ComplaintsforCincinnati Equitable Life Insurance Co.

• Initial Complaint

  08/22/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  My father passes away on March 11, 2021. My mother, **** ****** ******, has been trying to collect on a life insurance policy from my father' employment. He originally worked for ******* **** which became **** *** and then became ***** ****. She has been getting the run around from every entity including both ***** and *********. NO ONE has provided the funds to her. It is always wanting some additional paperwork to be filed from either from ********* or *****. She even tried to get a lawyer involved which is ONLY costing HER money. This is ridiculous. She is 91 years old and she should not have to be dealing with this.

  Business response

  08/24/2022

  My name is Jennifer B*****, Claims Manager w/Cincinnati ********* Life Insurance Company.  I am responding on behalf of *** *** *******.  

   

  First and foremost, Cincinnati ********* Life Insurance Company (CELIC) does not write Group Life Insurance.  We would not be the insurance carrier of *** ******** Group Life Insurance policy through his employer. CELIC does write pre-need life insurance and works directly with the funeral homes.  I did search for *** ******** name in our database and was unable to locate any information.  

  If you are able to provide any additional information that may help to address the families concerns, please forward for further review.

   

  Thanking you in advance.

  Jennifer B*****

  Claims Manager

  ###-###-#### (Direct Line)

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

  Customer response

  08/24/2022

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this does not resolve my complaint.  For your reference, reasons for rejection are included below.
  
  Regards,
  
  ***** *********

   

  The company named on this trust for my father, ****** ****** ****** was indeed done by ********* Life Insurance Company. If it is not part of the Cincinnati office, then please refer me to the correct office. We have received a letter again from ********* out of ********** **. It is labeled as Life Operations. They are wanting more information....again! 

   

   

  Business response

  08/25/2022

  Dear ***** *********,
  
  I am very sorry regarding your frustration in dealing with filing a death claim for your father.  However, Cincinnati ********* Life Insurance Company is not affiliated with ********* Life Insurance Company that your father’s life insurance policy was written with.  We are two separate, no relationship, companies.  If you have received paperwork from ********* Life Insurance Company from ********** **, then I encourage you to follow-up with whatever contact information is noted on their letter.

  Customer response

  08/26/2022

  Better Business Bureau:
  
  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

  01/26/2022

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  Bought preeneed cremation policy for 1600 on payment as of now paid 2000 into it. Still have 3 yrs till paid off =2800. In 2015 Bought a traditional policy 6000. As of now paid over 7000 Still have 4 years till paid off. I called to ask why am I paying 19000 in to policy that's going to pay only 6000 so I need to have a beneficial for the remaining balance I was told there no money left over I give you 19000 funeral payout is 6045.is products guarantee. So I'm loosing money insurance said it's like financing a car for 15000 in the end u spend 19000. But I'm not financing this policy I'm making payments directly to you.. I read where if you buy a preneed policy even years later you can cancel and u r entitled to 90% refund plus 80 % interst. No your misinformed.

  Business response

  02/01/2022

  Cincinnati Equitable Life Insurance Company sells what is known as Preneed Life Insurance, which is the type of policies Mrs. ****** acquired.  The distinction of Preneed Life Insurance is it is sold through funeral homes and a Funeral Contract is a part of the policy.  Our Insureds come into a funeral home to preplan their funeral expenses, which is funded by the purchase of Preneed Life Insurance policy.    
  Our Preneed product offers several payment options, Single Pay, or payment over a three, five or ten-year period.  The premium rates are actuarially determined based on life expectancy and must be approved by industry regulators.  Premium on the Single Pay option is generally equal to the cost of the funeral that had been pre-planned.  If the insured chooses to pay over time, the premiums are lower than the Single pay option and the monthly premium declines the longer period over which you choose to pay.   While the premium is lower on a ten pay, if the insured continues to pay over the entire period, the premiums will exceed the original amount of the funeral.  For this reason, we offer the ability to pay the “policy off”, by paying the funeral amount plus a nominal service charge.  The pay-off option is available for the first three years, with the service charge growing to $300 in the third year.  After the third anniversary the monthly premium is locked in until the end of the payment period or until death.
  Mrs. ****** chose to pay her premium over a ten-year period, when she purchased her policies.  The agent/ funeral director would have advised her of her payment options, at that time.  In fact, the agent that sold Mrs. ****** her policies has a procedure where he sends reminder letters as the two-year and three-year anniversaries approach, so that they can pay their policy off and avoid the long term premium payment.  For whatever reason Mrs. ****** did not pay her polices off by the third year.
  With that said, Cincinnati Equitable Life Insurance Company and the agent/funeral director will work with Mrs. ****** to find an equitable solution to all parties.  In fact, the agent met with Mrs. ****** on 1/31/2022 and I am told that an agreeable solution has been worked out.  Mrs. ****** will convert one of her policies to a Reduced Paid-up policy and continue to pay on the smaller policy until it is paid in full.  The funeral home has agreed to honor the funeral agreement even if the proceeds of the insurance policies is less than the cost of the agreed funeral service.
  We believe we have resolved Mrs. ******’s concerns to her satisfaction but are waiting on conformation from her.

  Customer response

  02/01/2022

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

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