Complain about a product or service

Genworth Annuities

Joyce of Altamonte Springs FL (11/01/06)
My late husband purchased Genworth Commonwealth variable annuities from Raymond James and Associates, Inc. in the late 1990s. He purchased the annuities with the understanding that there was a death benefit that would protect his investments. He was advised on several occasions by his financial advisor to hold on to them, specifically for the death benefit, since they were valued less than the initial investment amount due to poor performance. After my husband’s death I attempted to claim the death benefit on these policies. I was informed that for the death benefit to be claimed, the claim had to be made within 90 days of Ron’s date of death.

To the best of my knowledge, my husband was never made aware of this deadline and as a beneficiary I was unaware of this 90 day time frame. Had I been aware of it I most certainly would have filed a claim immediately. After speaking to numerous financial planners and insurance representatives, I have found that such a clause may be highly unconventional. Especially since beneficiaries are likely to be unaware of detailed contract provision that they have never seen or read?

I have attempted to plead my case with both Raymond James and Genworth, but their response was, "Unfortunately to comply with your request for an exception would be a violation of our contract provisions. It would also be an unfair practice to our other clients."

Just how many other clients have been cheated out of money owed to them by Genworth? I feel that this clause was placed in the contract to give the insurance company a way out of paying on a benefit that myself and many other beneficiaries were entitled to. Ninety days is a short period of time for a widow who has had to endure much pain grief and suffering to get her emotions in check to be able to handle and resolve many issues and problems arising from my husband's death.

A sum of $58,000 was lost. To me (as a senior citizen on a fixed income) it represents a little added security especially when a $105,000.00 investment over 7 years was reduced to $89,000.00. My husband knew the risks of investing and purchased the annuity looking to safeguard that risk. He paid for that coverage over a 7 year period. As it has turned out, the insurance company provided no insurance against that risk.

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