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On call with "Customer Service" for over an hour, so far, still on hold listening to same message over and over.

Paid my annual premium on May 18, 2022. Checked with my bank and funds were transferred on that date. Got a letter from Penn Mutual on 7/6/2022, letterhead on letter dated on 6/24/2022, letter stated they hadn't received premium yet. Slightly over a month after my bank said the funds were transferred. When I logged into their web site, the letter had already been loaded under my login Correspondence listing but no sign of my payment.
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ID
#3740837 Review #3740837 is a subjective opinion of poster.
Location
Phoenix, Arizona

Question

a representative of penn stated that I can buy a whole life insurance policy that pays both the cash value and the death benefit.
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ID
#2643257 Review #2643257 is a subjective opinion of poster.
Location
Jeffersonville, Indiana
New Reviewer

Penn Mutual Life Ins. Co. - Misinformation from sales person and nonresponsive CEO

Update by user Apr 25, 2015

P.P.S. This is all over a mere $50,000. policy.

Original review posted by user Apr 25, 2015
We took a small life ins. policy for my husband in the late 1970s. Then a Penn Mutual sales person had us change to a little higher policy that is called a Universal Policy. He said it would earn interest every month not less than 4%. He sat in our living room and said that if we were short one month to just - he tossed the envelope on the floor indicating that we could skip a month's premium. He made it sound like a nice way to earn on the policy. Was that ever a lie!!! Turns out it was really akin to a term policy, not what he indicated, and over the last several years we have been hit with huge premium increases and bills for shortages we had to pay in addition to the monthly premiums or the policy would lapse. Last year it was over $600 additional and just this year over $800. Just opened the new bill and the premium has increased by another $20.00/mo. I contacted someone at Penn M. a few years ago and besides getting nowhere, was told that the agents didn't really understand the new policies they were selling - WHAT!! I even e-mailed the CEO and all that happened was that we got a single piece of paper in the mail indicating that the value of the policy was $120.00. I guess she's too busy to respond to the people who pay her salary. We have paid almost half the face value of the policy over these 35+ years and they would have the nerve to drop the policy, that they misrepresented, if we don't continue to give them the continuously escalating premiums as well as a large additional amount each year. They said it was the increasing costs of the insurance. What increasing costs - we send money, they keep it. Is the increasing cost a penalty for living too long? To boot, many years ago I informed them that my husband had stopped smoking around 1980 or 1981. They had never adjusted the bill to reflect a non-smoker's premium even though I sent the letter they told me to write about it. Looks like my husband has lived too long for them!! They know that at his age we cannot afford to switch to another company. Uncaring employees - uncaring CEO. P.S. Had we kept the small policy, we would not be going through this today. I have a policy for the same face value as my husband's, purchased at the same time period, but with another company. My premium has NEVER increased with that company.
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2 comments
#1262052

The agent was not KNOWLEDGEABLE.....sorry on their behalf.Great Company anyway.....

#1262085
@PissedConsumer1262052

Thank you but they just blew me off. They have done nothing to rectify the situation except say that the agent probably didn't know enough about the policy since it was new when he sold it to us.

The premiums are still going up as is the cost of insurance which no one can explain. What happened to all the money we paid over so many years not to mention the minimum 4% interest it was supposedly earning each month?

The policy now has no value and if we don't continue to pay the ever increasing premiums the policy will lapse and we will have paid many thousands of dollars for nothing - heartless company. Sorry for ranting but I just paid the new even higher premium and am not happy.

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ID
#627083 Review #627083 is a subjective opinion of poster.
Location
Conshohocken, Pennsylvania
Cons
  • Insurance consultant unreachable
  • Non-responsive uncaring ceo
  • Deceptive product information
Reason of review
Not as described/ advertised

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