Complaint Review: LSW - Montpelier Vermont
- LSW one national life drive, Montpelier, VT 05604 Montpelier, Vermont United States of America
- Phone: 800-732-8939
- Web:
- Category: Insurance Companies
LSW Life Insurance Company of the Southwest Warning!! Do Not take out an insurance policy, surrender charge means you're giving them YOUR money Montpelier, Vermont
*General Comment: Explanation of Surrender Charges
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I'm not getting into a Rant here but just wanted to warn other not to get involved with LAW. First and foremost, you're stuck! for 15 years to be exact. during which, if you accrue several thousand dollars, in this case 1,500+ that, I wanted to cancel the policy due to lack of courteous and professional service. But I've been a customer since 2004. I don't know who's my service agent nor have I received ANY information pertaining to my account since 2006 or so. which over these years I've been so busy with work, my health and family to worry about this. this all came about today when I thought cancelling this policy was the best since, LSW has such outstanding customer service.
Point being, be careful. Most insurance companies are out to make money, they are not out to pay off on your policy. but LSW does have a surrender penalty, basically put, you want to get out before your 15 years? then we take your money for free. This policy was taken out in case Iwere to die , my wife can pay off this condo and not lose it. but we intend to move as soon as the veterans affairs renders it's decision on my disability claim anyway.
This report was posted on Ripoff Report on 01/17/2012 11:00 AM and is a permanent record located here: https://www.ripoffreport.com/reports/lsw/montpelier-vermont-05604/lsw-life-insurance-company-of-the-southwest-warning-do-not-take-out-an-insurance-policy-823919. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 General Comment
Explanation of Surrender Charges
AUTHOR: DAlan - (USA)
SUBMITTED: Wednesday, October 07, 2015
I am a licensed agent in 42 states and I read the complaint. I understand the frustration of the situation but surrender charges are a industry wide standad practice. By law you should have received a policy that explained this charge at the time of purchase. You typically have a free look period to review the policy and cancel if you were not comfortable with the terms.
Yes, insurance companies have to make a profit to ensure they are able to pay the claims of people who have religiously paid their premiums and now have a claim. By entering into your agreement the insurance company invests to earn the profits and one of the conditions is that the policyholder fulfills their obligations. You indicated you wanted to cancel early so the insurance company acted according to the agreement.
You indicated that you feel you have not had proper communication. Your recourse would have been to file a complaint with the state board of insurance.
I am aware that this may not be what you are looking for but in retrospect you may want to consult a licensed agent to try and find an acceptable remedy.


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