SILAC Insurance Company Arvostelua 7

the client portal looks like something a 5th grader designed. It does not reflect withdrawal amounts or interest accredited in real time like a traditional online bank portal does. So policy holder has no clue what the current balance is on their MYGA annuities or life insurance plans.

Difficult to reach the correct person by phone. Account holder portal is lacking alot of information. Its taken over 6 months for my portal to show the 2 MYGAs and 1 Denali products I've invested in. Big hassle trying to make penalty free withdrawals from the MYGAs. I mailed in the partial withdrawal forms for the two separate MYGA, which must be less than 5% of the account balance on each product. It took over a month to get the first check in the mail, and it's for the wrong amount. If they made the data entry error that I suspect they did in the office, they'll overdraw the other account by $300, and it will result in a penalty. Copies of the partial withdrawal forms are not showing up in my portal under the documents tabs, either. Can't call them to see what they did wrong, since they are closed on Sat and Sun. Thankfully I kept copies of the withdrawal forms I mailed in. I know what they did. They got my paperwork mismatched with the withdrawal amounts they keyed in on my accounts. If I get the run around, SILAC better believe, I will be contacting the Insurance Commissioner in NC to let him look into this company. Wonder when SILAC was audited last??

Their support is total crap. You can't rely on a single thing, they say. They promise to include instructions that they have given verbally in email and then they don't. They promise to include fax numbers and then they don't. They may talk nice to you on the phone, but they'll screw you every time. This is one of the worst financial institutions. I have ever encountered. Stay FAR away from them. And their yield is crap, too. If you want support that's the equivalent of a strong punch to the face, this is your place to go.

Horrible customer service. Have been trying for over 2 days to reach them. Buyer beware

Recently my wife received her Minimum Annual Distribution. The payment amount seemed low so we questioned SILAC about it. The following was their response;

“To help clarify the annual statement, the policy earned 3.03351% in interest. However, since a withdrawal was processed in 2024 and the Account Value decreased from $ 89,039.72 (value as of 1/06/24) to $84,313.54 (value as of 11/01/24), our system adjusted the interest percentage to indicate this decrease. If you multiply the 11/01/24 account value by 3.03351%, it totals to $2,557.66 (amount rounded to the nearest tenth).”

We disputed the method of calculation and replied with the following;

“The proper calculation is as follows; interest at 3.03351 percent divided by 366 (number of days in accounting period) times 300 (number of days between 01/06/24 and 11/01/24) times $89,039.72 equals $2213.96 PLUS 3.03351 divided by 366 times 66 (number of days between 11/01/24 and 01/06/25) times $84,313.54 equals $461.22. You will find the correct payout to be $2675.18.”

We have not had an official response from them. Recently my wife received her Minimum Annual Distribution. The payment amount seemed low so we questioned SILAC about it. The following was their response;

“To help clarify the annual statement, the policy earned 3.03351% in interest. However, since a withdrawal was processed in 2024 and the Account Value decreased from $ 89,039.72 (value as of 1/06/24) to $84,313.54 (value as of 11/01/24), our system adjusted the interest percentage to indicate this decrease. If you multiply the 11/01/24 account value by 3.03351%, it totals to $2,557.66 (amount rounded to the nearest tenth).”

We disputed the method of calculation and replied with the following;

“The proper calculation is as follows; interest at 3.03351 percent divided by 366 (number of days in accounting period) times 300 (number of days between 01/06/24 and 11/01/24) times $89,039.72 equals $2213.96 PLUS 3.03351 divided by 366 times 66 (number of days between 11/01/24 and 01/06/25) times $84,313.54 equals $461.22. You will find the correct payout to be $2675.18.”

We have not had an official response from them. Recently my wife received her Minimum Annual Distribution. The payment amount seemed low so we questioned SILAC about it. The following was their response;

“To help clarify the annual statement, the policy earned 3.03351% in interest. However, since a withdrawal was processed in 2024 and the Account Value decreased from $ 89,039.72 (value as of 1/06/24) to $84,313.54 (value as of 11/01/24), our system adjusted the interest percentage to indicate this decrease. If you multiply the 11/01/24 account value by 3.03351%, it totals to $2,557.66 (amount rounded to the nearest tenth).”

We disputed the method of calculation and replied with the following;

“The proper calculation is as follows; interest at 3.03351 percent divided by 366 (number of days in accounting period) times 300 (number of days between 01/06/24 and 11/01/24) times $89,039.72 equals $2213.96 PLUS 3.03351 divided by 366 times 66 (number of days between 11/01/24 and 01/06/25) times $84,313.54 equals $461.22. You will find the correct payout to be $2675.18.”

We have not had an official response from them. If they did this to my wife, they are doing it to everybody.

This is the worse ccompany I have ever dealt with. I invested $200K 5 years ago and it has since matured..They owe me $240K. I have turned in my NOTARIZED withdrawal form and then i had to do a change of address. I sent in the form, faxed, scanned and picture. After sending it 12 times and constantly calling them it was finally changed. For 3 weeksI heard they didn't get it, not legible or left out info. That was finally changed and now its the withdrawal form, same...left out info, we didn't receive it, signatures don't match. That was 4 times as of yesterday and still have not been uploaded. I have spoken to Madison, Susan, Antoinette and i don't know how many others. They will not let me speak to a manager or supervisor "its not allowed". they all know me as I speak to them everyday and no one will try to fix this. Antoinette said yesterday they cannot be calling everyone who is waiting for paper work to be scanned. I said i am not everyone, this has been going on for a month and a half. You would think they would want to end this and work to get it done and over with. I contacted the Securities Commission and BBB today and I guess my next step is an attorney. I cringe every time i have to pick up the phone to call them.

Customer Service is non-existent. Have been trying to get a distribution for 2 months already, still no check. CS is good at lip service but fails to perform. Dont advise anyone to do business with this company, unless you like getting heartburn.