- Report: #706481
Complaint Review: Western Reserve Life - WRL Life Insurance - Internet
Reported By:
Ming -
Sunnyvale, California, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
Western Reserve Life - WRL Life Insurance
4333 Edgewood Rd. NE Cedar Rapids, IA 52499 Internet, United States of America
Phone:
Web:
https://www.westernreserve.com/wps/portal/wrl/!ut/p/c5/04_SB8K8xLLM9MSSzPy8xBz9CP0os3i_MN-gMJMAdz9zE
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
Western Reserve Life - WRL Life Insurance SCAM, STAY AWAY! Internet
I had much similar experience as fellow victims here. I consider myself a little luckier because...
1. I did not do the automatic electronic fund transfer. The agent pushed me hard to deposit using ETF for $1000 a month, while I only did a few months with $500/mo.
2. I only put in $2000 and stopped.
This company is a SCAM!!! Your money is ONLY yours on paper or in number. If you really need the investment $$$ for urgent need, or want to cancel the policy, your cash value (no matter how much you put in) will always be $0 because of the surrender charge will always be equal to what you have in your account!!! STAY AWAY from these people! The sad thing is they are the ones you feel you could trust, because they usually floating around your friends' parties, houses, act like YOUR friends.
1. I did not do the automatic electronic fund transfer. The agent pushed me hard to deposit using ETF for $1000 a month, while I only did a few months with $500/mo.
2. I only put in $2000 and stopped.
This company is a SCAM!!! Your money is ONLY yours on paper or in number. If you really need the investment $$$ for urgent need, or want to cancel the policy, your cash value (no matter how much you put in) will always be $0 because of the surrender charge will always be equal to what you have in your account!!! STAY AWAY from these people! The sad thing is they are the ones you feel you could trust, because they usually floating around your friends' parties, houses, act like YOUR friends.
1 Updates & Rebuttals
Financial Concierge
Dublin,Ohio,
Surrender Charge Explained
#2Consumer Suggestion
Sun, May 04, 2014
It sounds like your agent forgot to explain how the surrender charge work for ANY insurance product. Within first few years, all insurance products have surrender charge, much like your cell phone early termination fee. It is the worse decision you can possibly make to cancel the policy after it has been "in forced" or during your surrender charge period. You are a victim of your own doing. Had you kept your policy until now, there would have been significantly less surrender charges and with the rate of return for past 3 years, cash value would have grown fairly significantly. My mother and I both own a WRL's IUL policy due to interest crediting method that is by far the best I've seen. Always consult with COMPETENT agent or Fiancial Advisor before making any rash decisions. Life insurance especially have long surreder / penalty period. It takes 10 to 15 years for all the surrender charge to go away. It doesn't matter the company, all insurance products have "penalty period".
