- Report: #695425
Complaint Review: Industrial Alliance Pacific Insurance & Financial Services - Vancouver British Columbia
Reported By:
Peggy Angela -
Winnipeg, Manitoba, Canada
Submitted:
Updated:
-
Author Not Confirmed
Why?
Industrial Alliance Pacific Insurance & Financial Services
P.O. Box 5900, Vancouver, V6B 5H6 British Columbia, United States of America
Phone:
1-800-665-4458
Web:
Categories:
Business Rating:
(0)
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Industrial Alliance Pacific Insurance & Financial Services SAL Group Grossly overcharge for short term life insuance without proper disclosure Vancouver , British Columbia
My husband and I purchased a travel trailer and financed it through the Dealership. In return for a 1/2 percent off the finance rate, we we sold life insurance.
The insurance cost $1,553.48 (based on a loan amount of approx. $17,000.) The entire insurance fee was paid up front at the time the loan was negotiated and was added to the cost of the trailer.
After making payments for three years we decided to pay off the loan. The amount of the refund of insurance is approx. $160.00 minus of course an administration fee of $50.00.
So life insurance covering an amount of no more than $17,000. for only 3 years ended up costing us almost $1,400.00.
It's absurd that insurance companies are given a license to steal like this.
Never, never sign on the dotted line until you are certain you know exactly who you're dealing with.
Peggy
Winnipeg, Manitoba, Canada
The insurance cost $1,553.48 (based on a loan amount of approx. $17,000.) The entire insurance fee was paid up front at the time the loan was negotiated and was added to the cost of the trailer.
After making payments for three years we decided to pay off the loan. The amount of the refund of insurance is approx. $160.00 minus of course an administration fee of $50.00.
So life insurance covering an amount of no more than $17,000. for only 3 years ended up costing us almost $1,400.00.
It's absurd that insurance companies are given a license to steal like this.
Never, never sign on the dotted line until you are certain you know exactly who you're dealing with.
Peggy
Winnipeg, Manitoba, Canada
