Attention Servicemembers!

American-Amicable ripped off service-members and is now being forced to pay us back! If you bought a "Horizon Life" Insurance policy sometime between January 1st, 2000 and July 28th 2006 you may be eligible for part of the cash settlement, continue reading...

Consider this another Bad Case of Wanderlust pubic service announcement. I received a letter today from a company called American-Amicable Life Insurance Company of Texas. The name instantly caught my attention and brought up a long forgotten memory of the time they ripped me off with a very deceptive "investment" plan. I was eighteen years old, fresh out of bootcamp and fresh out of my parents' house, earning a more steady paycheck than ever before. American-Amicable somehow got permission to come on the base and sell their life insurance to gullible young fellas such as myself under the guise that it was nearly guaranteed to turn us into millionaires. What whipper-snapper with money to burn could possibly refuse such a great deal?!?! Upon further reading of the fine print in my new policy I got a bad feeling in the pit of my stomach. Despite feeling that anybody allowed on base was legit and that thieves were only encountered OUTSIDE of my safe, secure military home, I cancelled my policy after only giving up maybe three months worth of pay. Apparently 57,000 servicemembers, including myself were interested in becoming millionaires according to the Securities and Exchange Commission (Read the full story here). The SEC has sued American-Amicable and they have agreed to distribute $10 million back to the hardworking servicemembers that they ripped off. The letter I received included a check that gave back a little of what I lost, but gave me a great satisfaction in knowing that they had been caught.

From the SEC's website:

American-Amicable Life Insurance Company of Texas; Pioneer American Insurance Company; and Pioneer Security Life Insurance Company

If you purchased a Horizon Life policy from American-Amicable Life Insurance Company of Texas or one of its affiliates between January 1, 2000 and July 28, 2006, and you were in the military when you purchased the policy, you may be eligible to receive cash compensation from the company. If you are eligible, there is no paperwork you need to fill out. In October 2006, American-Amicable mailed notices and checks to all eligible service members at their last known addresses. If you did not receive a check but believe you should have, you can call the company toll-free at 1-800-736-7311. For more information about the SEC’s action, you can read Litigation Release No. 19791 (Aug. 3, 2006).

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