Midland National Life Insurance Company (MNL) twice tried to cancel the life insurance policy on me after they found out I was in bad health. We have been paying the premiums on this policy for over twenty five years and the death benefit will go to my children and grandchildren.
I am a former Midland National Life agent and I left the company after I caught them committing fraud on their policy holders.
The first time Midland National Life tried to cancel the policy was in 2012. Because of a lawsuit I filed against them in 2010 (Castaneira v. Midland CIV. 10 – 4039) Midland National had ongoing surveillance of my home and, aware that I was in the process of moving, simply didn’t send the billing notice to the address on record where someone was waiting to pay it.
Based on what I’ve read in other complaints posted on the Internet Midland National has a history with me of being “confused” about where to mail items when it benefits them.
Midland National also did not send me the “Grace Period Notice” required by law which is designed to warn a policy holder that their policy might lapse for non-payment. What they DID send was an Important Lapse Notice dated August 22, 2012 for the policy.
I addressed this issue with Midland National directly and they denied their actions. I then filed a complaint with the Maryland Insurance Administration and Midland National immediately reinstated the policy.
The second time Midland National tried to inappropriately cancel the policy was in September, 2013. We sent a payment weeks before it was due; however, Midland National did not cash the check and waited over three weeks before they sent the check back with the explanation that they didn’t know which policy it was for. We didn’t believe this because we had placed the very same policy number, in the very same format, that we have been using for years on our previous payment checks on the payment check that Midland National refused.
Midland National never explained why they didn’t just research their files to determine if anyone at the address that they mailed the check back to had a policy with them or was receiving billing statements. Such a simple review would have shown just one insurance policy; that being the one on my life with the exact same seven digit policy number that Midland National had been accepting as identification for years.
Midland National’s story is even more unbelievable because we have documented proof that Midland National Life senior management monitors the policy on me very closely, so I have good reason to believe that this effort to cancel my policy was intentional.
When I filed a second complaint with the Maryland Insurance Administration Midland National AGAIN had to reinstate my policy because they couldn’t come up with an excuse for what they did they didn’t cause people to laugh.
Midland National has also refused my written instructions to transfer the ownership of the policy to a family member. I can’t be sure of the reasons; however considering that they have tried to improperly cancel the policy, TWICE, I have my suspicions……………………
My problems with Midland National Life have not ended. On December 19, 2014 in Castaneira v. Midland CIV. 10 – 4039 Midland National Life was confronted with overwhelming evidence of witness intimidation and coercive threats to cover up their criminal acts in violation of 18 U.S. Code § 1512. Midland National’s response was to exercise their right to remain silent; in effect, their rights under the Fifth Amendment of the United States Constitution.
Midland was given the opportunity to clarify their position, but chose to maintain their silence. The matter is still ongoing.
To learn more about Midland National Life Google "Midland National Life" threat, "Midland National Life" women, or "Midland National Life" reputation.
Let me preface that I am a teacher, and I have a reasonable amount of knowledge about investing, etc.
I met with a local representative out of Anaheim, Matthew Korsmo to review my retirement.
I already have heavy investments in my teacher retirement account but I was looking to supplement with a 403b (TSA)
Matthew stated that my investment has a minimal risk. He stated that I would be guaranteed 2% regardless of the market, and I would get a 10% premium bonus for any premium. I invested 150.00 a month so I received a 15.00 bonus. Thought I was making a smart investment.
Forward to September 2013. My wife's boss is also a financial planner and offered to look over my TSA for me.
What I found out is that there is an index cap on my account of 4.5%: which means that I cannot earn more than 4.5% on my investment regardless of the market. Meanwhile, the index % gain on my account was/is 16.51%: which is the money I could've earned on my money had their not been a cap.
First, Matt never explained to me that their was a cap on the investment. Why would I agree to a cap on my money--the purpose is to maximize returns.
Secondly, how is it that Midland makes more money on my investments than I do (difference between 16.51-4.5% = their profit of 12%).
When I called and spoke to Matt regarding the cap, he said ""well, that is how our company makes money.""
Additionally, I am in this policy for 10 years. I called Midland to see about removing my money or trying to do something else with it, and they stated I can't do anything unless my employment is terminated, or I become 59 1/2 ( I am 42 and still employed).
I am researching how to do an investment loss recovery action for ""failure to explain risks and dangers of investments recommended.""
This is a highly deceptive practice and the agent and company were not honest about my investment. I never would have agreed to a cap if I had knowingly known what it was. And, the response from the agent and company has been ""well, we have your money and there is nothing you can do..ha, ha.--thanks for the profit.""
Midland National Reviews
Midland National Life Insurance Company (MNL) twice tried to cancel the life insurance policy on me after they found out I was in bad health. We have been paying the premiums on this policy for over twenty five years and the death benefit will go to my children and grandchildren.
I am a former Midland National Life agent and I left the company after I caught them committing fraud on their policy holders.
The first time Midland National Life tried to cancel the policy was in 2012. Because of a lawsuit I filed against them in 2010 (Castaneira v. Midland CIV. 10 – 4039) Midland National had ongoing surveillance of my home and, aware that I was in the process of moving, simply didn’t send the billing notice to the address on record where someone was waiting to pay it.
Based on what I’ve read in other complaints posted on the Internet Midland National has a history with me of being “confused” about where to mail items when it benefits them.
Midland National also did not send me the “Grace Period Notice” required by law which is designed to warn a policy holder that their policy might lapse for non-payment. What they DID send was an Important Lapse Notice dated August 22, 2012 for the policy.
I addressed this issue with Midland National directly and they denied their actions. I then filed a complaint with the Maryland Insurance Administration and Midland National immediately reinstated the policy.
The second time Midland National tried to inappropriately cancel the policy was in September, 2013. We sent a payment weeks before it was due; however, Midland National did not cash the check and waited over three weeks before they sent the check back with the explanation that they didn’t know which policy it was for. We didn’t believe this because we had placed the very same policy number, in the very same format, that we have been using for years on our previous payment checks on the payment check that Midland National refused.
Midland National never explained why they didn’t just research their files to determine if anyone at the address that they mailed the check back to had a policy with them or was receiving billing statements. Such a simple review would have shown just one insurance policy; that being the one on my life with the exact same seven digit policy number that Midland National had been accepting as identification for years.
Midland National’s story is even more unbelievable because we have documented proof that Midland National Life senior management monitors the policy on me very closely, so I have good reason to believe that this effort to cancel my policy was intentional.
When I filed a second complaint with the Maryland Insurance Administration Midland National AGAIN had to reinstate my policy because they couldn’t come up with an excuse for what they did they didn’t cause people to laugh.
Midland National has also refused my written instructions to transfer the ownership of the policy to a family member. I can’t be sure of the reasons; however considering that they have tried to improperly cancel the policy, TWICE, I have my suspicions……………………
My problems with Midland National Life have not ended. On December 19, 2014 in Castaneira v. Midland CIV. 10 – 4039 Midland National Life was confronted with overwhelming evidence of witness intimidation and coercive threats to cover up their criminal acts in violation of 18 U.S. Code § 1512. Midland National’s response was to exercise their right to remain silent; in effect, their rights under the Fifth Amendment of the United States Constitution.
Midland was given the opportunity to clarify their position, but chose to maintain their silence. The matter is still ongoing.
To learn more about Midland National Life Google "Midland National Life" threat, "Midland National Life" women, or "Midland National Life" reputation.
Midland National Life Insurance Company
One Sammons Plaza
Sioux Falls, SD 57193
Let me preface that I am a teacher, and I have a reasonable amount of knowledge about investing, etc.
I met with a local representative out of Anaheim, Matthew Korsmo to review my retirement.
I already have heavy investments in my teacher retirement account but I was looking to supplement with a 403b (TSA)
Matthew stated that my investment has a minimal risk. He stated that I would be guaranteed 2% regardless of the market, and I would get a 10% premium bonus for any premium. I invested 150.00 a month so I received a 15.00 bonus. Thought I was making a smart investment.
Forward to September 2013. My wife's boss is also a financial planner and offered to look over my TSA for me.
What I found out is that there is an index cap on my account of 4.5%: which means that I cannot earn more than 4.5% on my investment regardless of the market. Meanwhile, the index % gain on my account was/is 16.51%: which is the money I could've earned on my money had their not been a cap.
First, Matt never explained to me that their was a cap on the investment. Why would I agree to a cap on my money--the purpose is to maximize returns.
Secondly, how is it that Midland makes more money on my investments than I do (difference between 16.51-4.5% = their profit of 12%).
When I called and spoke to Matt regarding the cap, he said ""well, that is how our company makes money.""
Additionally, I am in this policy for 10 years. I called Midland to see about removing my money or trying to do something else with it, and they stated I can't do anything unless my employment is terminated, or I become 59 1/2 ( I am 42 and still employed).
I am researching how to do an investment loss recovery action for ""failure to explain risks and dangers of investments recommended.""
This is a highly deceptive practice and the agent and company were not honest about my investment. I never would have agreed to a cap if I had knowingly known what it was. And, the response from the agent and company has been ""well, we have your money and there is nothing you can do..ha, ha.--thanks for the profit.""