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Dearborn National Life Insurance Company Complaint - Insurance Scam
Dearborn National Life Insurance Company Complaint

Dearborn National Life Insurance Company Complaint


Insurance Scam

If you have or are considering putting money into the above insurance company, please consider our experience.

This insurance company enabled an illegal, fraudulent scam to rob us of the inheritance our father left us. Unfortunately the scam was done by our own sisters. It involved the use of a %u201Cpower of attorney%u201D (invalid because it was signed by a woman who was mentally incompetent from a stroke) to change beneficiary designations our father had set up, from us to our sisters, in secret and behind our backs.

Financial services companies are required to make sure their procedures conform to the law. The law forbids this type of activity. With proper procedures in place, alarms should have gone off all over the place when this paperwork came into these companies. That did not happen. They just made the change, allowing our sisters to steal from us.

When we found out about the theft and complained they claim they have no responsibility for what they did. Well, we don%u2019t think so. Here are the laws concerning a power of attorney that they violated or enabled.

%u2022 A person holding a power of attorney can only take actions that benefit the principal, in this case our mother. Making beneficiary changes does not benefit the principal, who by the time they take effect will be deceased.
%u2022 The holder of a power of attorney cannot use it to enrich themselves. Making beneficiary changes giving themselves hundreds of thousands of dollars, is clearly enriching themselves.
%u2022 The holder of a power of attorney cannot change beneficiaries of certain insurance instruments; according to the law only the principal can do this. The principal in this case was completely handicapped, mentally and physically. She played no part in this. The insurance companies made these changes based on the directions of our sister, not our mother.

Anyone who saw this beneficiary change request come in should have realized that all these provisions were violated. They should have investigated. If they had even attempted to speak with the principal to verify the transaction, they would instantly know that this person was mentally incompetent %u2013 she could not even speak except to vocalize some syllables.

Instead they just let it go through. As a result, two very deserving children were robbed of the entire amount of the inheritance that could have paid for their college educations. That%u2019s a crime.

Again, Dearborn National Life Insurance Company , Integrity Insurance Company and Jackson National Life Insurance Company will not take any responsibility for their actions. They won%u2019t compensate us for their mistakes in any way. They won%u2019t even admit their mistakes.

Financial companies OWE IT TO THEIR CUSTOMERS to observe the law. Especially, they have a responsibility to protect vulnerable adults like our mother from being a pawn in a scam. Stay away from these companies and find ones that are more ethical, responsible and competent.

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