Primerica Life Insurance Company misleading and lies ripoff Duluth, Georgia
My husband and I didn't realize that we were mislead until a letter came and told us that life insurance coverage begins a new term Sept. 2nd, 2006, and our new quarterly premium would increase from 155.97 to 676.57. This shocked us. We were told 20 years ago that this was whole life insurance and our rates would never go up.
We have had several reps calling us and all gave different quotes. Justice is due. This is so unfair. 20 years of money gone down the drain. We don't know what to do.
If anyone has a story similar to this, please let us know, and what can be done about this.
Marie
York, South Carolina
U.S.A.
2 Updates & Rebuttals
Anthony
Beltsville,Maryland,
U.S.A.
Complain to your local insurance bureau
#3UPDATE EX-employee responds
Thu, June 29, 2006
For Marie:
Chances are that your policy has not only increased because the 20-year term is over, but if it converted to an ART (Annual Renewal Term), it will be going up every year! If you have evidence that you and your husband were misled, then I would report it to your local state insurance bureau. Unfortunately you probably signed the application which has it in writing that the product is term when the policy was delivered. As suspected as the 20 year level term product reaches it's in, and there were no investments set up, there will be a lot more of these types of complaints. Chances are the original agent is no longer there, since he or she has obviously not been serving you. Find an independent agent/s, and don't let these jokers near your house again, and warn others.
Regards,
Leroy
Tulare,California,
U.S.A.
similar story
#3Consumer Comment
Thu, June 29, 2006
A person came to me with a similar story. He was 61. He thought his primerica policy would never go up in price. It was sold to him by his son.