@LilacTree wrote:
@Mominohio wrote:
@LilacTree wrote:
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.
@LilacTree
Without divulging too much personal information, we had a policy like this throught this company. They offered shares of stock as part of the settlement issue, and we got a lot of stock from that, which we kept for a long time, but sold for some updating on our home.
You may have stock in your name that you don't know about from the litigation on this policy.
We still have those policies, and they still are intact, so I'm guessing now more than ever, you need to get with a reputable agent and see if you really understand all you have and should have coming to you.
And don't beat yourself up about being stupid. You are and were not, you were trying to invest for the future of your family. That is not only smart, but loving. Sometimes, no matter how hard we try to understand things and make good choices, things go wrong and are beyond our control.
@Mominohio
We were poor growing up. My father was a bus mechanic and worked nights. That's the only reason he wasn't drafted into the military for WW II. It was considered a necessary civilian job.
My beloved mother died at 49. There was no money. Six years after her death he married again and moved to Florida, where he stayed for twenty years. We hardly ever saw him, we were never invited down, he completely forgot about us. He didn't even know how many grandchildren he had, let alone their names. We would call and all he would talk about was his Florida grandchildren. Eventually we stopped calling. Yet he was sent up here to die with the clothes on his back and his shaving kit. If I've told this before, please forgive me, as it's something I can't seem to forget.
It was because of that that I want to give my children a chance after I'm gone. Someone said $50,000 each (four of them) is not considered very much money these days. I can't look into the future as to whether they will need it or not, or whether they won't need it at all. But it's not nothing.
@LilacTree
I totally understand where you are coming from, trying to 'break the cycle' that so many people have to do when they don't have good parenting, and dont' want to head down that same road on which they were raised.
And I understand exactly why you turned to life insurance as one of your ways of providing a future (and it wasn't a wrong choice, just maybe the company/policy or not following it close enough through the years), but the premise was good.
My dad got sick (Lupus)at 26 (was sick before that, but not diagnosed till then) and was dead at 45. My parents were young and had two babies (I was two my brother was two months old when he was diagnosed) and they were 'poor'. He had no life insurance, and after the diagnosis, couldn't get any. When he died, my mom was left to finish raising us, and no money but what she earned working at a grocery store. My dad worked as many years as he could, but the disease took over and he could no longer work.
It was really scary for her, with kids still home (we were teens) and a house to finish paying for. I was determined I never wanted to be left in that position, or to leave someone in that position. I bought life insurance the minute I turned 18, and another policy before I was 21. I still have those, and they aren't nearly as much money as it sounded like in 1979, but it is still something. And I won't be married to anyone without life insurance, so when I met my husband (he was 21 at the time) we bought a couple of whole life policies on him too.
I even bought quite a big policy on my son when he was a baby. So very cheap to do at that age, and I never wanted something to happen to him, and him not have been mature enough to do this when he had a young family. So it is actually my gift to his future wife and children, that they have some peace of mind should something happen to him.
I always considered our life insurance premiums to be a top priority bill. We aren't insurance poor because of them, because we bought them very young,the premiums are very low, and they are now worth well above the face value.
After experiencing what you and I did, losing parents at a young age, and knowing there was no money to help afterward, it just was something I was not going to be talked out of or put off till later.
I know many people don't believe in life insurance. And I don't recommend buying so much that it 'hurts' the wallet, but it is something that has always given me some peace of mind, and just one of the many tools I have tried to use to make a more secure future. I know that is what you were doing, and it was a good thing at the time. But since your kids are doing so well, they can either take this over or let it drop. You did the right thing when it needed to be done. Life changes, and what you needed then, may not be what you (or they!) need now.
Best thoughts for you as you sort it out.
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