Mom to Mom

[Silver Lining]

---

@software wrote:

I'm an only child, my parents' life insurance was enough for their final expenses, nothing more.    I was in my 50s when they passed.  I didn't need money.   

Kids are not entitled to an inheritance.    If the parents are comfortable in every way and there are assets to be passed to the next generation, that's great.   But it's not necessary to build assets only for the purpose of giving it to your kids.   Your kids need to make their own assets.

Just wondering if your parents left you $50k when they passed.   Trying to figure out why you are trying to bankrupt yourself over this.

The insurance company probably pulled a fast one on you and others.   It might be worth doing some research.

Hope this works out for you, whatever you decide

@LilacTree

---

Well said, @software. @LilacTree, I hope you will seriously consider what Software and others are saying about getting out of that game the insurance people are playing with you. 

[LilacTree]

Well, it looks as though everyone is in 100% agreement that I should drop the policy.  I do have about 50 days to pay the shortfall.  I will see an agent in the meantime (one of my daughters has had him for years and they are friends) and get his opinion as well.  That was probably my biggest mistake . . . dealing with the insurance company directly. 

My daughters are all self supporting and have always been so, with the exception of my sick Lyme daughter who lives with me.  They are all frugal and wouldn't be buying any cars with the money.  They are well educated and pragmatic.  However, your points are valid.

You have all been very kind to a very stupid old woman and I appreciate that more than you could ever know because there are people on this BB who would have blasted me had I posted in a different forum.

I will attempt to find that class action litigation, but it really doesn't matter much.  I have "very good" FICO scores from four agencies, and five figures of credit available to me, so I won't go bankrupt. 

Thank you all for your kindness.

[software]

Maybe your daughter can go with you when you talk to the agent.

Best of luck.

---

@LilacTree wrote:

Well, it looks as though everyone is in 100% agreement that I should drop the policy.  I do have about 50 days to pay the shortfall.  I will see an agent in the meantime (one of my daughters has had him for years and they are friends) and get his opinion as well.  That was probably my biggest mistake . . . dealing with the insurance company directly. 

My daughters are all self supporting and have always been so, with the exception of my sick Lyme daughter who lives with me.  They are all frugal and wouldn't be buying any cars with the money.  They are well educated and pragmatic.  However, your points are valid.

You have all been very kind to a very stupid old woman and I appreciate that more than you could ever know because there are people on this BB who would have blasted me had I posted in a different forum.

I will attempt to find that class action litigation, but it really doesn't matter much.  I have "very good" FICO scores from four agencies, and five figures of credit available to me, so I won't go bankrupt. 

Thank you all for your kindness.

---

[LilacTree]

I have found the class action litigation.  Shown below is only the caption and the portion of the litigation which refers to what was done to me.

It is extremely long, so I did not want to post the whole thing and I'm sure you would not want to read it.  I will bring this with me when I see the agent, although the case is closed and I have no claim.

Nationwide ultimately bought out Prudential a few years later.  They are my present insurers.

United States Court of Appeals,Third Circuit.

97-5217. 97-5155/5156/5312. In re PRUDENTIAL INSURANCE COMPANY AMERICA SALES PRACTICE LITIGATION AGENT ACTIONS. Richard Johnson, Intervenor-Plaintiff in District Court, Richard E. Johnson, Appellant at No. 95-6062 v. PRUDENTIAL INSURANCE COMPANY OF AMERICA, Richard P. Krell, as well as Objectors Elizabeth Bajek, Amanda Bajek, Helen Bartsch, Mark Ciconte, Raymond Dolce, Margaret Dolice, Louise Duggan, Peter Duggan, Charles Duncan, Mary Howe, Mary Krell, William Morris, Diana Racer, Thomas Racer, Gweneth Reidel, The Estate of Carl J. Scalzo, Marie Scalzo, Terry Sligar, Alice Smith, Jerry Smith, and William Walton, Appellants at Nos. IN RE:  PRUDENTIAL INSURANCE COMPANY AMERICA SALES PRACTICE LITIGATION AGENT ACTIONS. Richard P. KRELL, MDL transfer, N.D. Ohio, DNJ Civil Action No.

97-5155, 97-5156, 97-5217 and 97-5312. Nos.

    Decided: July 23, 1998

Those electing Basic Claim Relief would be eligible for preferred-rate loans or the opportunity to purchase discounted policies. Id. at 19.   The remediation plan addressed four categories of claims:  financed or replacement sales;  sales involving abbreviated payment plans;  life insurance sold as an investment;  and other claims “falling outside of the first three categories.”   Those electing the ADR process could submit their claim for evaluation.  As part of the Task Force Plan, Prudential agreed to conduct an extensive outreach program, including individual notice to all persons who purchased a policy between 1982 and December 31, 1995.

[Still Raining]

A different take on this is to consider (given the average life expection) that this is a wonderful investment.  All the past payments and issues are just water under the bridge.  Where is else can you get a $2000,000 return on $6,000 + annual  investment with no capital investment?  I would take out a loan to have the chance for that.

[LilacTree]

---

@Still Raining wrote:

A different take on this is to consider (given the average life expection) that this is a wonderful investment.  All the past payments and issues are just water under the bridge.  Where is else can you get a $2000,000 return on $6,000 + annual  investment with no capital investment?  I would take out a loan to have the chance for that.

---

@Still Raining

Do you have time to explain this to me in more detail?  Other than my 401k and my LTC, both of which monies were automatically taken out of my paychecks, I have never made any investments.  Thanx.

[KarenQVC]

@LilacTree  Statistics say that you have a life expectancy of between 10 and 11 years.  You can use that to help inform any decision you might make.

[LilacTree]

---

@KarenQVC wrote:

@LilacTree  Statistics say that you have a life expectancy of between 10 and 11 years.  You can use that to help inform any decision you might make.

---

@KarenQVC

If I had any kind of acceptable health, I would agree with that.  IMO, I may have five years, if nothing else happens.  My dad died at 83 after surviving at least three heart attacks and several strokes.  Everyone else in his family died in their 40s and 50s from heart issues.  I have no idea of my dear mom's lineage, but she was frail and died from cancer (smoking) at age 49.

Thank you for the advice.  That would be a long time for payments like these . . . but I will take it a step at a time.  I'd like to see what an agent has to say.

And I find @Still Raining's take on it something to think about.  I hope she responds with more information. 

[Nuttmeg]

---

@Still Raining wrote:

A different take on this is to consider (given the average life expection) that this is a wonderful investment.  All the past payments and issues are just water under the bridge.  Where is else can you get a $2000,000 return on $6,000 + annual  investment with no capital investment?  I would take out a loan to have the chance for that.

---

I would not take out a loan. How will Ford pay next year?

[LilacTree]

---

@Nuttmeg wrote:

---

@Still Raining wrote:

A different take on this is to consider (given the average life expection) that this is a wonderful investment.  All the past payments and issues are just water under the bridge.  Where is else can you get a $2000,000 return on $6,000 + annual  investment with no capital investment?  I would take out a loan to have the chance for that.

---

I would not take out a loan. How will Ford pay next year?

---

@Nuttmeg

I don't think she meant I should take out a loan, I think she meant that she would if she could get numbers like this.  At least that's how I interpreted it. ~Ford