MetLife Life Reviews

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.