My insurance company “Manulife Financial” sent me a notice on a life insurance policy I’ve had, or been paying into, for over 25 years now. It is asking, or requiring me to increase my monthly payment by over 21.58%. Talk about inflation! That was a letter issued on March15th of this year.
An article in the “Metro” (Toronto freebie) on the weekend of May 7-9 indicated that the company made a profit of $1.15 billion in the first quarter of this year (2010).
I did not approve or allow the increase to be updated through my bank so they are now extracting the extra amount out of the small reserve fund that has accumulated over the years.
These are not large amounts but from the monthly monies that they collect, and have been for over 25 years now, over 50% of it goes towards paying salaries, bonuses and administration costs. Within these we are sure to find a CEO in the close to $10 Million salary and a few or many others over the $2 Million yearly payout threshold.
So they pay out these huge salaries and bonuses to the top nachos with a yearly increasing amount to cover inflation, so called performance incentives, and expected seniority gifts while they legally squeeze out money from mcjobbers like myself and all others who have similar plans.
My hope is that I die of natural causes before I turn that “certain stipulated end of coverage age” so that they will have to payout the full amount of the life insurance policy to whoever is my/the benefactor at that time.
Things are so tight that I am thinking of cancelling my Internet service (over $54 per month). I do not have television cable, an unnecessary expense. This site I was reluctant to renew but, still here. Another $200 (for 2 years) I really do not have to spend.
The increase was due (and did) to increase on April 10th 2010 yet they had an over $1.15 BILLION in profits from Jan. to March 2010. Somehow things are not quite right. We made money but we want more from you because you are our customer and signed the/an agreement with us over 25 years ago stipulating it would be okay.
Another trick they used was stipulated by the agent at the time, that we would get “at least” 4% interest return on our re-invested surplus. My understanding was the “at least” words. When the markets or interest rates are low they still calculated the 4% but when interest rates are higher they never went above! Deception or mis-understanding on my part. It was written in fine print, did you not read the whole policy? Are you not a lawyer? Did you not go to school?
We made money but we want more, haha! Great news from the legal thieves insurance company.
Every single person who uses the banks, legally works, or has any type of insurance is caught in a no win situation, in legal contracts that rob people every single day. Insurance is by Government a legal requirement operated by the private industry that set the rates and use the funds as they please. No wonder we have grey markets! I myself am tempted to go off the grid. Work under the table.
We need to Re-Gov! Change the way things are, business is done.
Today’s Governments are not protecting the people but rather our wrongly evolved way, e.i. the wealthy who are in power.
KingGDerome