ComplaintsforSILAC Insurance Company

• Initial Complaint

  05/15/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  original date March 17, 2021 sales person sold me a 10 year annuity policy insisting that i could only by a 10 year policy which is incorrect he said i could take money out if i needed it i recently had a problem where i needed to move due to landlord selling my apartment the only option i had was to get a mortgage and by a small apartment so i needed to take $30,000 from the account they gave me a hard time and charged me $7,000 to withdraw money first 2 years i was told i would make interest which i made nothing they simply told me they would give me 2% going forward however IRS requires seniors to pay a percentage every year this year when i asked for an additional $120 they wanted to charge me $700 for that small amount which i felt i was being scammed this company has lied to me from the inception of this policy plus refuses to speak with me i have called them several times to no avail i want to surrender this policy and get my money out. they refuse to give me my money i am a 74 year old senior citizen with poor health cannot work and cannot live strictly on social security i am having a difficult time and would like to surrender with no penalty i believe that they are targeting seniors and lying to them so they can sign up with them they made lot's of money off of me but i have not made any money from them like promised.

  

  Business response

  05/23/2024

  SILAC received a hardship letter request from ****************** on 4/16/2024. We completed our review of her request and provided our response. Unfortunately, ****************** did not meet the requirements under the benefit riders attached to her annuity contract in order for her to receive her principal without incurring any of the contractual surrender charges. ****************** was dissatisfied with our decision and requested further review and consideration of her circumstance. We were in the process of reviewing ********************** request when we received the complaint she submitted to the Better Business Bureau. Given that SILAC already received a complaint directly submitted to SILAC by ******************, our response letter has been sent directly to ****************** on May 23, 2024, via email, a hard copy will be sent via regular mail for her records. Thank you

• Initial Complaint

  10/06/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  In **** my husband and I purchased ************** Insurance from Equitable. Equitable was taken over by Silac. All sales material, explanation of benefits and supporting materials indicate that Care By a Family Member is an option. In the section of "ADDITIONAL BENEFITS" under "Care by Family Members" it states "We may agree to pay benefits for ********* Services provided by members of your family who do not live with you. These benefits are payable when they are in lieu of other benefits, are cost effective alternatives appropriate for your needs and are included in your plan of care. Our prior approval of services by family members is required before these benefits are payable". There are NO OTHER RESTRICTIONS OR QUALIFYING STATEMENTS MENTIONED ANYWHERE IN SALES MATERIAL, EXPLANATION OF BENEFITS OR ON THE CONTRACT. Our son contacted Silac and received, filled out completely and returned the Silac application. Approx 75 days later we received a letter of acceptance, but requiring that we sign terms that modify the original terms to accept CBFM limited to 90 days and at 80% daily pay rate before ANY PAYMENT would be made. They did not deny CBFM based on any information from the application or based on our sons qualifications. They are essentially saying "we do not offer care CBFM, sign this modification of your contract or we will withhold the money we owe you." This is NOT what was represented in any of the sales/supporting material (which we retain) nor the original contract. Silac is in Material Breach of Contract and withholding funds in order to coerce a vulnerable family into modifying the contract to Silacs will. They have denied multiple appeals, giving excuses for their position by never where in the contract or materials they have the authority to limit CBFM for 90 days or 80% pay rate. This has been going on approx 9 months and they owe my son in excess of $40,000 at this point. BTW, CBFM wont cost Silac any more money than any other option.

  

  Business response

  10/16/2023

  This complaint has been resolved amicably.

• Initial Complaint

  03/10/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  March 7,2023, I CALLED SILAC REGARDING MY PENALTY FREE WITHDRAWS I HAVE BEEN RECEIVING EVERY MARCH AND JUNE SINCE 2020. DURING MY CONVERSATION WITH SILAC INSURANCE CALL CENTER OPERATOR *****, SHE ADVISED I NO LONGER AM ALOUD THIS PENALTY FREE PAYMENT I ADVISED IT WAS PART OF MY POLICY RIDER, SHE PLACED ME ON HOLD TO GET SUPERVISOR AND AFTER 20 MIN I WAS DISCONNECTED. I CALLED BACK AND REACHED ANOTHER OPERATOR ***, I ONCE AGAIN HAD TO GIVE DETAILS AND HE PLACED ME ON HOLD FOR 30 MIN AND CAME BACK AND ADVISED THAT HE WOULD HAVE TO HAVE A SUPERVISOR REVIEW AND THEN TOLD ME THAT I WAS CHARGED A PENALTY FEE ON MY TWO PENALTIES FREE WITHDRAWS IN JUNE 2021 WITHOUT BEING NOTIFIED. THE TWO WITHDRAWS ARE 5% OF THE ACCOUNT BALANCE AND RMD WHICH ARE BOTH PART OF MY POLICY RIDER AND CALCULATED BY SILAC THEREFORE I SHOULD NOT BE CHARGED ANY WITHDRAW PENALTY THE PENALTY CHARGE AMOUNT IS $64.44 WHICH I WANT BACK WITH INTEREST. *** ADVISED THAT A SUPERVISOR (****) WOULD GET BACK TO ME OR HIMSELF. I HAVE HAD NO CALL BACK AND DOUBT THAT I WILL.THANKS IN ADVANCE FOR ANY RELIEF YOU CAN PROVIDE A CREDIT TO MY POLICY OF $64.44 PLUS INTEREST, AN EXPLANTION AS TO WHY BOTH OPERATORS TOLD ME I WAS NOT ALOUD BOTH A 5% AND RMD WITHDRAW AND A CALL BACK FROM A SUPERVISOR WHO IS ALWAYS TO BUSY TO PROVIDE CUSTOMER SUPPORT. MY POLICY IS **********

  

  Business response

  03/20/2023

  After review of the payments issued in 2021 SILAC is amendable to reimburse ************** the $64.44 surrender charge fee. We have spoken with ************* and let him know the $64.44 will be reimbursed, the particulars of the Penalty Free Withdrawal rider have been explained and ************** now has a clear understanding of the free withdrawal amounts that are available to him per policy year. It is SILACs understanding that this issue has been resolved.

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