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Standard Life and Casualty Insurance CompanyReviews
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Review fromSylvia S
Date: 04/04/2024
1 starSylvia S
Date: 04/04/2024
In reviewing my 93 old father's current policy, he has paid OVER $13k of the valuation of the policy.If he cancels, we were advised he would only get approximately 40% of the face value of the policy! That means Standard actually "pockets" approximately $19k!If he continues to pay the monthly premium, Standard will then pay the face value upon his death. It makes no ethical sense as they would continue to keep the money that he pays each month going forward, and there would be no financial benefit to him. As a Korean War Veteran, he and others like him deserve much better! Why would the company not alert him once he paid the full value of the policy? We are very dismayed that the elderly are being taken advantage of and these reeks of being predatory! We expected better from you Standard!
Standard Life and Casualty Insurance Company
Date: 04/05/2024
Thank you for review. Standard Life and Casualty Insurance Company understands that life insurance concepts and pricing are complex and often difficult to understand. When a Final Expense Whole Life policy is purchased, a "Statement of Policy Cost and Benefit Information" (Schedule Page) is provided to the policyholder as part of the policy packet. This statement outlines how much premium will be paid annually, the face value of the policy, and the growing cash value. We would be happy to speak with the policyholder (or his authorized representative) to answer any additional questions or to provide further clarity as appropriate.
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