4 years ago
I had a disappointing experience with Mutual Trust...
I had a disappointing experience with Mutual Trust Life Insurance. After holding the policy for some 8 years, I no longer needed it and wanted to surrender it. Fortunately, I wanted to use the funds for a real estate down payment and not due to a death on the policy. It was very inconvenient surrendering the policy and ultimately getting these funds. I hate to think if the policy was activated due to death and how unappealing it would have been to deal with the comedy of errors this company made if it were my beneficiary needing the funds in the event of my death.
When I surrendered the policy, I needed to request the email because it was not apparent on the website. The representative gave me the email. I confirmed it again verbally and it was confirmed. I found out a week later that the email was indeed wrong that I had been given and I had to resubmit.....one week gone.
I submitted with a direct deposit request. After some 13 days and no funds, I asked the representative to pull my policy to find out what the delay was. They had mistakenly missed a number on my account so the funds had not deposited. I'm glad I asked them to check it. Complicating these matters was the slow response time by the company from emails and voicemails left for someone to assist me in all this. Lastly, they cancelled online access to my account and policy information because I had surrendered the policy....but they did this before I even received the funds!!!! I got a letter on March 5, dated February 24 that I should visit their website to manage my policy online....but my access by March 5 had long been deactivated. Needless to say, I wouldn't recommend Mutual Trust Life Insurance to anyone and it's unfortunate for someone really needing funds due to a death to have to deal with this kind of incompetence during a period of grieving.