Report: Primerica Life Insurance Company
Category: Insurance Companies
Primerica Life Insurance Company ripoff Primerica decreasing term life insurance invest the difference formerly A. L. Williams Duluth Georgia
*UPDATE: Primerica gets a POSITIVE rating from Rip-off Report in customer support & satisfaction. Primerica pledges to resolve complaints from the past, present and in the future, and give 100% commitment to customer service-say Company Executives!
*Consumer Comment ..you invest the difference, not the insurance company
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Primerica Life Insurance Company
Fax:
Nationwide,
U.S.A.
Submitted: 12/3/2003 3:47:34 PM
Modified: 3/23/2004 1:51:46 AM
Dallas
Greer, South CarolinaNearly 20 years ago,I purchased a policy under what was then called 'A.L.Williams'. At the time, it was one of those MLM cash-cows that promised that, as I grew older, my term life insurance needs would decrease, and they'd invest the difference.
By paying the same rate over the course of the ploicy, I was promised, the amount applied to the term life insirance polcy would decrease, with the difference invested so that I could build a nest egg for my future and that of my family.
Well, nearly 20 years later, with A.L. Williams having been bought by Primerica, I checked on my 'investments'. I have nothing with them but a straight term life insurance policy that pays off only if I die.
The representatives knew what I was talking about, but passed me back and forth between insurance and investments. The two are completely separate, they said, leaving me with nothing but a $6000 to $7000 investement in, you guessed it, my demise.
If any of you purchased plans under A.L. Williams back in the mid to late 1980's, you'd better check it out with Primerica. I will be collecting my original materials. If enough of us find that we've been similarly hoodwinked, may be we can band together and do something about it.
Don't take your status with Primerica as a former A.L. Williams customer for granted. I did, and it has come back to bite me. I know that I am not alone in this - check and see for yourself. Then, comment about it on this post until one or more interested attorneys see a class action lawsuit in it!
Dallas
Greer, South Carolina
U.S.A.
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Updates & Rebuttals:
- You did not purchase a whole life policy Cindy [12/5/2003 9:32:34 PM]
- you invest the difference, not the insurance company Christine [3/22/2004 9:18:30 PM]
You did not purchase a whole life policy
you did not purchase a whole life policy. The buy term and invest the difference idea is properly protecting your family in case you die for a cheaper amount than whole life allowing you to invest the difference (the extra money you would have paid if you had bought whole life) it does not mean money will be automatically invested for you through the policy if this were the case you would have bopught a whole life policy and not from primerica because it is not offered.The money you saved by purchasing term instead should have been invested properly in a different vehicle. You definatley misunderstood the concept let me ask you this did you put money aside in a retirement vehiclew as well???
you invest the difference, not the insurance company
As already noted by one respondent, the claim was 'buy term, invest the difference'. 'You' is implied in that phrase - you invest the difference, not the insurance company.
I invested in mutual funds in 1988 when I purchased the term policy from AL Williams and by the time my daughter needed university funds, I had well over $5000 saved up (I was investing only $35 per month in '88, which I then increased to $50 per month by '98). That money paid for the first two years of tuition, and I am so glad that I heard of AL Williams.
Sorry that the 'ripoff' complainer didn't understand the terms of his policy, but many of us did and we have reaped the benefits.
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