MetLife Life Reviews

Well, finally, the bill came. My premiums have now gone from $180/month to $360/month! And they insisted on back payment for the three months it took them to bill me plus the next month, to the tune of over $1,200. They couldn't take a payment over the phone, so I had to overnight payment to them to keep the policy from being cancelled. I asked why the change, and they said it was because I was moved into the pool once my employment ended. I got out my policy and asked them to show me where it says that would happen - no go. I asked them how we could have anticipated the change - they didn't know. I asked them why I was suddenly more of a risk to them now that I'm not employed by the company (I already had another position at this point). They said it was simply due to the way I was coded in the system by ex-employer upon exit.

Due to the error made by Metlife, my account is reflecting a loan and annual payments due, which is incorrect. If the annual premiums are not paid timely, this will ultimately cause my insurance and death benefit to have a negative impact.

At that time, MetLife informed us that he could no longer have the luxury of paying the group amount of only $22.76 per month. He would have to port his policy over to pay his self for approximately $168 per month, and it increases every year. We did this, and it has been a struggle to keep it up. We have never missed a payment. It is due on the 1st. He has never been asked in the beginning nor ever if he wanted to secure this policy's safety by paying one month in advance because they are so strict and they will cancel you at the spur of the moment. We paid faithfully, and then just last month, I was late in May and it was paid through my online banking account and posted as May 13.

Well, it just so happened that my ex-husband also had a MetLife policy, and I was the owner of it and he retired the same way through Dow Chemical and taking early retirement and keeping that policy--his policy--I had on hand. It was clearly stated on page 6 that there is a 31-day Grace period. I never worried about it as It was never late and especially 31 days and I (being a lay person and not an insurance expert) thought the two policies were with MetLife and so that was their rules on both. I have never had the actual printed policy on my new husband.

I went to my PO box after 3 weeks, because I had some personal problems; and there was a letter from MetLife stating they had cancelled my current husband's policy for the Optional Life but had kept the Basic portion in force even though the payment was made at the same time for both. They said when I called them that there was enough money to pay the Basic for only $12,500 of the insurance but not enough to cover the Optional for $177,500 because I sent a payment by memory for $225.00, thinking the new payment amount was $223.56. It happened to be $227.56, and I was off a few dollars.

Instead of just calling or warning or giving us an email notice or anything saying they need two more dollars or whatever, they cancelled, stating the policy clearly says in fine print that if not paid in full by the due date, you could be cancelled. I have been writing letters to everyone and sitting, waiting to get a lawyer on this case.

When I found out, I contact the agent asap, and he said Well, I knew you were married, and your husband said he needed money for bills This agent HAD NO RIGHT to release my money without contacting me, or without my consent. how could he have done this? Met Life and or agent cannot know what is going on in a marital home. How can they release someones money to a spouse just from a phone call? I have filed a complaint with Met life to refund my money, but they will not because it was deposited in our joint checking account. I also have my X-husband in court on fraud charges. (case pending).

On the first release form my husband signed his name on the co-owner line. They did not even check to see if he was a co-owner, which he is not! I don't understand a company can do this without checking into it.

I received an invoice statement dated 11/19/07 and at that time elected to change my coverage from $250 to $200k. I calculated the amound due and the statement due date was 12/10/07 and I mailed my payment on 12/2/07. My cancelled check included in the memo portion through 12/31/07 (my account number) $200K Group Basic Life. I also followed the procedures on their statement which indicated that if the amount diferrs from the total amound due to explain it on the form. I also included a letter dated 12/2/07 with my payment ($1444.80)noting that the check reflects a change from $250K to $200K in coverage. I provided email, phone number and address information on the letter.

On 12/24 I received the next monthly statement from Met Life and the amound did not reflect the change in coverage so I contacted Met Life. I was informed for the first time that my coverage had lapsed. I was instructed to contact the Met Life recordkeeping unit to issue my request to have my insurance reinstated nd wrote a letter dated 12/16 to the Met Life Recordkeeping Unit, PO Box 6169, Utica, NY 13504.

Met Life during this time cashed my check for $1444.80 and by cashing the check (with the memo clearly stating it was for payment through 12/31/07 at $200K) that they were in effect accepting my payment for insurance coverage as noted in the memo section of the check. I have requested that my insurance be reinstated at the $200K rate or my money returned. I have not heard from Met Life since my letter was sent.

In a letter postmarked 12/31/07 and received on 1/5/08 I received notice (for the first time other than though my phone call) that my Insurance was cancelled, effective 11/24/07. (Yet they cashed my check in December!)

Loss of $1444.80, which I would NOT have paid if I was informed that my insurance had been cancelled.

We wanted to know how much we could put into the fund and if there were any charges for doing this. Since it had been such a long time since we took this policy out we could not remember the policy concerning this.

On three different occasions we spoke to different individuals about this and were assured that we could put up to $17,000.00 into the fund and that there would be no charges to do so. We deposited $15,000.00 an about December 1,2002.

When I received my statement from Met Life this May I was shocked to see that they had charged a fee of 9% or $1350.00.

Why would I put $15,000.00 of my hard eared money into an account that returns 4% but have to pay a fee of 9%?

If we had been told of this when we called we would never have put our money into this fund.

In the meantime, Metlife went public and the policy was transferred to shares of stock. At the time I was trying to cash the policy out, it was worth approximately $3,250. At the time of IPO, my policy was changed over into stock shares worth less than $300. I have called trying to resolve why I was given so little stock, but the explanation I've continually received is the policy transfer was based on an actuarial formula. That does not explain to me why I immediately lost about $3,000.

If the policy would have been transferred to shares on a dollar for dollar basis, the shares would now be worth over $5,000, instead they are worth less than $500. Metlife has avoided all methods of contact I've tried with them. I can recall reading about a threatened class action suit on behalf of all policyholder that this affected in this manner, but have not been able to find any further information about it.As a result of not being able to recover the true value of the policy, I have experienced much anger, frustration and stress whenever I attempt to get fairly compensated by Metlife. Due to other things that occurred in that same time frame, I have completely drained my savings because I was counting on using the policy value for the downpayment on my home.

The agreement with Metlife was not to take any monies from my checking account and that statements were to be sent to my home monthly. The agent that I dealt with had taken a maternity leave and therefore another agent was assigned to deliver these policies. I have NOT recieved these policyies and have made several phone calls to Metlife with my concern.

Metlife has been taking monies from my checking account since August, which I didn't authorize them to do. This is very unfair to me because I phyically don't have the policy in hand. Nor do I know where these investments are going; no statment has been issued to me on a monthly basis.

This is a potentially serious violation of securities and insurance law. Lorrie should contact the New York State Insurance Commissioner and the Department of Consumer Affairs.