Annnnnd here's why any insurance CEO who takes a slug gets what they deserve:
My mother has had a $50K life insurance policy for decades. She's paid quarterly premiums a true as the tides. Her most recent payment was made in Oct., and her confirmation said she was good until Jan.
We got a letter dated Dec. 22 that said her policy had been terminated and has no value. I spent more than an hour and 20 minutes on the phone with them today to sort out what the confusion was, complete with the confirmation of her most recent payment. I guess it was a term policy. They gambled that she'd outlive the policy. I get that. I understand.
I asked if there was any value on what she'd paid in and why they accepted a quarterly payment if they were going to end it. The abridged version is "No. There's no value. There was value, but we've been drawing it down over the years to cover the increased premium." "Did you even send anything requesting additional quarterly premiums?" "No. We don't do that. We just siphon it from what you've paid." "Then why did you accept a payment in October if you were going to cancel it in December?" Crickets.
fork 'em. Kill them all.