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Thomas McJD
Thomas McJD, Attorney
Category: Estate Law
Satisfied Customers: 3170
Experience:  Wills, Trusts, Probate & other Estate Matters
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I had Lincoln insurance breach our contract when they claim

Customer Question

I had Lincoln insurance breach our contract when they claim by mistake cashed out
My annuity .. I will not reinstate or create a new one with them, but they did illegally
Take $12,000 of mine as a penalty when they closed it, I want to get that 12,000 into my
Account ASAP , the other annuity I wanted cashed out carried 12,000 penalty as well
Regards
Mark
Submitted: 1 year ago.
Category: Estate Law
Expert:  MIAMILAW1127 replied 1 year ago.

Hello. Thank you for contacting me. I am a consultant here and I am looking forward to assisting you with your question. If at any point any of my answers aren’t clear please don’t hesitate to ask for clarification. Please be patient as I will be typing my responses to you from scratch. Also, I can only answer/address the questions you ask specifically based on the information your provide. Please try to provide as much information as possible so I can best assist you.

Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

Could you please provide me with some more information so I can better assist you? Thank you.

1. You had an annuity with Lincoln Insurance.

2. They accidentally cashed it out.

3. You wanted to cancel because of this.

4. They charged you a $12,000 penalty for cancelling.

Is that correct?

Customer: replied 1 year ago.
I had 2 annuities with Lincoln insurance one was to be cashed out th other a separate contract was to remain I only gave permission in writing and verbal for one of the annuities to be cashed out they also cashed out the other without my permission breaching the contract plus they took 12,000.00 of my money as a penalty in the annuity that was illegally cashed out I require the 12,000.00 penalty they kept on the annuity THEY cashed out without my permission
Regards
Mark
Expert:  MIAMILAW1127 replied 1 year ago.

Ok thank you for clearing that up.

In that case, you would need to sue Lincoln for breach of the insurance contract as well as negligence.

Expert:  MIAMILAW1127 replied 1 year ago.

Unfortunately, though, this is a process that will take time and will not happen immediately.

The most immediate solution would be to have an attorney send them a demand letter prior to filing suit to see if they comply. If they choose not to, you would need to follow through with the lawsuit. The litigation can take an average of a year or more.