According to a complaint filed in a California court, Wilcox Life Insurance Company has illegally raised its rates to account for increased profit margins. Policyholders can use cash, money from the savings account, or a portion of the policyholder’s retirement funds, depending on how much the policyholder is willing to pay for his or her policy.
According to the complaint, Wilcox Life Insurance Company has falsely stated that the “average cost” of policies was higher than the “average policyholder’s” premium costs. However, in reality, the average premium rates charged to policyholders are lower than the average cost of policies. In other words, Wilcox Life Insures Company has misled policyholders into believing that they are being charged more than they actually are.
According to the complaint, Wilcox Life Insures Company also told policyholders that premiums paid by policyholders were significantly higher than the policyholders’ current premiums. However, the policyholders were not told that after the implementation of an increase in rates on their policies, their current premiums would not be affected.
In fact, Wilcox Life Insurance Company told its policyholders that it would be “unfair” to raise the rates on its policies when other insurers were increasing theirs, because it would be unfair to the consumer. In reality, other insurers have been reducing their rates and they have made it clear that they will not raise their rates unless Wilcox Life Insurance Company increases its rates at the same time.
Another complaint states that Wilcox Life Insurance Company has failed to inform policyholders of the increase in rates until the end of May, thereby leaving them unaware of the change until the last minute. The same complaint states that policyholders were not told about the hike in rates until September.
The California complaint states that Wilcox Life Insurance Company failed to tell policyholders about its rate increases by informing them of the rate hikes through the mail, by sending an announcement in the mail, by calling them on the telephone, or by distributing a news release. Furthermore, the complaint states that Wilcox failed to inform policyholders of the change in its rates for over a year.
The California complaint further states that Wilcox’s failure to inform policyholders of the raise in rates, as required by California law, allowed the company to continue making false statements and deceptive marketing practices in violation of California law. If you have had a Wilcox Life Insurance policy in the last five years, you should contact the California Department of Insurance to receive information about any changes in your policy.
The Department of Insurance is responsible for enforcing California’s insurance laws. You should seek legal counsel to determine if the claim in your case has merit.
To obtain a free California rate quote you can visit the California Department of Insurance website and follow the links provided to obtain a quote. Once you have received a quote you can compare it to the Wilcox Life Insurance Company rates to obtain an accurate comparison.
The California Department of Insurance requires the company to provide you with a copy of the new Wilcox Life Insurance Policy before it will issue you a quote. If you do not receive the copy or it is incomplete, you should send a letter requesting it.
The California Department of Insurance will investigate your complaint if the Wilcox Life Insurance Company fails to comply with its request for a copy of the new policy. If the company does not comply, you may file a complaint with the Department of Insurance, who will review your complaint and decide whether to take any action.
If you have received a notice from the California Department of Insurance stating that the Wilcox Life Insurance Company has been assessed a rate increase, the complaint must be filed with the state’s Department of Insurance within sixty days of receipt of the notice. In most cases, the Department of Insurance does not require that you submit a formal written complaint unless you have received a notice stating the rate increase is temporary. If you have received a notice stating that the rate increase is permanent, you may wish to submit a written complaint stating that you wish to be notified prior to the expiration of the policy’s term.