POZ Community Forums
Main Forums => Living With HIV => Topic started by: newbernswiss on January 28, 2009, 07:37:40 am
-
Some years ago, back in the early 90's I viadicated a life insurance policy. I needed the money to live due to being on disability and many other reasons. Anyway fast forward to 2009, I received a letter yesterday to change my power of attorney with the company I sold my life insurance policy to, due to the fact my employeer had changed insurance carriers. No problem i thought. My salary is 3 times higher than what I made in the early 90's and my life insurance is based on salary. I assumed that the difference in insurance monies would be paid out to my partner when I die since I made far less in the early 90's compared to now. Well I found out that when I orginally signed the many papers to get the policy viadicated that there was a clause that states as long as I have this policy and it increases they are allowed to get the WHOLE amount when I die. Even though I only cashed in a 50,000. 00 policy at the time and it's now worth 150,000. 00 they get the whole policy.This sucks. These companies not only rip off the investors but preyed on the people who needed the money back in the day. Wish I had never sold the policy, but what can you do. I spoke to an attorney but theres nothing I can do (BUT LIVE A VERY LONG TIME). I did find out that when I leave this employeer the face value will lock in and they will have to pay the premiums.