Posted on 01/09/2017 7:38:55 AM PST by LouAvul
My wife received a form letter concerning her USAA term life policy where the plaintiffs are alleging USAA tends to raise premiums outside the parameters of the initial policy agreement.
I think it's a scam by some attorneys and is much ado about nothing. She got a similar letter about the brake pads on her Honda Accord. In that case, I think the Accord owners received a few dollars but the attorneys got a hefty payday.
The tipoff is that the letter cautions against contacting USAA about the lawsuit.
Anyway, I told her I would consult the folks on Free Republic.
Thanks.
Google it. There was some lawsuit this summer with car insurance.
The fact that they are suggesting to not contact USAA is a tip-off that something is amiss. For term life insurance, you will generally have a schedule (or two) in the front pages of the policy. They will show the “current” premiums, which are the premiums that are expected to be charged, and the “maximum” premiums.
The policy may already have a guaranteed premium rate for 10, 15, 20, or 30 years.
She might wish to examine the policy itself, and contact USAA to ask what this is about.
Or just ignore it, and not waste any more time on it.
We get these kind of lawsuit postcards all the time and nothing ever comes of them. I think I got a free book from nook one time but most of the time we hear nothing more
I got $37 in credit two times. Then I could pick any merchandise I wanted.
I’ve had USAA since 1980. . .nothing heard about this.
Slimy lawyer trolling for a law suite.
USAA is the most decent, honorable business with which I’ve had the pleasure of association. They are reasonably priced, too.
Every ambulance chasing class action snakeskinned lawyer I’ve ever encountered wasn’t worth the bullet I’d like him to encounter.
So on a general basis ....
Most of these result in a 4 or 5 dollar check to the class members, and a huge check to the lawyers.
I did get several hundred dollars from Lowes as part of the Chinese Drywall class action against them.
We got the same notice but round filed it. It didn’t set off any warning bells when I was reading it, for what it’s worth, but what do I know?
Yes, I got one of those also - it found it’s way into the circular file. (Neither my premium nor payoff has changed, what else could they do?)
Google will give you info from around the net.
I concur that USAA is a highly reputable firm. Navy Federal Credit Union, by far the world’s largest credit union, is another superb organization. I highly recommend all military-affiliated families join both organizations.
Both groups offer financial management, as does First Command. All three understand the unique military pay and retirement system, frequent moves, and dealing with people in remote and isolated locations.
Attorneys are always the big winners in class actions. They get 25% off the top from every individual in the class; the government gets 38% right off the top, and the individual gets 37%, often spread out across several years. Or else some “free” software.
Attorneys are always the big winners in class actions. They get 25% off the top from every individual in the class; the government gets 38% right off the top, and the individual gets 37%, often spread out across several years. Or else some “free” software.
My husband and I both have term life policies with USAA. We have heard nothing.
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