ComplaintsforGuaranty Income Life Insurance Company
Need to file a complaint?
BBB is here to help. We'll guide you through the process.
Complaint Details
Note that complaint text that is displayed might not represent all complaints filed with BBB. See details.
Initial Complaint
12/22/2023
- Complaint Type:
- Order Issues
- Status:
- Resolved
We purchased two long term care policies from GUARANTY Income Life Insurance Company (GILICO) in Sep/Oct 2021, for $****** each, via their agent ******** ********. One of the reasons for our choice was GILICO advertised a 10% penalty free withdrawal every year - which was stated on their website, reconfirmed by their agent ******** ********, and honored by GILICO for the withdrawal that we made after the 1st year. However, after 2yrs of policy term completion, GILICO communicated in a phone conversation with ******* ****** on 9/27/23 that it was no longer going to honor the 10% penalty free withdrawal. Given that was not in line with what we were sold and multiple other reasons (see attached) we requested our policies be terminated WITHOUT a surrender penalty on Oct 5, 2023. GILICO terminated both policies but waived the surrender charges for only one of the policies. They claimed they didn’t get a supporting document so didn’t waive the surrender charges for the second policy. The request to surrender the policies was made via their agent ******** ******** and the agent electronically submitted the signed supporting document for BOTH the policies. Infact, at a later date the agent informed us in writing that the surrender charges had been waived for BOTH the policies. We pointed out to GILCO that the supporting document had already been submitted, however they subsequently (on 12/15/23) declined to waive the surrender charges for the second policy without providing any reason. This complaint is to get GILICO to pay back our $******** which comprises i) $******** surrender charges for ***** ****** policy ********** ii) $****** penalty for withdrawal made in September, 2023 for ***** ****** policy ********** iii) $****** penalty for withdrawal made in September, 2023 for ***** ****** policy ********** Please see attached full complaint (which additionally lists all the reasons we wanted to surrender our policies) along with pertinent supporting documents.Business response
02/22/2024
GILICO has made an exception to waive the charges previously assessed. Customer will receive a check in 5-7 business days. Attached letter was sent to customer today.
Thank you!
Customer response
02/22/2024
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID 21047518 and find that this resolution is satisfactory to me.Will let BBB know if I do not receive the check promised by GILICO.
Sincerely,
***** ******Initial Complaint
12/29/2022
- Complaint Type:
- Order Issues
- Status:
- Resolved
Sent documents on 12-2-2022 to subject company to request proceeds from 2 annuity accounts that were sold per Trustee's of ******** * ****** Agreement of Trust. My mother, ********, passed away on November 2, 2022. I am her son, **** ******, an designated trustee of the above mentioned trust. We had to sell the annuity's in order to pay for her funeral expenses, creditors etc. It is now 12-29-22 and I have not received the 2 checks which should have been sent to my address. Instead, without checking with me, the checks were sent to a Chase bank & lost. I have called their customer service line 4 times along with my mom's financial advisor (2 times) & they keep saying "checks are being processed." One check is over 100K & 29k. I have been kept on hold a max of 57 minutes, 37, 20 etc. You must leave your number if you don't want to wait & then they call you back at anytime up to 48 hrs. PLEASE HELP ME RESOLVE THIS AS I AM HAVING TO TAKE OUT LOANS TO PAY MOM'S EXPENSES. Thank you, MarkCustomer response
02/14/2023
Issue has been resolved.
*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. ↩
BBB Business Profiles may not be reproduced for sales or promotional purposes.
BBB Business Profiles are provided solely to assist you in exercising your own best judgment. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles.
When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.
BBB Business Profiles generally cover a three-year reporting period. BBB Business Profiles are subject to change at any time. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.
As a matter of policy, BBB does not endorse any product, service or business.
Customer Reviews are not used in the calculation of BBB Rating
Contact Information
Customer Complaints Summary
2 total complaints in the last 3 years.
1 complaints closed in the last 12 months.