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Complaint Details
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Initial Complaint
06/20/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
I have a 403b with National Life Group. I retired in 2023, and I want to withdraw my money (regardless of penalties) so I can reinvest it in a **** Ive been working with a financial advisor who has helped me provide National Life with the necessary paperwork, but the company wont release my funds. Ive been trying for 6 months.
Business response
06/21/2024
Due to privacy regulations and our own internal privacy policies, we will be responding directly to the complainant. Thank you.Customer response
06/21/2024
Better Business Bureau:I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # ********. Please add your rejection comments below; if you do not provide any details, your complaint will be closed as Answered.
[You must provide details of why you are not satisfied with this resolution. If you do not enter a reason for your rejection, your complaint will be closed as Answered.]
Businesses and Customers should be civil, courteous and polite in their responses to complaints. It is important to remain professional and productive when participating in the BBB complaint process.
FAQ
Regards,********
Initial Complaint
05/30/2024
- Complaint Type:
- Product Issues
- Status:
- Resolved
I work for the **************** district... I get an email saying I could work with an agent for my 403b... I make an appointment I get on zoom with agent *********************... She tells me that the more money I put into my retirement the more money I will receive at the end... We decided on $150 a month.. I receive a paper in the mail saying congratulations I have a new life insurance policy... I text her agent ********************* right away and she reassures me ... that I don't have anything for life insurance but for my retirement and I would be receiving two checks for life tax free... A few months later I check up on everything and they told me no I just have a life insurance policy... I told them that I have a life insurance policy and I was never told I was getting a life insurance policy but a 403b from the district... So I called the district **************** district and I'm talking to somebody and they told me no that I do not have a 403b... If I had a 403b from the district they would take money out of my paycheck automatically not from my banking account... ******************************************* life has been taking money every month $150 from my bank.. the school district said it was fraud.. they don't work with National group life.. I think it's very unfair the agent lied to me and I feel that I should get my money back and they're arguing that they were covering me for all those other months I never asked for it.. this is on Fair I feel that I should get my $1,200 back... Agent *********************.. deceived me...I need help this is very unfair.Business response
05/31/2024
Due to privacy regulations and our own internal privacy policies, we will be responding directly to the complainant. Thank you.Customer response
05/31/2024
[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]
Better Business Bureau:
I have reviewed the response submitted by the business and have determined that the response does satisfy my issues and/or concerns in reference to complaint #********. I understand that by choosing to accept the business response that my complaint will be closed as resolved.
Regards,
*************************Initial Complaint
05/08/2024
- Complaint Type:
- Product Issues
- Status:
- Answered
I recently requested a full surrender from my account as I had separated from my employer. I submitted the request with a hard copy and my employer approved it. However, when I contacted National Life Group two weeks later to find out why the funds had not been released, they told me that they could not release the funds because the amount I was asking for was less than what was in my account. This was quite concerning and left me wondering what was going on. When I called to contact them, the person on the phone stated that I needed to resubmit the form with the amount with 100% on it. Unfortunately, the person lied and simply wanted to cheat me out of my money. I was not aware of this at the time.I then submitted the request again with 100% instead of a dollar amount, and I noticed that the disbursement was $4000 less than what they owed me. I went in to check my account, and there was nothing on there about the money that was disbursed. This company does not seem to do good business, and I am glad that I did not have more money in this account. It is quite concerning that a company would stoop so low as to steal from its customers and not uphold financial regulations.Therefore, I am requesting that National Life Group release the full amount of my money. It is unacceptable for them to steal from their customers and not uphold financial regulations.Business response
05/08/2024
Due to privacy regulations and our own internal privacy policies, we will be responding directly to the complainant. Thank you.Initial Complaint
05/03/2024
- Complaint Type:
- Product Issues
- Status:
- Answered
I was shopping for Life Insurance. I inititally decided to go with National Life Group. A couple of days after that decision I found a better deal with a different provider. I emailed the sales rep and requested he canccel the policy with National Life. I had multiple drafts coming out of my checling and just discovered the sales rep never cancelled the *** policy. This company has been drafting my account without my authorization. Now they are refusing to refund money they have illegally drafted from my account.Business response
05/06/2024
Due to privacy regulations and our own internal privacy policies, we will be responding directly to the complainant. Thank you.Initial Complaint
04/27/2024
- Complaint Type:
- Product Issues
- Status:
- Resolved
I have asked for them to rollover my money to Northwestern Mutual for almost 7 months now and they are completely dragging their feet. I have filled out all the paperwork and they keep lying to me saying that they haven't received the paperwork when I have sent it over. They sent me the wrong form saying that I filled out a partial transfer instead of a full transfer when I asked for a full transfer. I asked them why no one called me and they told me that "it's my job to call them"They need to make this right. They are withholding my money and dragging their feet in an effort to collect more premiums. National Life Group is now holding my money hostage and after I have the paperwork requesting to transfer it, any future collection of premiums is now stealing. They need to make this right and send my annuity policy 1270950X SEC GROWTH over to Northwestern Mutual.Business response
04/30/2024
Due to privacy regulations and our own internal privacy policies, we will be responding directly to the complainant. Thank you.Customer response
05/07/2024
[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]
Better Business Bureau:
I have reviewed the response submitted by the business and have determined that the response does satisfy my issues and/or concerns in reference to complaint #********. I understand that by choosing to accept the business response that my complaint will be closed as resolved.
Regards,
*************************Initial Complaint
04/19/2024
- Complaint Type:
- Customer Service Issues
- Status:
- Answered
********** back in early March, asked Omni Group to rollover Funds from our annuities at National Life Group. This was totally ignored by National Life. So in middle March we filled out all the paperwork and asked National and their administrator to rollover our funds directly. We called them on April 2nd confirming they have all the necessary paperwork (Case# ********). Multiple calls and emails to their Account Representative *************************** have been totally ignored since the start of the year. Letters to us (dated March 26 and 27) from National life Group have asked us to reconsider our transfer. They say it can take up to 30 business days. Well, here we are past the middle of April, and their last correspondence says they still have to review the request. Ahhhh, there are bent on not transferring our funds.Business response
04/22/2024
Due to privacy regulations and our own internal privacy policies, we will be responding directly to the complainant.Customer response
05/08/2024
Better Business Bureau:I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # ********. Please add your rejection comments below; if you do not provide any details, your complaint will be closed as Answered.
National Life Group has not solved the issue - - They STILL have my money and have not rolled it over to the requested financial institution. They have thumbed their nose at both you (BBB) and me
Business response
05/09/2024
Due to privacy regulations and our own internal privacy policies, we will be responding directly to the complainant. Thank you.Initial Complaint
03/18/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
For nearly a month now I have been trying to contact my account holder to transfer funds from my mutual life policy and/or cancel all together. I am getting deducted from each paycheck and my employer is no longer contributing. Once I saw that me and my employer have reached out. Per their app in order to fully surrender funds the company will charge me nearly 95% of my policy value to surrender MY own money back to me. Lastly, Due to economy I felt it would be more beneficial to have these funds into a higher yield *** since the surrender fee was absurd. As I stated, both myself and my Employer have contacted the company and account director to no avail.Business response
03/19/2024
Due to privacy regulations and our own internal privacy policies, we will be responding directly to the complainant. Thank you.Initial Complaint
03/18/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
This company is an example as to why one does not trust life insurance companies! Agents will tell you anything to sell and wont let you know about penalties. My husband and I purchased a life insurance policy five years ago. We sold our house so I decided to cancel my insurance until a new home was purchased. They did advise I would get my accumulated value in a form of a check. One month passed and I called again only to be informed there was a cancellation penalty for cancellation before 10 years and none of the accumulated value was going to be reimbursed! Seller agent advised that there was an exception of suicide before 2 years. He said after five years we could get our accumulated value. Representative on the phone said I was going to get a check for the accumulated value which was around $600. Worst company I have ever dealt with in regards to lies, and communication. Do not be deceived!Business response
03/19/2024
Due to privacy regulations and our own internal privacy policies, we will be responding directly to the complainant. Thank you.Initial Complaint
03/14/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
On 11/6/23 I submitted paperwork to my local National Life Group (NLG) representative, *****************************, asking that my 403b funds be transferred to PERA. He indicated that he submitted this request to NLG for processing on 11/14/23. I called NLG on 11/29/23 to inquire about the transfer & was told that it would be expedited the following day. At this time, NLG indicated that they wouldn't send funds to a P.O. Box as requested by **** because they only send checks FED EX overnight with a signature upon receipt. A package containing only my tax-deferred verification form was received by PERA on 12/4/23. No check. NLG indicated that **** must have lost the check. Ellenie at NLG agreed to void & issue another check on 1/2/24. She stated that process for voiding the check would take five days & then a new check would be overnighted. I called on 1/12/24 when no money was received & ******* told me that the process would take 10 days. On 1/22/24, she told me that the new check was sent on 1/16/24 via US Mail & no tracking number was available. I called on 1/31/24 when no money was received and ******* explained that the address was incorrect on the second check & it would need to be voided and reissued. At this point, I asked to be transferred to a supervisor to file a formal *************** indicated that there was no one available. I told her that if I couldn't speak to someone else, I was going to hang up & call the police. She stated that she "really didn't think I wanted to do that because then legal would get involved." I then got PERA on the ********** readily admitted that NLG neglected to put a check in the first envelope. She then confirmed their address & agreed to send a third check. **** called me on 2/9/24 & stated that the second (supposedly lost in the mail due to an incorrect address) & third check arrived on the same day. Funds were removed & my account was deactivated in November. It was extremely stressful navigating this process. BEWARE!Business response
03/15/2024
Due to privacy regulations and our own internal privacy policies, we will be responding directly to the complainant. Thank you.Initial Complaint
03/11/2024
- Complaint Type:
- Order Issues
- Status:
- Answered
I opened a policy in April 2021 and paid a total of $5,499. When I opened the policy I shared my financial and saving plans and I was told I would be able to take money out of the account to supplement those goals. The agent did not mention that are fees on the account or length of time I WOULDNT be able to take out money. I was told encouraged to sign the contract based on being able to invest and reach my savings goal, at the time I was teaching and was not able to commit to a meeting and I was encouraged to sign the contract based off the information shared and the fact that I would be able to access the money that I had saved. When i reached out to a rep it took weeks to get an answer and when I got one I was told that they were taking the agents words because I had no proof of being misinformed and that I wouldnt not be getting a refund. This was the worst financial decision I have ever made and it has been so disheartening to know that I invested $5,499 and I have no access to it.Business response
03/12/2024
Due to privacy regulations and our own internal privacy policies, we will be responding directly to the complainant. Thank you.
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