Allstate Launches New Whole Life Insurance Product - Continued
And, now, Allstate has the gall to tout a new life product for an unsuspecting public to buy? But it does so only after selling off all of its profitable life entities to other companies within the past couple of years. For what? one could reasonably ask. Why, to enhance the bottom line, according to CEO Tom Wilson. And morality be damned. Legality be damned. Really? Life contracts have been sacrosanct for well over 100 years in America, and every life company has prospered because of that inviolable contract between company and policyholder. The universal creed of all such contracts has been cast in stone: The Company can NEVER change the terms and conditions of the contract without a signed and dated agreement by both parties; and the change must be to the BENEFIT of the policyholder, and NEVER to his detriment. And the contestability period for all life contracts was--and still is--two years. Twenty-four months for the company to inspect the risk to discover if any fraud exists; and if it does, to nullify the contract and reimburse all premiums paid to date by the policyholder. Well, Allstate has just abrogated all sense of that trust between a policyholder and the company by singlehandedly turning 100 years of fair dealing on its head. And included in this sizeable group of retirees are the very same agents who proudly sold Allstate’s life products for the last 60 years. Because if a company will do this to its defenseless retirees, just what should the public expect when it comes time for Allstate to honor their contracts?
Do you want to know what the true bottom line is, Mr. Wilson? It’s the low, dark day you have just created for the life insurance industry of America by a deceitful management team that knows no shame. And can you truly say without wearing your usual smirk: You’re in Good Hands with Allstate?
Something tells me neither you nor Allstate has heard the last of this – not by a long shot!