ComplaintsforThe Lafayette Life Insurance Company

• Initial Complaint

  11/30/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I have had a policy * ******* for the last 10years with the LAFAYETTE INSURANCE COMPANY. During the month of May of 2023 I instructed Lafayette Insurance to do a 1035 Transfer of funds to another company. And can you believe that here is Nov. 30th of 2023 and they have kept on asking for something else.; as they do not want to see the funds go away from their grip. And prolonging and prolonging the process that with other companies would have been done in 30 days. And they will not contact you; oh no. They will make you wait on HOLD on the so called DIRECT LINE. I have asked to have their Supervisor to call me but to no avail. I hope that no one else experiences with Lafayette what I have had to endure. Simply do not give them any business they do not deserve your attention nor your funds. Their customer service says to me that they do not care to help you. Period.

  Business response

  12/05/2023

  While we received paperwork from the client in August, we were unable to process it because the signature could not be verified. We received the paperwork again on Nov. 22, this time with a notarized signature and immediately processed the transfer. This was expedited and a check was issued on 12/1 with ***** delivery to arrive on 12/5.

  Customer response

  12/06/2023

  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, reasons for rejection are included below.

  Here we are on December the 6th of 2023 just about 110 days later and they should have call by now in regards to the Signature Issue which could have been a fraud. Instead, by not responding they continue to keep my funds on their accounts making them more funds by simply ignoring completely the business my status as a client of theirs.

  Just 14 days ago a representative of Lafayette named Nick wrote via e-mail to me, saying: that someone was going to be calling me about this. That has not occurred. This is the reason why I now need to get a hold of the SEC and find out if they have help me. Because all this company is doing is taking advantage of the situation and prolonging the process for the benefit of their pocket.

  And, yes, all that they needed was sent to them. But noticed that they did not asked for all the needed requirements at once. Oh NO. It took them weeks to answer all hat was needed. Which indicates to me they are doing this on purpose.

  You can be certain that they would not like it if they were on my (shoes) position!
  
  Regards,
  
  *************** *****************
  

  Business response

  12/13/2023

  Upon receiving each request, we sent correspondence to the other company and policy owner at the address of record to inform them of the signature discrepancies. We can now confirm that the check has been received and cashed by the other company.

*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. ↩