Jul 17, 2008 Primerica complaint |
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I had 20 year term through AL Williams, paying 27.37 per month, taken right out of my checking. Now it is Primerica, and when the policy expired, I never heard a word from them. I expected..contract fufilled, done deal. WRONG, Instead 107.00 per month started drawing off my checking account. I never signed a renewal nor did I agree to a 400% increase in premiums for the same coverage I had. I realize that as I age, premiums will be higher, but it would be nice if they bothered to ask if I even wanted it. When I contacted them and told them we didn't want it, they informed me, with a letter today that it will take 30 days to reimburse me because they need to make sure the funds transfered...My gosh..they took it directly from my checking account. They have the money within 24 hours after. Dishonesty.......I was considering renewing with them, but never.....
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1. Written by exprimerca, on 22-07-2008 14:03
just something to ponder
1. What are you going to do now that your CSF 5 stars is now 4 STARS???
are you still going to use the line.
Only invest in 5 star funds as they are the best funds and you should never invest in a fund lower then 5 stars???
If you could have a 5 star hotel for same price as a 4 star where would you like to be??
hmmmmm so that means no one should invest in the CSF anymore right??? as its no longer a 5 star, if you need proof do to globe and mail investment site or morning star site and type in primerica in search engine, you will see its 4 star funds now.
2.you sell these funds as we have the lowest MER and no management fees......
bull crap
info from CSF
Mgmt Exp. Ratio (MER): 2.33%
Management Fee: 2.10%
hmmm that seems to add up to 4%
and what about Seg funds that are 100% of principle the rates are way too high and not worth it.
again BS
and seen you rate of returns, check them at all?
I know all investments are doing bad at this time......NOT TRUE
your smart loan is also a joke now as many companies have way better products
check out manulife one, which is almost same set up but as a line of credit where you can pay anything you want per month and no penalties and low interest.
Just because a company tells you that they have the best products for consumers doesn't mean they do.
There is always something better out there, the industry is always chaning to please customers and clients. Doesn't seem like Primerica has ever changed anything except same lines they tell everyone.
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2. Written by exprimerica rep, on 22-07-2008 13:30
40% upfront, yes many companies offer this and I work for a company that offers even more.
and this whole war clause is overdone now, most insurance companies are letting go of the clause.
instead of just doing what the company told you go out and research other insurance companies before assuming what you are being told is the truth!!
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3. Written by Just a thought, on 19-07-2008 14:25
If you still need coverage consider having a policy in place before the PFS policy terminates.
This is an example of why permanent coverage is a consideration. His term period is up and his rates went up. If he cancels the policy the coverage ends. At older ages health issues are a consideration.
Now what if he had a term policy that was covertable to a perm. product. He could maybe reduce the coverage amount and still be rated at the rate he was classified when he first bought the policy.
**Easy: How do you know his need for insurance is reduced? Today some people change spouses, change houses, or just aquire bills..
The theory of decreasing responsibility sounds great, but in many cases it doesn't happen. You can say well it's up to people, but things in life happen.
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4. Written by 50%, on 18-07-2008 21:06
My company pays 50% for accelerated death benefits.
On whole life products, they can borrow much more than 50% of their cash value. But, who likes whole life products? They have no use. LOL
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5. Written by primericasbest, on 18-07-2008 15:34
try to find a better product this life insurance pays 40 % upfront if you become terminally ill. they have no war exclusion. I am sure someone attempted to contact you. Primerica always sends letters to their clients prior to any increase.
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6. Written by vtch786, on 18-07-2008 15:34
EasyToReadContract think you are missing something
The service was so great, the agent has not contacted the client in 20 years.
I think it more likely that the agent has quit the business and not "retired"
Also the goal is to buy term and INVEST the difference, why didn't the agent invest money for the client so the client does not need life insurance any more.
But I am sure like more Primericans you will blame the client ... because Primerica is NEVER wrong
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7. Written by EasyToReadContract, on 17-07-2008 19:13
OK. Your 20 year term expired. That means you had excellent service for 20 years! Renewal at an older age costs more of course, but your need for coverage is less so reduce the amount, and reduce your premium.
Unfortunately, you may not recall the instructions from your agent 20 years ago, or they may have retired by now.
Just call the toll free number, the home office has a wonderful staff to explain any policy change policies.
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