ComplaintsforSecurity Benefit Life Insurance Company
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Complaint Details
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Initial Complaint
07/09/2024
- Complaint Type:
- Billing Issues
- Status:
- Answered
Security Benefit is assigned to administer a settlement agreement from an accident that occurred in 1982. The settlement agreement clearly states that I am to receive $250.00 per month for the rest of my life. They sent me a check for $159.00 for the month of June (this year) that was marked "full surrender". I called the company immediately and they said that they would correct it with my July check. I usually get the check on the 7th of the month. I called last week and was told the check will be sent very soon. I still have not received any check. I have copies of the settlement agreement and the check that they sent. I refuse to cash the $159 check because it's marked as full surrender and I don't agree with that. I'm getting the feeling they are just jerking me around and have no intension of honoring the agreement. I'm draining my savings to make up for the loss of income. I'm 75 years old on a limited fixed income. My adjusted gross income is only $17,900/yr.Business response
07/16/2024
Please see attached response from Security Benefit. Thank you.Initial Complaint
06/04/2024
- Complaint Type:
- Billing Issues
- Status:
- Answered
see attached my IRA matured I asked the co to transfer the contractBusiness response
06/04/2024
Please see the attached response letter. Thank you.Customer response
06/07/2024
Security Benefit letter indicated that they want to work with me directly. So far they refused to work with me and they refused to take responsibility for their actions and mistakes.
I would appreciate your help in exposing the company’s behavior in order to protect this company’s customers. Letting this company profit by creating twists and delays in the process would be an insensitive for this company to do more tricks.
****** * **********Business response
06/10/2024
Security Benefit Life Insurance Company (Security Benefit) is in receipt of the inquiry from ****** *********. As the Better Business Bureau is not a regulatory entity, due to privacy restrictions, we are unable to provide confidential information concerning our customers. We will address *** *********** concerns directly with him.Initial Complaint
04/12/2024
- Complaint Type:
- Billing Issues
- Status:
- Answered
Received 2 2023 1099s from Security Benefit split at 6 mos distribution on each making them identical except for state payer info. I am retired the account was set up in MD my primary residence. I have family in PA & NY & visit both areas. The 1099s indicate PA& NY. I wasn’t even in PA in 2023. Called talked to 4 agents that expedited to management waited 2 weeks (supposed to take 7 days then blanket notice tell all callers to file extension) was even told it was in time for a committee review. No state taxes were withheld I just needed a corrected 1099 to file my taxes by 4/15 not eligible for extension. None of the agents called back no manager called back. I made 10 calls over 2 weeks & still no resolution!! Asked all what I need to submit to have them correct their error & not change my tax liability based on forwarding mail addresses. I need a corrected 1099 to file & corrected forms submitted to all Govt localities.Business response
04/16/2024
Please see the attached letter. Thank you.Initial Complaint
08/01/2023
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
I have an annuity account at Security Benefit. I set up an online account to be able to access my account information as needed. The online account has dual authorization requiring the input of a code that would be texted to me. I tried to login to my account today and after entering user ID and password and the code that was texted to me, I was taken to an ***** website and asked to sign in using my email address and password. I was not familiar with this requirement but I tried to use the “forgot password” link to get access. After entering my email address I was told there was no account with my email address. I called Security Benefit and spoke to a representative. After explaining my problem, she said I needed to contact ***** to resolve my problem. I said that I have no relationship with ***** and that since my account was with Security Benefit and since I already used dual authorization to access my account, that Security Benefit should fix the problem with *****. The representative said that could not be done and that I would have to contact *****. I asked for the telephone number of the executive office of Security Benefit to lodge a complaint. I was given a number. I called it and got a recording to leave a voicemail message. This is unacceptable and just horrible customer service. This requirement to use a third party to access your own personal account with Security Benefit makes no sense when you already have dual authorization. And then to have Security Benefit say that you, their customer, are responsible for resolving a problem that you had nothing to do with and that prevents you from accessing your Security Benefit account is a totally unacceptable business practice.Business response
08/14/2023
See attached.Customer response
08/21/2023
I’ve waited a week for the business to contact me which is what they said they would do in their August 14th response. I have not been contacted by Security Benefit Life. Because of this, I still do not have access to my online account. This is an example of terrible customer service and really no customer service whatsoever.
I am a former financial services business executive and if my organization had handled a customer complaint in this way then employees/supervisors would have been reprimanded or terminated. Providing no customer service when a customer cannot access their account is completely unacceptable.I would like to keep my BBB complaint active until the business does what its response says it will do and contacts me to get this issue resolved.
I would appreciate it if you could forward this note to the business and in the meantime I will research how to file a complaint with the insurance company regulator.
Business response
09/22/2023
Please see attached.Initial Complaint
06/21/2022
- Complaint Type:
- Customer Service Issues
- Status:
- Resolved
Security Benefit failed to provide me with tax documentation for an RMD funds distribution, a form I must have to file my taxes. I have called on four occasions over the course of 5 weeks to try and resolve this issue and each time the CSR has said that they are escalating the issue. However, on each occasion I have called back the issue has not been resolved and they can present no evidence that they are in process of resolving the issue. I have not been permitted to speak to a manager to help resolve this issue.Business response
07/18/2022
Consumer Response /* (2000, 10, 2022/07/05) */ 10 days after submitting my complaint to BBB, Security Benefit sent me the information I needed as detailed in my complaint. I consider this issue resolved. Thanks so much for your help.Initial Complaint
05/09/2022
- Complaint Type:
- Customer Service Issues
- Status:
- Answered
I have processed a withdrawal form to receive annuity money from a Security Benefit annuity for my mother. I was told the process will take 2-3 business days. It has now been 6 weeks. My mother needs this money to pay rent and they still have not processed the withdrawal request. I WOULD NOT RECOMMEND THIS COMPANY TO ANYONE. I am beginning to wonder if they are even legit. Thank you for your assistance. D. *****Business response
06/07/2022
Business Response /* (1000, 5, 2022/05/10) */ We are unable to address this matter as neither our customer's name nor her contract number were provided.Initial Complaint
12/29/2021
- Complaint Type:
- Customer Service Issues
- Status:
- Answered
I purchased an annuity 3yrs ago . And only for 3 yrs I tired to move it into a bank account And was told that it has been added back to an annuity for an additional 3yrs without my permission. So they told me that I have to wait till Aug 2023. It's my money and I worked for 30 yrs for itBusiness response
01/05/2022
Business Response /* (1000, 5, 2022/01/05) */ January 5, 2022 Security Benefit Life Insurance Company (Security Benefit) is in receipt the inquiry from Joseph *****. As the Better Business Bureau is not a regulatory entity, due to privacy restrictions we are unable to provide confidential information concerning our customers. We have addressed Mr. ******* concerns directly with him. Consumer Response /* (3000, 7, 2022/01/05) */ (The consumer indicated he/she DID NOT accept the response from the business.) They need to refund my money instead of holding it for another 2yrs.I never gave them permission to continue . the annuity I WORKED 30 YEARS FOR THIS. Business Response /* (4000, 20, 2022/01/31) */ Security Benefit Life Insurance Company (Security Benefit) is in receipt of the inquiry from Edgar ******. As the Better Business Bureau is not a regulatory entity, due to privacy restrictions we are unable to provide confidential information concerning our customers. We have addressed Mr. ******** concerns directly with him. Consumer Response /* (4200, 22, 2022/02/01) */ (The consumer indicated he/she DID NOT accept the response from the business.) They still have my money for which i have worked 30yrs to save. I didnot want my annuity to stay with them for another 3 years I never approved of this. this is my retirement money. and i need it refunded back to me.not held for an additional 3 yrs or to 2023. they have my money so far for 4plus yrs with out my approval. unfair practice. Business Response /* (4000, 24, 2022/02/01) */ Security Benefit has responded to Mr. ******, and we consider the matter closed.
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Contact Information
Customer Complaints Summary
22 total complaints in the last 3 years.
8 complaints closed in the last 12 months.