would photograph the required documents and email them directly to the company. As of today, Security Mutual hasn’t received any correspondence.  We will follow up with Ms. ******* in the following few days if no documentation is received.

• Initial Complaint

  10/08/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  Security Mutual Life Insurance is over billing me which is generating me to be paid for insurance in advance. I called Security Life and spoke with Tiffany she advised me that she will contact billing and have error corrected and credit my account which has not been done Request refund credit asap

  Business response

  10/10/2023

  We contacted Mrs. ***** on 10/9/23. The Company submitted a direct deposit request of $200.00 of excess deductions to her *** savings account the same day. Because of the holiday, it was explained to her that the funds may not be available until Wednesday. Then she was given an explanation of how her deductions work and about her *********** Insurance Rider.  She understands about the rider and does want to keep it.  Ms. ***** was thankful for the thorough explanation of how deductions work and that we are getting them corrected.

• Initial Complaint

  09/26/2022

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  My husband was paying on a life insurance policy . He passed on September 2,2022 . I contacted the insurance company sent in all the required paper work and they claim they sent out a check . The check tracking was always off and I never received the check . I contacted the insurance company again they ask me to wait a week and if I don’t receive it contact them back so I did that . I spoke to numerous supervisors and none have Been any kind of help . I called and opened up a claim for the check i never received then inquired about direct deposit . I sent in all the required documents they said nothing additional needed my insurance payment will be in my account no later the. Wednesday sept 28th . I get a call today I need to resend in all the information I previously sent in addition. To a letter from the bank . This is ridiculous I have sent numerous documents in including my husband death certificate yet they still are avoiding sending me the money and trying to make this difficult. I even inquired about fed ex a new check since ups never came they stated they couldn’t do that I am unpressed and I want this resolved and I will take all the measures needed to get the payment that was promised to my husband if he did so pass . This company is horrible there unorganized and no one ever knows what’s going on . I want answers and I want what is owed to me . Will never do any type of life insurance policies with this company and I would not recommend them

  Business response

  09/28/2022

  Attached is the Letter and Statement of Proceeds that will be sent to the beneficiary.  We have requested the funds be sent via ACH and should be available in her account in a day or two.
  
  Please let me know if you have any questions.
  
  Thank you,

*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. ↩