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Prudential Life Insurance is holding HOSTAGE proceeds from 2 life insurance policies my father paid on 50 years before he died in June 2008. They say the beneficiaries are in dispute but keep delaying the one action that can settle this dispute - filing an Interpleader Action. For 8 weeks now this corporation (The Rock) keeps saying they intend to file this action which will allow the Courts to decide my father’s intent as to who is supposed to get the money, but in California this action requires the Insurance Company to deposit the death benefit money with the court. In essence the money will be paid out and this is something no insurance company wants to to, They want all the premium money they can get but don’t really want to pay any money out.
The longer Prudential practices this BAD FAITH tactic to delay paying out on these policies, the greater the chances are that my family will lose a home that has been in our family for 50 years.
The company has in their possession a copy of both my father’s Trust and Living Will plus a hand written note all expressing his final wishes as to who the undisputed beneficiary truly should be, yet they continue to delay taking any action to resolve this issue so the money can be paid to the family.
This is an outrage and another fine example of corporate greed. The Rock has no integrity whatsoever and no heart either. This company should be ashamed of their very transparent efforts to retain money they have no right to keep from those my father paid (50 years) to provide for after his death.
We have complained to the California State Insurance Commissioner and I have even sent a FAX to the CEO John R. Strangfeld Jr., with no results thus far.
The complaint has been investigated and resolved to the customer’s satisfaction.
I have been dealing with the same issue with Prudential Life Insurance for the last two years! Unfortunately my grandmothers husband and all three of her children pre-deceaded her. My uncle who passed away in 2006, was the listed trustee and my uncle and I were equal beneficiaries of the living trust. I have been trying to collect on a $3800 life insurance policy for two years and Prudential has a copy of the trust, all of the death certificates and proper documentation and still will not pay out the only living beneficiary; because I am not the successor trustee. According to Prudential, they believe there is some magical relative out there who is entitled to these funds. A judgement was recently awarded to Wells Fargo bank against me for my grandmothers debt of $3100. Its not right that I am to be responsible for the debt as a beneficiary, but not entitled to collect on the life insurance. I continue to receive the same pre-formatted letter that they cannot pay me until they have received the proper documents (they have had them for 2 years)! Every time I call I get to speak to a customer service rep. who tells me that I cannot talk to the person who's name is at the bottom of these letters and have to explain my situation to 3 different reps with their pre-rehearsed responses only to be forwarded to more people who cannot help me solve this issue! These companies should not be allowed to interpret the probate laws however its convenient for them. I wish this magical relative would present himself and write a check out to Wells Fargo! I will spend the rest of my life advising people against a Prudential policy for the last two years of hassle they have put me through. And how convenient, they will be sending the money to "their" unclaimed funds division!
Father's Trust, Living Trust, His Will, and hand written can help but it ultimately comes down to the POLICY.
In policy, who is stated as beneficiary? That is all that matters. Because of other legal documents, the insurance company would hand it over to the court. But by the law, whoever is the beneficiary on the policy will receive the death benefit. It does not matter if it is a dog, church, ex wife, or girl friend.