Insurance Policy Cancellation Dispute

Summary

Benjamin Roberts had a variable life insurance policy with annuity for 22 years. After borrowing against the policy, he faced cancellation due to a minor payment shortfall. He contacted the Texas Department of Insurance and was advised to consider hiring a lawyer, filing complaints, and possibly pursuing a lawsuit for breach of contract or unfair trade practices. Consulting a legal professional is recommended for precise advice.

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I have an urgent concern that involves my previous Insurance.
Hello **** ****, I'm here to assist you. Could you please provide more details about your urgent concern related to your previous insurance? Also, please provide your location as legal rules can vary.
I’m in Texas. I had a variable life insurance policy with annuity for 22 years which I acquired when I was */52 years old. Over those years I barrow against the policy at least *,* the life insurance policy was *,*.* once this company was acquired by a large company they begin to make me pay the loan back which I was doing so. But last month when I made the payment they instructed me to pay when I called them for the exact amount I allowed them to withdraw from my savings account the next two to three weeks I get a letter saying I didn’t fulfill the requested amount and I lack *.* and they cancel my policy. I called them and wrote them and contacted the Texas Department of Insurance. What else can I do?
Hello ****,
You've done well by contacting the Texas Department of Insurance. You can also consider:
- Hiring a lawyer to negotiate with the insurance company.
- Filing a complaint with the National Association of Insurance Commissioners.
- Taking the matter to small claims court if the amount is small.

Remember to keep all correspondence with the company.
I never miss my premium payment it was drafted from my account each month.
Hello ****,
You've been diligent with your payments, which is commendable. Along with the previous steps, you could also consider:
- Consulting a financial advisor for a detailed analysis of your policy.
- If unsatisfied, you may consider filing a lawsuit for breach of contract.
Remember, legal advice varies, so consulting with a professional is recommended.
From your personal opinion and experience and all happen the way I stated what is my legal ground.
Hello ****,
Based on the situation you described, here are your potential legal grounds:
- Breach of contract, if the insurance company didn't adhere to the policy terms.
- Unfair trade practices, if the cancellation was unjust.
Remember, it's crucial to consult with a legal professional for precise advice.
As I vent with great concern this policy was my life line for my love one.
Hello ****,
I understand your frustration. In addition to the steps mentioned earlier, consider exploring:
- A bad faith lawsuit if the insurance company acted dishonestly.
- Engaging with a consumer protection agency for further assistance.

It's important to take advice from a legal professional in your specific case.
Thank You.
You're welcome, ****. I understand how crucial this matter is for you. Please remember to consult a legal professional for precise advice. Don't hesitate to reach out if you need more general legal information. Good luck with your case.