Complaints

• Initial Complaint

  09/20/2024

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  This indexed universal life insurance product was sold to me as an investment and not life insurance, which is illegal. I already had a $500k term life insurance policy at the time of purchase. During the sales process, this product was distinguished from an annuity option that I was originally presented in that I was told I could cancel at any time and get my original investment back as a no risk/low risk retirement investment. Evidently that is not the case and your offer to allow me to surrender my policy and steal $25,000 from me for no benefit or service to me over the past year is not acceptable. I want my $40k back After a series of calls to your customer service number ************ made by myself, ********, and my financial advisors at ***, your customer service **** have given different answers on our questions to clarify the policy rules. Weve been given policy illustrations that arent even feasible based on the policy rules. The minimum payment required to not-surrender the policy is unclear, some customer service **** and illustrations show the minimum payment ranging from $274.42/mo to $10,807/year. Weve been given different answers about when the death benefit and riders can be changed/reduced, some saying now and others saying next year. Where in my policy contract does it state this is a restriction??I never received a physical copy of my policy in the mail.On most occasions, I have not been able to reach the customer support staff to inquire about this complex product. I personally experienced hold times of more than 60 minutes in attempts to call ************ on 3/5/2024 and 7/22/2024. I emailed ********************************* for support with my online account on 3/5/2024 and never received a response. I also filled out a survey around 4/7/2024 stating that I did not understand the policy and received an emailed list of definitions.The fund allocations and premiums dont match the illustration agreed to in the signed policy contract.

  

  Business response

  09/27/2024

  North American is in receipt of your correspondence received in our office on September 20, 2024. We are committed to our customers and regret the frustrations expressed by our Policy Owner. North American appreciates the opportunity to review and respond to the concerns expressed and states that a full review has been completed and communicated to the concerned party. We hope that you find this information helpful. However, please feel free to contact me with any questions or concerns.

  Customer response

  09/27/2024

   
  Complaint: 22310632
  
  I am rejecting this response because we are still sorting out the settlement offer provided by ******. Once that is finalized, that will resolve my complaint. 
  
  Sincerely,
  
  ***** *******

• Initial Complaint

  08/01/2024

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  I surrended a life insurance policy on 5/23/24 and received the payout fund several weeks after. However, on 7/26/24 North American pulled by $450 premium clearly without my authorization since the policy was surrendered and after several calls I am told they won't credit my account until 8/15/24 at the earliest as they have to ensure my bank won't kick back the charge. Funny how they are protecting their accounts but my almost overdrawn account is of no concern! This is stealing and wrong-I will NEVER use their products again. They admit the problem was theirs but their remedy is ridiculous and laborous when I did NOTHING wrong.

  

  Business response

  08/08/2024

  North American regrets any dissatisfaction expressed by **************. In order to protect our customers' privacy and sensitive information, we have reached out to ************** directly with a response.

• Initial Complaint

  06/07/2024

  Complaint Type:

  Order Issues

  Status:

  Resolved

  More info

  My mother set up a life insurance policy with this company years ago under a Family Trust. It is a last-to-die policy. My mother is no longer living, and I not only have **** over parents' affairs, but I am the sole trustee of the Trust that the policy is under. I have sent hard copies of the **** and sole Trustee documents to this company numerous times and they still refuse to discuss the policy with me. Not only that, several customer service agents have stated that the Trust belongs to a church, and that the date of birth and social security numbers I have given them for both my mother and father are incorrect. Yet, they still cash my annual premium checks. Thus, they are purposely misleading me. This has been going on for four months. I attach here sample pages of more than 30 hard-copy pages I have mailed them on numerous occasions. My next step is to get my lawyer involved. Stop playing games!!

  

  Business response

  06/17/2024

  North American regrets any dissatisfaction expressed by the Complainant. We appreciate the opportunity to review and respond to the concerns expressed. A full review has been completed and communicated to the concerned party directly. North American respectfully disagrees with the characterization of events shared by the Complainant.

  Customer response

  06/24/2024

   
  Complaint: 21815621
  
  I am rejecting this response because:

  Company refuses to believe the information that I have provided for my deceased mother, the policy initiator. They assert that her date of birth and social security number is incorrect and does not match the information they have on hand. I have provided them with her death certificate four times over the past year (attached again here), which clearly states her correct date of birth and social security number. Still they refuse to correct the mistakes on the policy.

  Bottom line: I am acting in good faith. They are not. 

  
  Sincerely,
  
  *********************************

  

  Business response

  07/02/2024

  North American regrets any dissatisfaction expressed by the Complainant. We have reviewed and responded to his concerns. North American respectfully disagrees with the characterization of events shared by the Complainant. 

• Initial Complaint

  05/03/2024

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  I requested the agent to cancel my Policy LB09167490 due to lay off and international travel but he did not cancelled hence I would like to get my refund for all the premiums I paid for the policy

  

  Business response

  05/10/2024

  North American regrets any misunderstanding experienced by ************************. We note his request was communicated to the Company and addressed prior to this submission. We have also sent additional correspondence to the owner directly to resolve the matter. 

• Initial Complaint

  04/18/2024

  Complaint Type:

  Order Issues

  Status:

  Resolved

  More info

  North American sent me a Inforce Illustration that stated that my Life Insurance Policy, LB01219500 would stay inforce if I paid the annual premium of $6,000 until age 110. I have paid the $6,000 anual premium since April of 2020. The Company is stating that the policy will lapse within 1 year.This is not what they told me in writing. I want to keep paying the $6,000 premium to keep the policy active and inforce until age 110 as they promised. i feel that they totally misled me on the inforce illustration that was dated May 19th 2019. I want something done to keep my policy inforce for I am 92 years old and my family is counting on this policy death benefit.

  

  Business response

  04/29/2024

  North American is in receipt of your email received in our office on April 18, 2024, regarding the above-referenced life insurance Policy. We appreciate the opportunity to review and respond to you and ************************* regarding this matter.
  
  We have sent separate correspondence to ************************* regarding this matter. We hope that you find this information helpful. However, feel free to contact me with any questions or concerns.

• Initial Complaint

  01/23/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  Big time bad faith business practices and fraud (theyve already lost major lawsuits for same bad stuff!) Playing games. Called 4 x hour long wait. Hung up on. Need to close IUL that was a sold to me based on lies. Making it impossible to terminate policy. Want to steal 25% of value after 5 years of payments. Refuse to give direct contact of supervisor. Phone answerers clueless. Unprofessional. Hang up if they dont like your questions. ******* for them to professionally speak at 1pm AZ time tomorrow as repeatedly requested. Stop treating people like trash.

  

  Business response

  02/02/2024

  North American is committed to our customers and regrets the frustrations expressed by our Policy Owner. We strive to provide exceptional customer service and appreciate the opportunity to review the feedback provided. A full review has been completed and communicated to the concerned party. 

• Initial Complaint

  01/17/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I was teaching and received an email through my school email to discuss my financial future. I set up a meeting with *********************. He told me about an investment opportunity in index funds with a life insurance component that was better than a 401k because it was pre-taxed. He bragged of low fees, funds were guaranteed to never see loss even when traditional 401ks would be in a downturn, access to money in times of need without penalty unlike traditional 401ks, and great gain in times of market upturn. I was not maxing out 401ks at the time or **** IRAs and had little knowledge of the financial system. I went through the health screening process and received emails with my contract. A year later I never heard from North American on how our money was doing even though we were promised check ins. I contacted **** and asked him for information on my account. He gave me a fake number *************) to North American and did not help. When I called it said I had won a prize and it was not North American. I finally got through to someone and when I asked if it was they hung up on me. When I asked **** how much was going to my index funds and how much was going to life insurance he ignored me. We requested our contract because the email link to our contract was expired. We were never mailed a contract in the beginning after signing. We had someone with more knowledge than we had look over the contract. **** sold us on false pretenses. I was overinsured on life insurance for someone in my 20s, I cannot pull my money out unless I give them more money, this was not the right vehicle for someone in my situation, and the promises he made about the policy were not true. He also did not disclose any of the policies limitations. I would like my money back from the company without penalty due to deceptive sales practices, lack of customer service, and false claims. This ********************** is preying on vulnerable public servants. North American is not responding to us.

  

  Business response

  01/22/2024

  North American regrets the frustration expressed by ******************. We previously reviewed and responded to her concerns on January 16, ****. Additionally, ****************** has escalated her concerns through another channel. North American respectfully disagrees with the characterization of events shared by the complainant.

  Customer response

  01/28/2024

   
  Complaint: 21142746
  
  I am rejecting this response because:

  **** did not disclose the negatives of the policy in his presentation. He showed us graphs that did not accurately describe the limitations of the policy. There was no discussion on how much life insurance he was giving us, the cost of the policy, and lied about the possibility of losing money (he said this wasnt possible). 

  **** had many excuses for why he didnt help me and gave me a fake number. Overall none of them excuse this behavior. As a previous salesman, it is important have people with morals represent your business. This company preys on people that are not appropriate for this type of investing. Their presentations are not accurate representations of what they can provide. They should not be allowed to contact teachers and they should have to disclose everything in their presentations. I was sold an extremely expensive life insurance policy and I have nothing that will need to be paid off to my family when I die. I am 29 years old. Overall this was not what we signed up for. **** was only sorry for his behavior once I told him I was going to contact the appropriate authorities. You have many other complaints on the BBB website discussing similar behavior. If they are allowed to continue to do this more innocent people will be scammed. 

  
  Sincerely,
  
  *********************************

  

  Business response

  02/08/2024

  North American regrets any dissatisfaction expressed by our policyholders. ****************** has already escalated this matter and the Company has sent a full response addressing her concerns through that channel. North American respectfully disagrees with the characterization of events shared by the complainant.

  

  Business response

  02/08/2024

  North American regrets any dissatisfaction expressed by our policyholders. ****************** has already escalated this matter and the Company has sent a full response addressing her concerns through that channel. North American respectfully disagrees with the characterization of events shared by the complainant.
  

  
  

• Initial Complaint

  01/11/2024

  Complaint Type:

  Order Issues

  Status:

  Resolved

  More info

  I have paid quarterly premiums of $382.61 for over 20 years to NACOLAH for a life insurance policy, #*********. I have original policy documents listing me as the owner and beneficiary of the policy.******* refuses to give me information about my policy, saying I am not the owner of the policy, even though I have the original policy documents. The policy benefit amount is *******. Nearly ****** in benefits have been paid b y me to NACOLAH, They refuse contact with me, saying I am not the owner of this policy. I've uploaded my a copy of my policy with this complaint.

  

  Business response

  01/22/2024

  ****************** has already escalated this matter and North American is sending a full response addressing his concerns through that channel. As we have an obligation to protect our clients' private and personal information, we cannot post additional information to this public forum. We regret ********************** continued dissatisfaction and hope the response we send through the other channel assists in his understanding of the Company's position.

• Initial Complaint

  10/27/2023

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  the company is requesting personal info that is not relevant to reinvesting the money they already have. I have had several phone conversations with the company, aka Sammons financial group, and can provide dates, and names. thank you for your assistance.

  

  Business response

  11/06/2023

  While Midland National regrets the complainant's dissatisfaction, the Company must fulfil its obligations under relevant law and regulation to issue only suitable annuities. The request for financial information was tied to that duty of due diligence.

• Initial Complaint

  10/18/2023

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  My wife (***********************) is a school teacher with Clark County School District here in *********, and teachers were sent an email by the District regarding additional 401K/retirement options. We had reached out to suggested North American Company and was given a lengthy presentation by representative ************************* (who is ******* based). The exchange occurred during the week of October 28th, 2022. We were told by ****, that this "retirement policy" was better than a 401K or 457B, because it is pre-taxed, whenever we needed it to be taken out, we wouldn't have to pay any fees. We were also informed that we could "save up to $1 million dollars" once we "reach retirement age, potentially taking out $67,000 per year as income". At no point in our multiple exchanges throughout the set-up process, did he ever mention that there was a $7,000 limit we had to hit in the account in order to withdraw anything, or that this was actually a life insurance policy. He completely sold it as a retirement fund, and we can take money out as we retire. We were also not informed that this policy was insurance based with a "cash value" with extremely high fees. After phoning this company directly (as we can't get a hold of **** easily, because this was a sham operation), we were informed that we cannot pull out our money from the account, otherwise we'd be heavily penalized. The account cannot be closed on our end either, it has to remain open with consistent deposits, otherwise the company will be able to keep all deposits my wife made into this account with nothing being returned. Naturally, the link that was sent to us in order to sign the contract is no longer active, so we cannot retrieve the contract. We are looking for the company to be held accountable as this was a deceptive business practice, and we were completely scammed out of a year's worth of savings. We are seeking the deposits to be refunded to us w/ account closed and no penalties. We appreciate the help of the BBB.

  

  Business response

  10/25/2023

  North American is in receipt of your correspondence received in our office on October 18, 2023. We are committed to our customers and regrets the frustrations expressed by our Policy Owner. North American appreciates the opportunity to review and respond to the concerns expressed and states that a full review is being completed and will be communicated to the concerned party. We hope that you find this information helpful. However, feel free to contact me with any questions or concerns. 

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩