State Farm Life Insurance LIARS Yorktown VA
My agent just straight up lied to us. My husband and I were looking for a life insurance policy a few years back after me being honorably discharged from the Army and him retiring from the Army. He told us that our premiums (minus the cost of insurance) would be invested in the stock market and it would grow according to the market of course.
At first I didn't monitor it, because I know it's a long term investment so I was just paying the premium and not worrying about it. One day I realized I haven't received a statement from them other than the savings account they said we had to open in order to start the life insurance policies. Mind you; this savings has not gained one cent in interest in 3 years.
So, I go online to register for an online account to manage our life insurance policies. Once registered, to my surprise and disappointment, it doesn't show the premium (minus the cost of insurance) being invested in the stock market, or any growth there of... All it shows is how much we pay for premiums, how much we pay for the insurance and that's pretty much IT... It doesn't even have the option to view/print your statements online... And I have yet to receive a statement even upon request from my agent.
If this company was on the up and up, why don't we have access to our policy statements?? We have never even received an annual statement. This is a total RIP OFF! Now if we cancel the policies, we are stand to loose over 1,600 dollars plus the money we have wasted paying into these crappy policies. Please don't fall for the lies and double talk like we did!
And if anyone knows how to surrender this policy with minimum penalties, please advise.
3 Updates & Rebuttals
Tabitha
Williamsburg,United States
Thanks Jim
#4Author of original report
Mon, July 22, 2019
Thanks for your advice Jim,
I wish I would have had the opprotunity to speak with someone like you before signing up for whole life. I am done with life insurance all together. The way I see it both are ripoffs. Term life you pay into it for 20 plus years and if you out live that 20 years you have to get back in the market for another term with nothingto show for. Of course the premiums will be higher because you are 20 years older than you were when you started (smh).
I do have mutual funds, thank you for suggesting. And I understand the agent lied and not the company, but he is a representation of the company. I'm just glad we surrendered before they figured out how to drain more money from us.
Charles
United States,United States
Don't listen to the pro business bullies on this site they are anti consumer pigs who will put the blame on you nothing is never the bad businesses fault
#4REBUTTAL Individual responds
Mon, July 22, 2019
Nothing is ever the bad businesses fault! Businesses will never admit they made a mistake and they will sue you if you make public the bad experience you had with them! All lawyers are scum! They help the other side win even though you're paying them to try and get justice! Insurance companies are allowed to ruin lives. These pro-business people want you to give up this site and they will frustrate you any chance they get!
These pro-business people get in the way of us trying to get justice!
Jim
Beverly Hills,California,
United States
Insurance Is Insurance.... Investments are Investments
#4Consumer Comment
Mon, July 08, 2019
He told us that our premiums (minus the cost of insurance) would be invested in the stock market and it would grow according to the market of course. Your agent ripped you off - not the insurance company. What he sold you was a whole life plan with a cash surrender value (CSV). Whole life plans are true rip offs in every sense of the word because once you're invested in the payments, you will never really benefit from the investment in your lifetime.
Yes, the money is invested in the market, but the funds aren't your investment; they belong to the insurance company from which your insurance would be paid out to your beneficiary. There is no statement for you to review because the money you invested is not yours. It belongs to the insurance company.
If you really want to understand how these are complete ripoffs, here is the sentence that should have clinched it for you: And if anyone knows how to surrender this policy with minimum penalties, please advise. The answer is that you can't. The CSV upon the surrender of the policy is so small at this point....that it will literally bring you to tears. What you should have done is buy a term policy with a fixed benefit amount ($100K or so maybe) so you could have an insurance policy. The monthly premium is cheap and the benefit amount is guaranteed to your beneficiary upon your death. You should have gone to the VA who would have provided you a policy for a fairly cheap price.
If you were really interested in investing in stocks or funds, then the easiest thing for you to have done would be to invest in a mutual fund index account that you could invest monthly. Some banks offer brokerage accounts. You would be able to check the balance of your brokerage account online, or receive statements. In this way, if you needed to cash out the investment for whatever reason, then the money in the account is yours to do as you please, without penalties, and during your lifetime.
Insurance is insurance. Investments are investments.