• Report: #1086767

Complaint Review: World Financial Group

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  • Submitted: Mon, September 23, 2013
  • Updated: Mon, September 23, 2013

  • Reported By: C_9000 — Salinas California
World Financial Group
Salinas, California USA

World Financial Group Screwed Me Over with Life Insurance Salinas California

*Consumer Suggestion: not all are bad but enough to cause concern

*UPDATE Employee: World Financial Group is an amazing company

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A relative who works at this company signed me up for a life insurance policy last year, and at that time I was still naive and barely learning things financially, so I wasn't as smart as I should have been, but you know... things happen and we learn from our mistakes early in life. My agent was my relative. Of course I trusted her too much for me to let her sign me up for a life insurance plan.

To be honest, I felt like I wasn't actually doing it for myself, I felt like I was trying to help her with her job. I had no idea what it was even about, I didn't understand most of the process, I didn't know how these people do their business, but I got persuaded very well because once again, the person trying to sell me the product was a relative I love, care, and trust.

Luckily, less than $15 was being deducted from my bank account each month, and you know what she told me? "You can cancel anytime, and you will get all your money back." A year later, I gained a little experience about things and realized something felt wrong about this life insurance plan I had. I began to do research about the World Financial Group company, and I started to feel very aware of it.

I decided to give them a visit about cancelling my life insurance policy, with in my mind, "If I cancel, I will get my money back". They actually tried to persuade me again to sell me other products, or upgrade me to something else. I sat down for a whole hour listening to their bullsh*t, and I kept saying no, no and, no. They looked disappointed, but finally, they gave me some info on how to cancel the damn insurance policy, but they were not very specific on what to do.

So there was still a problem. My agent, who is my relative, practically did not cooperate on giving me the info I needed to cancel my insurance policy when I asked. It's almost like she didn't want me to cancel it. I ended up finding a copy of the information I needed to reuqest a cancellation back home.I decided to mail my cancellation letter myself directly to the Insurance company, which was Western Life Reserve Life Assurance.

Remember when I was told that I would get all my money back when I cancel? Well that was completely false information. I got my letter about the cancellation weeks later, and guess how much money I got back? Less than $15, so I lost about $120. It isn't so bad, but they can go ahead and spend it on expensive hookers for all I care.

The problem that fustrates me is that I was given false information, I got persuaded, and got quite screwed over by my own family relative.

I'm just warning anyone, these people care about their jobs and sales more than you, and it doesn't matter who you are to them. If you want to sign up for a life insruance or get financial advice, etc... my suggestion is to research for a better agency.

This report was posted on Ripoff Report on 09/23/2013 06:07 PM and is a permanent record located here: http://www.ripoffreport.com/r/World-Financial-Group/Salinas-California-93901/World-Financial-Group-Screwed-Me-Over-with-Life-Insurance-Salinas-California-1086767. 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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Updates & Rebuttals

#1 Consumer Suggestion

not all are bad but enough to cause concern

AUTHOR: robert805 - ()

I consider myself somewhat intelligent and try to do my due dilligence before buying anything, it can be a car, tv or insurance or investments.  I had a very nice young men approach me about doing business with him and offered to sit with me about insurance.  After 45 minutes it was clear that I knew more about insurance and investments then him.  I did not mind it much and asked him to give me some quotes as I knew I wanted to get insurance and somewhat knew what I needed already.  unfortunely he spend half of our follow up meeting trying to convince me to attend a convention about getting in the business.  After this I did some research and my initial feelings very validated.  I know not one apple spoils the crop but unfortunely there are so many complaints and negativity from consumers and past employees, that it does spoil it and for me forced me to not do business with this young men.  I did ample research and decided to go with a young lady in santa barbara that was a Certified Financial Planner and it did not cost me any more or less.  

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#2 UPDATE Employee

World Financial Group is an amazing company

AUTHOR: RasaP - ()

I work at World Financial Group (WFG). I'm sorry to hear that someone provided false information. But there are many amazing financial planners at WFG. Just because someone mislead you, it doesn't mean that everyone who works at a certain company would mislead you.  It's like saying that just because an employee at company X misleads people, it means that most people at the company do so.  It's not true.  All the people that I've come across who are licensed and who have completed the field-training program at WFG are great financial planners. 

By the way, if you open a 7702 account, which is also known as Indexed Universal Life (IUL), which comes with life insurance, you can get your money back if you request it between the times when you submit your "good faith deposit" (the initial premium) and when your policy is approved.  At that point going forward, you cannot get your "good faith deposit" back.  It goes to the insurance company to cover your death benefit, if god forbid you pass away.  

There is a term insurance that has a money-back guarantee.  But you can only get your money back when the insurance expires.  And it has to be specifically the type of term insurance that has a money-back feature built in.  Typical term life insurance does not come with a money-back feature.



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