2 Customer Reviews
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- Highest Rating
- Lowest Rating
Review from Sylvia S
1 star04/04/2024
In reviewing my 93 old father's current policy, he has paid OVER $13k of the valuation of the policy.If he cancels, we were advised he would only get approximately 40% of the face value of the policy! That means Standard actually "pockets" approximately $19k!If he continues to pay the monthly premium, Standard will then pay the face value upon his death. It makes no ethical sense as they would continue to keep the money that he pays each month going forward, and there would be no financial benefit to him. As a Korean War Veteran, he and others like him deserve much better! Why would the company not alert him once he paid the full value of the policy? We are very dismayed that the elderly are being taken advantage of and these reeks of being predatory! We expected better from you Standard!
Standard Life and Casualty Insurance Company Response
04/05/2024
Thank you for review. Standard Life and Casualty Insurance Company understands that life insurance concepts and pricing are complex and often difficult to understand. When a Final Expense Whole Life policy is purchased, a "Statement of Policy Cost and Benefit Information" (Schedule Page) is provided to the policyholder as part of the policy packet. This statement outlines how much premium will be paid annually, the face value of the policy, and the growing cash value. We would be happy to speak with the policyholder (or his authorized representative) to answer any additional questions or to provide further clarity as appropriate.Review from Synatria P
1 star12/22/2021
My dad passed away in 2018 but bought 2 policies from this company before he died. They paid for 1 but wouldn't pay for the other because they said he needed some extra information. They no doubt sent us on a wild goose chase for 2 years, and never paid us for the policy. First it was the policy was mature, then we can't get ahold of the hospital to find out what was cause of death, it was never ending. If they paid for 1 policy, why was it so hard to get the other?Standard Life and Casualty Insurance Company Response
03/11/2022
Synatria *************** and foremost, please accept our condolences in regards to the passing of your dad in 2018. Second, thank you for taking the time to share this review with us. At Standard Life and Casualty Insurance Company, our customers are what drive us forward and we constantly strive to meet the needs of each and ever customer. Our ********************** practice is to review each claim according to the terms of the policy and to process accordingly.We would be happy to review your situation in further detail with you. In order to do so, can you please contact us at a time convenient to you to discuss further? Thanks!
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