- Report: #572911
Complaint Review: 5 STAR LIFE INSURANCE COMPANY
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| 5 STAR LIFE INSURANCE COMPANY 909 NORTH WASHINGTON STREET
Internet United States of America |
|
5 STAR LIFE INSURANCE COMPANY Don't allow your loved ones to die if they have a policy issued by 5STAR LIFE INS. CO, Internet
*General Comment: Let me clear the air
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5Star Life Insurance Company..What a pathetic scam they have going on in their office. They Prey on the elderly by issuing no medical exam required policies solicited by some random person who knocks on the door and half A** explains it to them, collects the first month premium and tell them they did a good thing for their loved ones.
Well lo and behold if they die a few months later, they request all of the medical records from the family and then looks for the smallest non life threatening ailment,and how many times they've seen a DR. in the last 10 years and then denies the claim because they use a manual they call the "BIBLE" (their words not mine) called the SWISS RE Manual, which clearly points out that they cannot pay your claim. But cannot show you, the consumer, this so -called "BIBLE" because they greedily expect you to take their word for it!
You can never reach the person signing the letter, only customer service, they have no fax number nor an actual number to contact any dept unless you want to purchase, then you can get someone who only transfers you back to customer service once you explain why you're calling. Please tell your elderly familymembers to only purchase insurance from a reputable well known company to avoid a major scam from companies like 5 STAR LIFE INS CO.
This report was posted on Ripoff Report on 02/21/2010 10:39 PM and is a permanent record located here: http://www.ripoffreport.com/r/5-STAR-LIFE-INSURANCE-COMPANY/internet/5-STAR-LIFE-INSURANCE-COMPANY-Dont-allow-your-loved-ones-to-die-if-they-have-a-policy-is-572911. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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Search Tips#1 General Comment
Let me clear the air
AUTHOR: bearchamp - (United States of America)
SUBMITTED: Tuesday, March 05, 2013
Most of the people I sell final expense insurance to have already applied for and been denied coverage for traditional life insurance because their health was too poor to be qualified for it, or they could get approved but the premiums were so high they either couldn't afford it or it didn't make sense to pay it. So they go to final expense insurance because they are simplified issue policies, which basically means that you are approved pending a questionaire and a check from the medical information bureau, there is no physical or blood work needed.
That being said, let me get to your complaint. Every life insurance policy-not just final expense, but every policy written in the USA-is subject to a two year contestation period by the life insuarnce company. this means that if a person takes out a policy and dies within the first 2 years then the insurance company has the right to further investigate their health history and request all their medical records to see if they had any prior health conditions not stated that would prevent them from being covered. Now 4 times out of 5 these checks are performed, nothing out of the ordinary is found, and the policy is paid. the other time, something is found and the claim is denied. This is how it works for all companies, not just 5 Star Life. I have sold hundreds of 5 Star policies and I have delivered quite a few benefit checks to beneficiaries from them along with a few who bits of bad news to families where the claim was denied.
Don't get a bad taste in your mouth because of one denied claim before you know how the laws of life insurance really work.
