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Prudential Life Insurance / Bad service

1 PO BOX 13902Philadelphia, PA, United States Review updated:
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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 fathers 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 do not 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 fathers 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.

Va
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Comments

Ca
  3rd of Dec, 2010
Agree Disagree 0 Votes

You're quite ignorrant, the company isn't "holding" the money for themselves, sometimes when proper information isn't documented, like contingent beneficiaries there are delays in distributing funds. Prudential and other life insurance companies pay out billions a year in death benefits, regardless the money has to be paid to someone. Even if there were no beneficiary named it would go to probate court and go to his next of kin. Calm Down!

I happen to have Prudential Life Insurance which I bought through YourLifeSolution.com after dropping accidental coverage with Matrix Direct. I've been around the block a few times with insurance and you couldn't be more wrong, the money has to be paid out period, even if the cash only goes to his estate (this would be if next of kin couldn't be pinned down). You're overreacting, life insurance couldn't be more straight-forward. Jump through the legal hoops and you'll be fine :)

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