American Life Insurance

smegmyster

Hi, I wonder if anyone can help. I have being paying a direct debit to a company could American Life Insurance for nearly ten years, I recall when I took the policy out that if I didn't make a claim within 10 years I would get my contributions back. The problem is i cant find any paperwork from them or the original paperwork and I can't find details for them online. Obviously I dont want to cancel the policy because I believe that forfeits the repayment but at the same time I would really like to know if this is the case or even when the 10 years are up. Does anyone else have a policy with them and a contact number or address? Any help would be greatly appreciated :j

Linton

Try Google:

American life insurance

smegmyster

I have a contact number 0800 092 8090, the company is now called Alico. They say my policy pays out after 15 years not 10, I can't argue it as I dont have the original paperwork arghh. :think:

Jegersmart

smegmyster wrote: »

I have a contact number 0800 092 8090, the company is now called Alico. They say my policy pays out after 15 years not 10, I can't argue it as I dont have the original paperwork arghh. :think:

Ask for the paperwork relating to your policy to be sent to you and take it from there depending on what you find. It is the only way you can make a decision imho - and I would be very surprised indeed if the paperwork they send you confirms refund of contributions after 15 years (or any other term).......^^

HTH

J

Shaz61

Hi

I have been in touch with Alico today re my policy - I believed that is was for 10 years but according to their records it is 15 years. Earlier this year I received a letter from them saying if I continued to pay into the policy for the next ten years I would receive all my contributions back. Considering they told me I had a 15 year policy this seems quite strange. I will try and find the original paperwork, although I am not sure if there was any, or contact them again and request copies.

When I spoke to the advisor he apologised to me for being "misold the policy" and that they have had quite a few calls regarding the same thing. Customer care line 0800 092 8090.

kind regards
Sharon

System

I too am in the same boat. I took out the Crisis Cash Cover from American Life Insurance in March 2002, so as you can imagine I was expecting a payout this month. I rang up to ask why the payment had not bee forthcoming only to find out that the policy has now changed to "If you keep your policy for 15 years without having to make a claim, we will refund all the premiums you have paid".

I do not have the original paperwork, so unfortunately I am unable to dispute this. looks like I'm going to have to wait another 5 years by which it will have then changed to 20 years before payout no doubt!

Dan

mekadoll

I got a phonecall in 2006 asking me if I wanted to get a child policy with them, I told them I was on a very low income and that if my child was ill I would be in a position to look after him without needing a policy to cover any expenses, we have NHS so I couldn't see the point, this man said that I should see it like a bank account If I didn't make a claim then I would get all the money I had put into it back with a bonus. I did the one unit for five years which was the least and thought that in the summer of last year I would have at least £1017 back from the policy, instead all I got was the bonus. I rang them and they said I should have read the terms and conditions, I still had all the paperwork and I looked at it all again and the terms and conditions went on about the bonus it said nothing about getting all the money you had put into it back but it didn't say you wouldn't either, all very cloak and dagger. One of their managers sent me the terms and conditions and had highlighted areas where it was apparently as clear as day that they were in the right but she was obviously mad or couldn't read. She also said that my sale had been recorded and that I hadn't been mis-sold the policy, I asked for a copy and I never received it. I have taken it to the ombudsman and my argument is that the deffinition of the word 'bonus' is:
something given or paid over and above what is due....
....something free, as an extra dividend, given by a corporation to a purchaser of its securities
......something extra or additional given freely

ALICO's deffinition obviously isn't the same as the dictionary's

lets just hope the ombudsman sorts it out in my favour, still waiting to hear, doubt ALICO will back down