ComplaintsforMony Life Insurance Company

• Initial Complaint

  04/01/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  March 19th, I spoke to Martha to discuss surrendering the account. Martha disclosed I may owe capital gains, and I said that is fine. I asked to surrender the account and if she could send me the information via email. I waited 1 week and called back to follow up on where the email was. I spoke with carlos, he said that the surrender value with estimated capital gains was mailed out and could take another week to receive. I explained that my daughter and I requested to surrender the account and requested it to be sent both email and mail, we did want to know the surrender value with capital gain withheld, but regardless still wanted to proceed to surrender the account before the company tried to renew the policy. carlos then explained that a form needed to be filled out and he said he would send it out via email for us and should be received the same day. i am upset that we clearly requested this from Martha and did not get this info. I called back later in the day to see where the email was from carlos, kelsey told me it could take 24 hours. I waited until the next day to follow up, in which i got a hold of nikita. nikita explained that she DID see all the requests for email but they were processed as mail instead. she then sent the email with the forms needed to surrender the account and it was received promptly within minutes on 3/26. I sent my forms back to surrender the account on the 28th and shortly before sending it, I received an email on 3/28 with just general capital gains information, no information included on how to proceed with surrendering the account. this was almost 10 days after my initial request to surrender the account. I am appalled at the lack of time efficiency/ prolonged correspondence. Every requests i make is prolonged and correspondence from customer service regarding my requests are not fulfilled. I have to continuously reach out to follow up on received documents to ensure my requests to surrender my policy is processed urgently.

  Business response

  04/17/2024

  
  
  I am writing in response to your secure message dated April 1, 2024, addressed to MONY Life Insurance Company (“MONY”) regarding the above-referenced Case Number.  Due to privacy laws, we cannot provide you with any information regarding the complaint that Ms. ****** ** ****** filed.  Accordingly, we will respond directly to Ms. ****** ** ****** regarding this matter.
  Thank you for bringing this matter to our attention. If you have any questions or should you need any additional information regarding this matter, please feel free to contact me.
  
  Respectfully,
  
  Richard H M***
  Sr. Regulatory Specialist
  

• Initial Complaint

  01/07/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  My mother passed away recently, and apparently, unknown to me, she had an insurance policy with Mony listing me as the beneficiary. I received paperwork today that included a W9 form that I am supposed to complete, including my social security number. I am uncomfortable providing my social security number to a company that I've never heard of. Can you tell me if they are a legitimate company and am I expected to provide the number to them?

  Business response

  01/09/2024

  We extend our sincere condolences to the ********** family for the loss of our Insured.   This message is to confirm that a claim is pending with MONY life Insurance Company that is payable to the Insured's children.   One adult child has claim and been paid.   Once the remaining children provide their forms requested, their claims will be processed accordingly.   We are here to be of service to the family.    MONY Life Insurance Company was purchased by Protective Life Insurance Company in 2013, however, continue to operate under MONY Life Insurance Company based out of New York State.  

  Customer response

  01/10/2024

  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.   Regards, **** **********

• Initial Complaint

  12/13/2023

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  I have two life insurance policies with this company that were opened and have been paid on since 1982. The original company has changed hands, either merged or bought by ****. Customer service is a constant stream of disconnected phone calls without information provided. They have the wrong SS# on one of my accounts that occurred when they transitioned to another parent company. They have taken out a loan against one of my policies with no notification to me and are charging interesting on that loan. That particular loan is on an account that I can not access due to an incorrect SS# that was filed by their company. I have dealt with the inability to find any information, in person or online about my policies. I am requesting a complete withdrawal and closure of my policies with pay out....adjustment to my "Loan" against my policy and to speak to a human without being put on hold and disconnected. Their company practices are fraudulent to say the least. I will also be contacting an attorney regarding their business practices. I will check my perfect credit score to see if their unfortunate choice to put a loan against one of my policies has affected my score. This is unacceptable business practice and one I have been dealing with for years. They should be responsible for the financial value of MY time and I will be submitting a bill to the company for damages. I still have no information as to how to proceed on correcting their errors. I spent over 4 hours this morning alone trying to address these issues (a usual occurrence with this company) with various customer service reps. email correspondence, etc. I expect the proper forms be submitted to me as I requested so I can close my accounts down with this terribly fraudulent company who does not care one once about the investments of their clients. The mishandling of information (SS#) is so reckless that it could have a negative impact on credit reporting and also leave their customers vulnerable to identity theft.

  Business response

  12/15/2023

   I am writing in response to your secure message dated December 14, 2023, addressed to **** Life Insurance Company (“MONY”) regarding the above-referenced Case Number. Due to privacy laws, we cannot provide you with any information regarding the complaint that Ms. ********* ******-white filed. Accordingly, we will respond directly to Ms. ********* ******-white regarding this matter. Thank you for bringing this matter to our attention. If you have any questions or should you need any additional information regarding this matter, please feel free to contact me. Respectfully, Richard H M***Sr. Regulatory Specialist 

• Initial Complaint

  08/15/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  On July 6th, 2023 I submitted my surrender forms for a life insurance policy with a digital signature with the expectation that my application would be processed within the two week period to recieve the insurance policy balance as stated in the application. I sent a follow up email on July 12th to check the status of my claim. On July 17th, I was informed they would not accept a digital signature. So on July 22nd, I printed out the forms, filled them out again and faxed them on that day. I called on July 24th to verify that they recieved my fax and then did not hear from them again until I called on August 8th to check the status of my claim. In that time period, all correspondence had occured either by phone or email. I was informed that the company had rejected my signature as it did not match the signature on record. They had mailed this notice along with another form requesting notarization and resubmission on August 1st. I am out of town with no access to physical mail and was not informed of this rejection in a timely manner or by the medium in which commuication had occured previous to this. I am now required to notarize my form, and mind you, they have no signature on file as this policy was taken out at the time of my birth, therefore their claim that it does not match the signature on file is absoltely false because they wouldn't have one. I feel like I am just being given the runaround here.

  Business response

  08/28/2023

  I am writing in response to your secure message dated August 15, 2023, addressed to MONY Life Insurance Company (“MONY”) regarding the above-referenced Case Number. Due to privacy laws, we cannot provide you with any information regarding the complaint that Ms. ***** ******** filed. Accordingly, we will respond directly to Ms. ***** ******** regarding this matter. Thank you for bringing this matter to our attention. If you have any questions or should you need any additional information regarding this matter, please feel free to contact me. 

• Initial Complaint

  01/12/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Due to poor customer service, I am not able to reach anyone on the telephone that can speak intelligently about my three policies. We have been paying for three MONY policies for many years . As we attempted to change our address, MONY changed the address on only 2 of the three policies then stated that on policy was forfeited in 1992. I can rest assured we have continued to pay premiums on all three policies. Is this a management problem with Premier taking management responsibilities or is this theft on the part of MONY / Premier? As I have tried to contact MONY I receive untrained and rude customer service personnel then a voice recording that hangs up on me. The same has happened to my adult daughter and son. Why?

  Business response

  01/26/2023

  This letter is in response to a complaint filed with your office dated January 12, 2023, received through our Company email January 12, 2023. It is a pleasure to be of service. On October 1, 2013, ********** Life Insurance Company became owner of the MONY Life Insurance Company. On January 1, 2021, the policy system platform changed from the MONY policy system platform to the ********** Life Insurance Company policy system platform. I am uncertain as to what Ms. ******** refers to as the Premier Company in her complaint filing. In review, enclosed is a copy of the 2 letters we received on 12/20/2022, from ******* ********, dated 12/13/2022. The letters were a request for address change. The policy number referenced was ********, which was an incomplete policy number. A search of our records obtained policy ********, which converted to the ********** system as *********. The address was changed, as requested. The second letter received referenced policies:  *********** *********** *********** A search of our records confirmed policy ********** for ******** *****, with ******* ******** as policyowner and the address change was completed. Our records confirmed policy ********** for ***** **********, with ******* ******** as policyowner and the address change was completed.

  Our records could not confirm policy ********** as a policy owned by ******* ******** as the policy fiche reflected this policy was surrendered in 1992. All documents were destroyed due to inactivity. As a courtesy our letter, dated December 29, 2022, included that “policy ********* was forfeited on July 7, 1992.” Upon receipt of the BBB complaint filing, December 12, 2022, I reviewed the information and spoke with ******* ******** on December 13, 2022. My attempts to explain that we received a letter that provided policy ********** (a 4th policy number) and that was the reason we responded of the status was unsuccessful. Ms. ******** stated she just wanted to make sure her 3 policies had the correct mailing address of record. I have produced a Verification of Coverage letter for the 3 policies of ********, ******** and ******** and mailed to the address of record for the policyowner. Enclosed is a copy of the letters reflecting the updated mailing address.  Should you have any questions regarding this letter, you may contact me directly at ###-###-#### or via email at *******************************

  Sincerely, Linda H******** Sr. Regulatory Specialist

• Initial Complaint

  07/15/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  On July 14, 2022 I contacted Mony insurance on behalf of my mother who is insured and has been some 2000 with this business. I was informed that for the past several years my mother’s payments have not been applied to her premium but to a loan from many years ago. She was informed to pay 60 dollars toward the loan and 125 to her premium which she had been doing for several years. I was informed that neither amounts are equal to her loan payment. She was never provided any communication verbally or in writing about this. The company then informed me that my 78 year old mother’s premium will increase in August. After 20 years her cash out would be $427.00. This is predatory practice.

  Business response

  08/02/2022

  This letter is in response to the complaint received in our office on Monday, July 18, 2022, through the NY BBB portal. Please allow me to explain.

  Our policy records show the policy owner at issued was the insured **** ** *********. On Nov 9, 2009, a loan against the policy value was initiated by the policy owner in the amount of $8,000.00. Loans against the policy value are acceptable on this policy type, loan interest is due to the company each policy anniversary day (July 27) when there is an outstanding loan balance against the policy value, at an interest rate of 4.75%. Interest is also earned on the loan balance at a rate of 4.50% and is credited to the policy fund value each month. If ever the loan interest is not paid by the policy anniversary day (July 27th) each policy anniversary year there is an outstanding loan against the policy value, another interest-bearing automatic loan is taken from the policy value to pay the loan interest due. If there is not enough value in the policy to pay the loan interest an10unt due, the policy will lapse, without value.

  On November 11, 2009, we received an ownership change request dated November 9, 2009, naming Ms* ******** *********** as the policy owner. Upon the ownership change the new owner, assumed all the conditions of the policy including the loan provision. The address on record for the policy is also the insureds address and not the address as provided in the complaint. After the ownership change to Ms. ******** ************ additional value was removed from the policy through part surrenders and other policy loans against the policy value.

  Payments are required to be earmarked if the payment is to be applied to anything other than the policy premium, (i.e. as a loan payment or loan interest payment). With each transaction, including premium payments, loan repayments, loan interest payments, additional loans or part-surrenders of policy value, a confirmation statement is sent to the policy owner at the address on record. Additional financial transactions against or towards the policy value can be located in the quarterly statements mailed to the policy owner at the address on record each calendar year quarter.

  Policy number ********** was issued through MONY Life Insurance Company of America (MLOA). In policy year 2004, AXA purchased MLOA and on October 1, 2013, Protective Life Insurance Company became the Third-Party Administrator to MLOA operating under the MLOA name. In December 2018 we changed from the MLOA policy system platform to the Protective Life Insurance Company policy system paltform.

  T11e policy and how it was issued had not changed. The appearance of the policy notices and statements changed. In year 2020 the AXA company name changed under a re­branding to Equitable, at that san1e time MLOA changed its name to Equitable Financial Life Insurance Company of America (EFLOA). 1berefore, as the company name changed, as the Third-Party Administrator, Protective Life Insurance Company currently operates under the re-branded name, EFLOA The distribution channel (the agent) assigned to the policy operates under the Equitable Advisors name.

  This policy was issued on July 27, 2000, as a Flexible Premium Variable Life to Maturity Age (age 100) Policy (Variable Universal Life) at a Specified Amount (Death Benefit) of $125,000.00. The death benefit option elected at issue was Option 1, level. Part surrenders to the policy value had decreased the Death Benefit of the policy to

  $120,520.00. The net premiums may be allocated to one or more Sub-accounts of the Variable Account or to the Guaranteed Interest Account. If the premiun1s are allocated to Sub-accounts, those values are subject to Market volatility.

  1be first premium at issue was $200.00 and the scheduled premium at month Intervals measured From 07/27/2000 was $200.00 ($2,400.00 annually). Under this type of plan, all premiums received, less a loading charge of7.75% (Sales Charge of 4%, Premium Tax Charge of2.25% and Federal Tax Charge 1.50% as out lined on the continuation of page 3 of the policy), are applied to the fund value.

  Each month on the anniversary day (the 27th day of each month), the cost of insurance deduction ( also referred to as the monthly mortality deduction) which includes any riders or benefits, plus a $5.00 administration fee is deducted from the fund value. The cost of insurance is determined monthly and is based on factors including, but not limited to the specified amount in force, sex of the insured, age at issue, attained age, and class of risk.

  Each month on the policy monthly anniversary day (27th) the monthly deduction may increase slightly, during the policy anniversary year. Each year the policy is in force, on the policy anniversary day (July 27th) a substantial increase in the cost of insurance  occurs as the insured grows older. Page 3A of the policy, Section 2., shows the Guaranteed Monthly Insurance Rates for Initial Specified Amount. T11is section shows as the insureds age increases so too does the rate per $1,000.00 insured.

  Under the terms of the policy, the scheduled premium shown above may not continue the policy in force to the Maturity Age even if this amount is paid as scheduled. The period for which the policy will continue will depend on the amount of premiums paid, changes in Specified Amount and death benefit options, changes in interest credited, expenses, fund performance and mortality deductions; deductions for riders and benefits and any partial surrenders and policy loans (this paragraph continues). As previously stated, loans and part surrenders of policy value had been taken from the policy value.

  The loan interest due on the policy anniversary date of July 27, 2022, of $856.10 was not paid by the due date and was paid for with another interest-bearing loan against the policy value. Payments into the policy from the policy anniversary date of July 27, 2021, through to the policy anniversary date of July 27, 2022, were applied to the policy premium and as loan repayments. The monthly mortality deduction on July 27, 2022, was $268.43. As of the close of business on July 29, 2022, the fund value of the policy was $18, 888.68, the loan payoff amount of the policy is $18,497.06, and the surrender value of the policy was $391.62.

  Similar to other insurance types for protection, there is a cost associated with this protection which insures the life of the insured with a death benefit of$120,520.00. The death benefit, less any debt is payable to the beneficiary of the policy when a claim is received in good order to our office upon the demise of the insured and the policy is in force. Since issue $35,928.20 in premiums have been paid into this policy. This policy matures at the policy anniversary date closest to the Insured's 100th Birthday, although ce1tain conditions exist at maturity because this policy was issued with a Maturity

  Title  Rider terms and conditions at the policy maturity date is located in the back pages of the policy.

  The premium amount into the policy will increase because the fund value is almost not sufficient to pay the monthly mortality deduction when due. The policy owner should consider paying down the outstanding loan balance, paying a premium sufficient to cover the monthly deduction and the loan interest when due on the policy anniversary date of July 27th each year the policy has an outstanding loan balance.

  If ever the policy value is not sufficient to pay the amount due, notice will be sent to the address on record of the amount needed by the due date to keep the policy in force. If the payment is not received in full the policy will lapse without value.

  1 have not included any notices, statements or a copy of the policy as issued because it would disclose personal information  about the policy owner and the insured. All items had previously been provided to the policy owner at issue or mailed to the address on record.

   

• Initial Complaint

  03/01/2022

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  We have had an EFLOA Variable Annuity with MONY, Contract No. **********. Our initial deposit was $67,129.71. I have been trying to get in touch with the company to get paperwork and have questions answered for/about our account, but they do not answer any of the phone numbers I have been able to find. I have also been unable to reach them online. Have they gone out of business? My husband ***** is 88 years old and has Parkinson's, and we want to get things in order. Thank you for any help you are able to give. If you have questions, please contact us at the phone number given or by email.

  Business response

  03/02/2022

  03-02-2022: I have left a telephone message with the complainant Mrs* ***** ******* and our Annuitant Mr. ***** C. ******* on March 2, 2022 at approximately 11:56 am ET and provided my telephone contact information.  I am awaiting their returned call.Richard H MetzCustomer Service Associate IIIMONY Life Insurance CompanyPhone Number:   ###-###-#### Fax Number:         Variable ###-###-#### / Non Variable ###-###-####E-mail:                   ***************************P.O. Box 4830Syracuse, NY 13221

• Initial Complaint

  01/08/2022

  Complaint Type:

  Order Issues

  Status:

  Resolved

  More info

  My wife passed away in September of 2021. She had a Flexible Premium Variable Life policy for 30 + years with MONY with me as the beneficiary. I have the policy number but haven't located the actual policy as yet. My wife and I were married for 58 years, and she made the payments religiously to MONY for the entire time of the policy. I was the sole beneficiary. The face value of the policy was $75,000. I sent to MONY a claim with the death certificate of my wife enclosed in October of 2021 and have not received any response or acknowledgment from them. They are very hard to communicate with and are non-responsive to my claim. Can you help me or do I need to obtain a legal council? **** *********** **

  Business response

  01/20/2022

  Dear Ms. ******:

  I have attached our response with Exhibits to BBB Case # ********.  ********** **** ********* ******* is the third party administrator to ********* ********* **** ********* ******* ** ******* (*****) and operates under the ***** name.
  

  Please let me know if I may be of further assistance.

  Sincerely,
  

  Richard H M***

  ***************************

  It is a pleasure to provide you with the following information in response to the
  consumers complaint received on January 11, 2022, from your office on behalf of Mr.
  **** *********** *** Please allow me to explain.
  
  Exhibits will be provided in this response as Exhibit 1 & 2. Our policy records show this
  policy had lapsed because the payment needed to keep the policy in force was not
  received by the due date of May 10, 2021 (Exhibit 1). At lapse the remaining value in
  the policy was paid to the policy owner, in the amount of $145.74, check # ********
  dated June 18, 2021. The letter from the Complainant, dated October 22, 2021, notifying
  us of the death of the Insured on September 24, 2021, was after the policy lapsed.
  
  This policy was issued under the name MONY Life Insurance Company of America, and
  the company changed its name to ********* ********* **** ********* ******* ** ******* in policy year 2020. Not all documents have transitioned to the new name. On
  December 31, 2020, the policy system platform changed on the policy and the policy
  number was updated to ********** (the policy number at issue was **** ** **).
  Either number can be used to obtain policy information. The policy and how it was
  issued had not changed. We provided the Complainant with our letter dated November
  17, 2021, on the status of the policy when the claim was received (Exhibit 2). Since the
  policy was not in force upon the demise of the insured, a claim was not paid.
  
  Should you have any questions you may contact me by phone, my direct telephone
  number is ###-###-#### or via email at *************************** or contact us toll
  free at ###-###-#### Monday – Thursday between the hours of 8:00 AM and 7:00 PM
  and Friday until 5:00 PM ET.
  

  
  

   

  Business response

  08/02/2022

  I am writing in further response to Mr. ************s complaint. 
  

  As we recently communicated to Mr. ***********, upon further consideration, and based on the unique circumstances of this particular situation, we have decided to pay the proceeds of this policy to Mr. ***********, the beneficiary, and are working with him on his claim.    
  

  We again regret that Mr. ************s experience with us was not satisfactory.  We respectfully reserve all rights. 

*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. ↩