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.
I just had the same thing happen to me. I paid for a dental plan for 8 years without going to the dentist. When I finally did and had some extensive work done, they cancelled my plan saying they can no longer provide insurance in the state of washington. I complained to e-healthinsurance and they are looking into the matter. I would be very interested in hearing how your claim turned out.
ReplyDeleteJonas
I agree with you Jonas. Many fake insurance companies give attractive offers but they are not fulfilling their commitments. So before choosing a term life insurance companies you must need to verify all about the insurance company. Some companies are fraud but we can't say that all other companies’ do this. It is our responsibility to investigate about the insurance vendor company.
ReplyDeleteIt is important to have a look on the various fake insurance companies because many fake companies have made their presence and deceive people.
ReplyDeletehttp://www.wellness.com/dir/2304459/dentist/sc/abbeville/baxley-william-h-dmd---ofc