Since 2004, I owned a twenty-year level pay return of premium term life insurance policy. After seventeen years of payments, and a glitch in the mail, my last 2021 payment was held up in F&G's mail system. I mailed the payment on September 23rd and F&G did not acknowledge it until October 4th. With a lapse date of September 28th, the payment did not arrive on time, causing the policy to lapse.
F&G was willing to reinstate the policy but without the return of the premium rider. My loss was $28,058.70. Throughout the entire process, the company representatives I spoke to were uncaring, cold as ice, and ended each conversation with "is there anything else I can help you with." Be careful of this company.
In 2012 a representative of Fidelity and Guarantary life insurance presented to me a way to place my husband into a nursing long term home and move all our assets into my name to prevent me from having to pay for the nursing home expenses and place him on medicade and mr. Ronald Thompson advised me to cash out all my cds and place all our liguid assets into this company for 12 years at one percent into annuities and helped me to annuitize the annuities he helped me to buy so that my husband could be on medicade. I was in complete distress being heavliy medicaded and having to have a knee replacement and Mr. Thompson assured me that he would qualify for medicade and stated that he would coordinated the paper work and to my dismay later after he helped me with the documents and all were faxed on his advice that I would not have to pay for the nursing home expenses and that the state would cover them.
To find out that my husband did not quility for medicade and I did not completly understand all the paper work he had me signed and fax to the company and now I cannot even draw any monies from the annuities and the company has denied me acess based on the misrepresnetation and i as an eldery person did not understand the impact of annuitizing the annuities as I am not a trained insurance person and I trusted him. Later I reported it to the finacial division of florida and they informed me that Mr. Thompson was in fact on probation for the same incident and I discovered later that this company was involved in a class action suit regarding the same situation. I have consulted several attorneys and they stated it was not enough money to file a law suit and of course the retaine in palm beach is minimumof five thousand dollars. I reported it to the better business bureau and the insurance company stated that I knew what i was doing and refused to reverse the transaction and will not even let me take out money for emergency purposes. also, I discovered that this company is on the stock market and if it crashes again i will lose all our hard earned monies that we worked so hard for. This product did not meet our needs and Mr. Thompson made a commision of thirty five thousand dollars from this. The insurance company stated that he is just a broker for them and independent.
This company is very unethical in its business practices unfair and misleading the elderly. I was unfairly taken advantage of.
and now I am on a fixed income of per month on a monthly check from them and the representative stated that this would not be considered an asset yet, in fact now it is considered an asset. annuities are an asset. This is elder abuse and this company is holding over 500 thousand dollars and I just get a little check for 2100.00 per month This company must be making a considerable profit off of our hard earned monies. Mr. Thompson even went to the banks with me to withdraw all my monies out of the CDs personally. He knew what he was doing and misguided me and now i have to live on a very fixed income. This company needs to be inspected by the government and held accountable for the representatives they employ to market theri products. As I conclude it would have been better off to leave it in the banks. Annuities are consider an asset and I did not understand that nor was it disclosed to me by Mr. Ron Thompson who is in fact licensed by the state of florida.
He is still active and engaded in selling and marketing these fiancial products to the consumer. I was ill and desparate and he knew that. Once I signed the docs to annuitize the annuites Its set in stone and I cannot reverse it so they say. I would have to do a class action suit and I am old and sick and my husband is sick for me to pursue this aggressive fight that would be necessary to reverse this awful transaction.
Investors need to be AWARE of a scam used by F&G. We had an annuity that matured on July 22th 2017. Neccesary paper work to transfer funds to a different co. were over nighted to them on July 26. We called on Aug. 6th and were told they had received them and were working on the transfer.
Aug. 26th we again called. Were again told they were working on the transfer. Aug. 30th they finally did the transfer. Because they held our funds for 39 days after maturity we would like reasonable interest for that period. They refuse. We have invested in annuties for 37 plus years and NEVER were our funds held this long. This is F&G scam to hold and use investors funds "FREE".
Took out life insurance with fidelity and guaranty life in 2002. Was told it was for n$50,000.--at $50.04 a mo. Been paying faithfully for 15 years. Use got a letter---insurance was raised to $604. A mo. Thought it was a mistake. Called them---was informed this was a term--15 yr. life insurance. For 100,000. I would never have taken out a term ins. Never heard of 15 yr. one. Have paid $9000.00---they sayi can't do ant=thing about it.---this is fraud
The company quoted me a yearly price which I paid. It wasen't until this past year that I found out my premium was going up all the time.They took the difference from my cash value, not explaining it to me.
My cash value eventually was eaten up. They never did let me know what the exact payment should be. I got a bill in May ofthis year which I paid. Ireceived another bill in July which I paid. I have heard nothing rom them until today when I received a notice of my policy lapse.
According to them the policy lapsed in Aug. I never received a bill from them since July. I am not Happy at all.
Fidelity & Guaranty Life Reviews
Since 2004, I owned a twenty-year level pay return of premium term life insurance policy. After seventeen years of payments, and a glitch in the mail, my last 2021 payment was held up in F&G's mail system. I mailed the payment on September 23rd and F&G did not acknowledge it until October 4th. With a lapse date of September 28th, the payment did not arrive on time, causing the policy to lapse.
F&G was willing to reinstate the policy but without the return of the premium rider. My loss was $28,058.70. Throughout the entire process, the company representatives I spoke to were uncaring, cold as ice, and ended each conversation with "is there anything else I can help you with." Be careful of this company.
In 2012 a representative of Fidelity and Guarantary life insurance presented to me a way to place my husband into a nursing long term home and move all our assets into my name to prevent me from having to pay for the nursing home expenses and place him on medicade and mr. Ronald Thompson advised me to cash out all my cds and place all our liguid assets into this company for 12 years at one percent into annuities and helped me to annuitize the annuities he helped me to buy so that my husband could be on medicade. I was in complete distress being heavliy medicaded and having to have a knee replacement and Mr. Thompson assured me that he would qualify for medicade and stated that he would coordinated the paper work and to my dismay later after he helped me with the documents and all were faxed on his advice that I would not have to pay for the nursing home expenses and that the state would cover them.
To find out that my husband did not quility for medicade and I did not completly understand all the paper work he had me signed and fax to the company and now I cannot even draw any monies from the annuities and the company has denied me acess based on the misrepresnetation and i as an eldery person did not understand the impact of annuitizing the annuities as I am not a trained insurance person and I trusted him. Later I reported it to the finacial division of florida and they informed me that Mr. Thompson was in fact on probation for the same incident and I discovered later that this company was involved in a class action suit regarding the same situation. I have consulted several attorneys and they stated it was not enough money to file a law suit and of course the retaine in palm beach is minimumof five thousand dollars. I reported it to the better business bureau and the insurance company stated that I knew what i was doing and refused to reverse the transaction and will not even let me take out money for emergency purposes. also, I discovered that this company is on the stock market and if it crashes again i will lose all our hard earned monies that we worked so hard for. This product did not meet our needs and Mr. Thompson made a commision of thirty five thousand dollars from this. The insurance company stated that he is just a broker for them and independent.
This company is very unethical in its business practices unfair and misleading the elderly. I was unfairly taken advantage of.
and now I am on a fixed income of per month on a monthly check from them and the representative stated that this would not be considered an asset yet, in fact now it is considered an asset. annuities are an asset. This is elder abuse and this company is holding over 500 thousand dollars and I just get a little check for 2100.00 per month This company must be making a considerable profit off of our hard earned monies. Mr. Thompson even went to the banks with me to withdraw all my monies out of the CDs personally. He knew what he was doing and misguided me and now i have to live on a very fixed income. This company needs to be inspected by the government and held accountable for the representatives they employ to market theri products. As I conclude it would have been better off to leave it in the banks. Annuities are consider an asset and I did not understand that nor was it disclosed to me by Mr. Ron Thompson who is in fact licensed by the state of florida.
He is still active and engaded in selling and marketing these fiancial products to the consumer. I was ill and desparate and he knew that. Once I signed the docs to annuitize the annuites Its set in stone and I cannot reverse it so they say. I would have to do a class action suit and I am old and sick and my husband is sick for me to pursue this aggressive fight that would be necessary to reverse this awful transaction.
Investors need to be AWARE of a scam used by F&G. We had an annuity that matured on July 22th 2017. Neccesary paper work to transfer funds to a different co. were over nighted to them on July 26. We called on Aug. 6th and were told they had received them and were working on the transfer.
Aug. 26th we again called. Were again told they were working on the transfer. Aug. 30th they finally did the transfer. Because they held our funds for 39 days after maturity we would like reasonable interest for that period. They refuse. We have invested in annuties for 37 plus years and NEVER were our funds held this long. This is F&G scam to hold and use investors funds "FREE".
Took out life insurance with fidelity and guaranty life in 2002. Was told it was for n$50,000.--at $50.04 a mo. Been paying faithfully for 15 years. Use got a letter---insurance was raised to $604. A mo. Thought it was a mistake. Called them---was informed this was a term--15 yr. life insurance. For 100,000. I would never have taken out a term ins. Never heard of 15 yr. one. Have paid $9000.00---they sayi can't do ant=thing about it.---this is fraud
The company quoted me a yearly price which I paid. It wasen't until this past year that I found out my premium was going up all the time.They took the difference from my cash value, not explaining it to me.
My cash value eventually was eaten up. They never did let me know what the exact payment should be. I got a bill in May ofthis year which I paid. Ireceived another bill in July which I paid. I have heard nothing rom them until today when I received a notice of my policy lapse.
According to them the policy lapsed in Aug. I never received a bill from them since July. I am not Happy at all.