Saturday, June 30, 2012

Security Life Selling Illegal Dental Policies in Washington

About three years ago I purchased a dental insurance plan from Security Life Insurance Company.  I had no idea that Security Life failed to file the policy with the Washington State Office of the Insurance Commissioner (OIC), and was therefore selling the plan illegally.  The OIC apparently notified Security Life about the illegal sale more than two years ago.  Nevertheless, Security Life continued to renew (and in fact increase the price of) my policy.

In the middle of May Security Life sent me a letter indicating they were canceling my policy at the end of June.  There are other fish in the sea, as they say, but here's the thing:  My policy has several lengthy waiting periods and time period restrictions for coverage of certain expenses--standard things we all need from time to time.  That means I've been paying into their system (much more than I am receiving in return) for an extended period to obtain the benefit of my continued payments (more coverage).  Because Security Life was selling an illegal policy, however, my accrued benefits are going to waste.

Definitely filing a complaint with the OIC under the Insurance Fair Conduct Act, and will hopefully find out when their investigation is complete how many others have been affected by this.