Atlantic Coast Insurance Company Reports & Reviews

Atlantic Coast Insurance Company Reports & Reviews (1)

Victim Location 42445
Total money lost $797.88
Type of a scam Investment

We were notified by Atlantic Coast that an annuity belonging to my father was at the end of the Five Year Guarantee Period. My father had passed away the year before so we contacted the company and they emailed me the forms required to receive Beneficiary payout of the annunity. This process started on 8/25/2021. There were 3 beneficiaries and I received a check on 10/30/2021, but my siblings did not receive checks until 2/10/2022. The notice attached to the checks reported that they deducted 5% of the current annuity value for a "surrender charge". We consulted our investment firm to inquire if this was standard practice and were told that they had never dealt with a company that charged a surrender fee for a death benefit payout when the term of the contract was fulfilled. I want individuals who are considering an investment with this company to be warned that there is no way to get the full "Contract Value" out of this annuity no matter if you take it out at the renewal date. Another thing we experienced was spending 2 hours on hold waiting to speak to a service representative and making several calls before all beneficiaries finally received checks 5 months later.

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Atlantic Coast Insurance Company

Atlantic Coast Insurance Company Reports & Reviews (1)

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