Beware of MassMutual Life Insurance policies
Bill Poston
insurance to young/middle age consumers and then raising their
premiums over 350% and try to run the consumer off and hope they just
cancel their policy.
If you have had similar dealings with MassMutual, please contact me
for possible class action against MassMutual.
Bill Poston
Bill Poston
To reply correct [at] and [dot]
Bob Ward
How does that work? How do they make money by running off paying
customers and cancelling their policy (and the ongoing revenue stream
of expected premiums)?
Sounds to me like you withheld material facts to try to qualify for
lower premiums, and got caught.
Bill Poston
No, I didn't withhold anything. I purchased the life insurance for me
and my wife through my employer.
In 1989, I was 48 premium was $47.42. wife was 51 premium was $54.16.
Now I am 65 wife is 68. We have paid same premium by payroll
deductions for over 16 years without any communication from
MassMutual about any problem. Suddendly last August I was notified by
a phone call that there was a "problem" with my policies. It took me
several weeks to discover what the problem was. The problem is our
premiums are being raised over 350%. Mine to $157, wife to $192.
It is a plain and simple by MassMutual. Sell life insurance to middle
age consumers and after they have paid for over 16 years, raise their
premiums over 350%.
Think about it. Insurance companies sell life insurance to young
people, collect premiums for over 16 years and then raise the consumer
premiums over 350% and hope the consumer stop paying thier premium and
just go away.
Any other thoughts???
Bob Ward
<poston8[at]comcast[dot]net> wrote:
>Thanks for your reply.
>
>No, I didn't withhold anything. I purchased the life insurance for me
>and my wife through my employer.
>
>In 1989, I was 48 premium was $47.42. wife was 51 premium was $54.16.
>
>Now I am 65 wife is 68. We have paid same premium by payroll
>deductions for over 16 years without any communication from
>MassMutual about any problem. Suddendly last August I was notified by
>a phone call that there was a "problem" with my policies. It took me
>several weeks to discover what the problem was. The problem is our
>premiums are being raised over 350%. Mine to $157, wife to $192.
>
>It is a plain and simple by MassMutual. Sell life insurance to middle
>age consumers and after they have paid for over 16 years, raise their
>premiums over 350%.
>
>Think about it. Insurance companies sell life insurance to young
>people, collect premiums for over 16 years and then raise the consumer
>premiums over 350% and hope the consumer stop paying thier premium and
>just go away.
>
>Any other thoughts???
>
How much was your employer contributing to your insurance costs before
you retired?
Bill Poston
>How much was your employer contributing to your insurance costs before
>you retired?
$0.00, Zero, Nada.............
Monty Loree
your premiums without some contractual basis.
What was the term of the original policy? You may have had a 10 or 15
year term that would automatically continue, but with the higher
amounts.
I would check your original contracts to see what you agreed on.
Monty Loree
http://www.quality-ins.com
SpammersDie
"Bill Poston" <poston8[at]comcast[dot]net> wrote in message
news:q7fev11hq94jqb8l4...@4ax.com...
> Thanks for your reply.
>
> No, I didn't withhold anything. I purchased the life insurance for me
> and my wife through my employer.
>
> In 1989, I was 48 premium was $47.42. wife was 51 premium was $54.16.
>
> Now I am 65 wife is 68. We have paid same premium by payroll
> deductions for over 16 years without any communication from
> MassMutual about any problem. Suddendly last August I was notified by
> a phone call that there was a "problem" with my policies. It took me
> several weeks to discover what the problem was. The problem is our
> premiums are being raised over 350%. Mine to $157, wife to $192.
>
> It is a plain and simple by MassMutual. Sell life insurance to middle
> age consumers and after they have paid for over 16 years, raise their
> premiums over 350%.
>
> Think about it. Insurance companies sell life insurance to young
> people, collect premiums for over 16 years and then raise the consumer
> premiums over 350% and hope the consumer stop paying thier premium and
> just go away.
>
> Any other thoughts???
I hardly think it's news to anyone that the insurance co is more likely to
lose the bet that a 65 yr old won't die the next year than a 49 yr old. The
odds are worse for the insurance company now so naturally, you have to offer
a correspondly higher payoff in order to interest it in taking the wager.
ad...@express-advertising.com
After researching your question, your policy seems to be a group life
insurance policy. The rules of group life insurance policies are much
different than personal life insurance policies.
Premiums are not locked in the same for group policies as they are with
personal life insurance policies. If you read your group life
insurance contract, you've probably agreed to them increasing their
rates at different intervals.
Monty Loree
http://www.quality-ins.com
Bill Poston
It just jerks me off that a company can collect insurance premiums
over 16 years and then all of a sudden raise them over 350%.
I have written to several governmental agencies to see if anything can
be done to help me.
After that, I intend to contact an attorney to see if there is any
thing can be done through the law. I see that lots of insurance
companies are being sued for various things. And, Massachusetts has a
freeze on auto insurance and in fact the government is requiring some
to rollback their premiums.
So we shall see.
Thanks for your interest.
Bill Poston
Bob Ward
<poston8[at]comcast[dot]net> wrote:
>Sadly, you are probably right.
>
>It just jerks me off that a company can collect insurance premiums
>over 16 years and then all of a sudden raise them over 350%.
>
>I have written to several governmental agencies to see if anything can
>be done to help me.
>
>After that, I intend to contact an attorney to see if there is any
>thing can be done through the law. I see that lots of insurance
>companies are being sued for various things. And, Massachusetts has a
>freeze on auto insurance and in fact the government is requiring some
>to rollback their premiums.
>
>So we shall see.
>
>Thanks for your interest.
>
That's not how the game is played. If you agreed to the terms of the
policy 16 years ago (whether you understood what you were agreeing to
or not) you can't say "Sorry, but I want to play by THESE rules now."
The court system is not intended to reward people for failing to
understand the terms of a contract, but you are certainly free to
throw good money after bad in an effort to learn this for yourself.
You can probably find a lawyer sleazy enough to tell you you have a
case, but he'll be asking for big bucks up front.
Bob Ward
But they had a[pparently already accepted the wager, and changed the
terms of the bet later to suit themselves. They knew when he was 49
that he had a good chance of living to 65, and should have priced the
ploicy accordingly. Of course, if the original poster bought term
insurance rather than whole life, the first bet expired, and it's
reasonable to reprice the policy based on current information
Bill Poston
Bill Poston
Bob Ward
<poston8[at]comcast[dot]net> wrote:
Top posting corrected
Do you get ALL your exercise jumping to conclusions, or just here on
usenet?
I have no connection of any kind to the insurance industry.
