SILAC Insurance Co.

My mom passed away at the end of February and we still haven't received the money. We submitted the paperwork they sent us, and they later sent letters stating that we had to call them. This happened a month after we mailed the initial paperwork. We resubmitted the paperwork. Now, our parents' financial advisor is obtaining new paperwork for us and my brother is acquiring the long-form death certificate. We are not sure when we will have this matter settled. With American Equity, after we sent in the paperwork, we received the check two weeks later. I'm not sure why or how our parents ended up with SILAC, but I would definitely never recommend this company.

I have paid into their cancer policy for years. In 2023, I was diagnosed with stage 2 pancreatic cancer. The surgery was successful, followed by 18 weeks of prophylactic chemotherapy. Silac denied all my claims and appeals. There is no accountability, no class. Silac is a bunch of crooks. (I had to select a rating. Make that ZERO stars.)

Thieves. Silac makes it so difficult to get your money back. I finally received my check 59 days later. It was a fixed annuity without any attachments, and yet it took this long for them to send me my check. I called them every week, sometimes several times, and their answer was, "It's being processed." I still don't understand what there was to process. They kept my money for 59 extra days. Don't do business with Silac.

Never use this company; they are stealing your interest by postponing the transfer to another annuity company.

The customer service is always untruthful and rude.

Trying to process a claim for long-term care for my 92-year-old mother. I tried calling Silac prior to placing my mother in long-term care to make sure she qualified. They would not answer my questions. Now that she is in long-term care, they immediately sent a boilerplate denial. Today, I received a call from their representative. The issue revolves around their definition of "substantial." According to them, my mom needs substantial help if the attendant is within an arm's length, not the doorway, when she is bathing. It doesn't matter that the attendant is a male and my mother is embarrassed. To Silac, being incontinent means she cannot clean her own behind, not that she is in depends and there is urine on the floor. Again, she is embarrassed, not wanting someone to wipe her bottom. My mother is basically blind, but that is not on their checklist. She cannot walk down a hallway alone, but she can stand up and sit down. So, according to Silac, she does not warrant substantial help. This is typical of big insurance companies that try to skirt their obligations with their narrow definitions. So, Silac, you can revel in the funds of the elderly you neglect, enjoying your wealth. You have done so at the expense of a blind widow. May divine guidance be with you in the future when you are held accountable.

Worst company ever. Do not take this path; you will regret it. They are totally disengaged with their annuity holders. We have been jumping through hoops for years now. This is the Silac scam: Get your money and make it very difficult for you to make a withdrawal. They have faxed personal account information to unknown locations and never provided an answer on that issue. Had to select 1 star because this site doesn't allow negative stars.

Save Yourself Grief!

This is the worst insurance company I've ever dealt with. Their customer service is terrible. They do everything to avoid fixing the problem and not pay you your money.

I did not receive my monthly payments for January, February, and March 2024. When I called customer service to inform them that I hadn't received my money and I wanted to be paid, they kept "explaining" about checks that were sent for February and March. I kept telling the customer service representative that I didn't receive the checks, but she kept explaining what happened.

I told her I didn't care what happened; I hadn't received the money, and it was still owed to me. Would Silac look into that? But instead of telling me they would give notice to the proper department to look into it and send me any money that had not been drawn against their accounts, they just kept telling me what their records showed. I still don't know if Silac will even look into the matter. Customer service may not have referred the matter because I kept not seeing things their way and told them I didn't intimidate easily regarding whether checks were issued and when. I kept asking if checks were issued and I never cashed them, doesn't Silac still owe the money. But they refused to answer a simple yes or no question. They just keep explaining.

Also, I applied for annuity payments in 2023 and was supposed to get $404 a month. But Silac sat on my application for 5 weeks and didn't approve it until 2024. Then they said because they were back paying for the previous year, I would only get $394 a month. In other words, because they're inefficient, I get $10 less per month for the rest of my life.

Don't ask for trouble! Find another insurance company.

Dear all,

Silas Insurance Co. are the most unethical company I have ever had to deal with regarding insurance issues. My father and mother have a long-term care policy and have paid for this policy for over 15 years. My father passed away in November of 2022, and my mother was unable to live on her own. It was very clear that she needed long-term care, as she is unable to perform many of the daily tasks required for living. However, do not for a moment think that Silac is honoring the policy. They are experts at procrastination. We have had independent medical exams done on my mom, but Silas doesn't care. Three months later, they required their own interview with their nurse only to deny my mother again. And, of course, they drag their feet, slowing down all processes as much as possible to avoid payment.

Please stay away from this company!

I would like to give this company negative stars, but that is simply not possible.

I write this review as an agent familiar with this business. My experience with SILAC was nothing short of phenomenal! In particular, my experience with Bennett Bogard, the SILAC representative who helped me land my first client, was exemplary. Bennett was prompt, knowledgeable, friendly, and even offered to run my illustrations for me! He also gave me valuable insights into other features and benefits tailored to my customer's goals and objectives. Even when he was under the weather, he made me feel like a priority and helped me every step of the way. The annuity business can be a complicated landscape, but Bennett made me feel like an expert. SILAC will be my first choice as long as I get to work with Bennett!

SILAC has always done well for me. Great company! If you want to protect your money and have it grow then the Fixed Indexed Annuity is perfect for you. Knowing you have retirement security is one of the best decisions you will ever make.

SILAC is a great company. Everyone I spoke with at SILAC took as much time as I needed, and answered all of my questions and concerns on annuities. Their main goal was to make sure I was comfortable with my annuity choices

BEWARE!! These people will gladly take your money, but will literally keep it as long as legally possible when it's time to give it back!! Don't even think about using them to purchase a large investment. You'll regret it.

Run as fast as you can! This company operates on unethical practices and are currently under investigation by FINRA and LARA. Reputable agents will not use this company. Especially if you are a senior, they will prey on you.

Long term care policy purchased years ago because of a care by family codicil. Silac would not let me provide ongoing care and actually said I was greedy trying to get the $15 an hour for moms care. They lied and then pulled the funding!!! Sadly, now due to the circumstances they created mom is in a long term care facility instead of at home! In print they actually called me greedy because families do care for free!! Why then would we pay for the policy for years and years!!
Silac Lies!!! I wouldn’t purchase any product from them whatsoever!!!