Primerica Life Insurance Company
3120 Breckinridge Blvd. Duluth, GA 30099
Nationwide
U.S.A.
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*Consumer Suggestion: 20 years and you have been Ripped off, Really?
1Author
2Consumer
1Employee/Owner
Nearly 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.
Click Here to read other Ripoff Reports on Primerica Life Insurance
REBUTTALS & REPLIES:
1Author
2Consumer
1Employee/Owner
Updates & Rebuttals
#1 Employee
AUTHOR: Cindy - Austintown (U.S.A.)
SUBMITTED: Friday, December 05, 2003
POSTED: Friday, December 05, 2003
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???
#2 Consumer Comment
AUTHOR: Christine - Toronto (Canada)
SUBMITTED: Monday, March 22, 2004
POSTED: Tuesday, March 23, 2004
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.
#3 Consumer Suggestion
AUTHOR: john - chicago (United States of America)
SUBMITTED: Thursday, May 17, 2012
POSTED: Friday, May 18, 2012
I can understand your point of view. I too have a policy with them and familiar with the term and investing in mutual fund conversation. I havent had a problem because I have a guy that explained it right and has followed up. I am amazed that you are bashing the company instead of the agent, also it puzzles me that it took you 20 years to accumulate $7000 and you didnt see a need to talk to your agent 15 years ago. Did you all even discuss how much money you would need to put away to possibly have a chance to accumulate 500K? It doesnt sound like you took much diligents with your understanding of how it works yourself, which I know for sure they offer. My guy tried to recruit me! Please do your own research and dont be afraid to ask questions, that will at least test the how competent your agent is.
