Retirement Insurance Problem
At age 38, I took out a policy for retirement. I was to pay a certain amount monthly and pay for 20 years. When I reached 65, I would receive an amount each month, but if I waited until age 70 then I would receive more per month.
After paying for 15 years, the company was bought out. The new company continued operations and I continued to pay my premium for the full 20 years. Now, I am 61 years old and they say the payment to me will be only worth a fraction of what I was originally told. They want me to cash out. They called it endow and surrender, note due and unpaid.
My question is if I cash out now, I most certainly will not be receiving the amount I thought I was to receive. Do I need to talk to a lawyer to get this straight? I assumed that the insurance company that took the policy would honor the policy, but now I think not.
I'm not sure how the new company could take over for the old one without honoring the policies as written. As a result, I would absolutely speak to a lawyer. You might also want to check with your state's insurance commissioner. I suspect you are not being treated correctly.