• Report: #543093
Complaint Review:

Life Partners Inc.

  • Submitted: Mon, December 21, 2009
  • Updated: Sun, March 18, 2012

  • Reported By: Robin — pahrump Nevada U.S.A.
Life Partners Inc.
204 Woodhew Dr Waco, Texas United States of America

Life Partners Inc. viatical life insurance Waco, Texas

*Consumer Comment: There is no other way to explain it.

*General Comment: Life partners is not a scam co

*Author of original report: Starkey Sorrells name was listed in error

*Author of original report: Life partners error in reporting

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We invested $13,520 with Life Partners for a viatical life insurance policy.

We were told that the man was diagnosed with AIDS, cervical myelopathy, diarrhea, anorexia, hypertinsion, weight loss and oral thrush when we purchased the policy January 30, 2008.  He had a life expectancy of 1 to 2 years.

We contacted Life Partners December 2009 for an update on the 31 year old male and were told that the insured has declined to respond directly to inquiries.

We do not know if he is still alive,  we can not get information about his condition, we invested money, which he received within 5 workong days, and we seem to have no rights here.

Life Partners claims they track his social security number and review all obituaries from his area but with no response from him how can we be sure?

We are pretty convinced that this is a scam.  We looked up Life Partners on the internet and they only talk about selling life insurance policys and the testmonials are from living people who are so happy about getting rid of the policy and having money.  Life Partners is telling us that we are responsible for making the premium payments starting 2011.

We already invested $13,520 expecting a payout upon death within 1 to 2 years and now we have to pay more to keep the policy in effect?  That is wrong.  After the 2 years we should receive our money back and they can sell this policy to some other sucker.

Please be frightened of Alternative Financial Solutions, LTD. Earl Serap Financial Advisor, Las Vegas , Nevada and Starkey Sorrell Insurance, Lufkin, Texas and most importantly Life Partners Inc. Waco Texas, Brian D. Pardo Chairman and Liz Pardo with the Claims Department

This report was posted on Ripoff Report on 12/21/2009 12:46 PM and is a permanent record located here: http://www.ripoffreport.com/reports/life-partners-inc/waco-texas-76712/life-partners-inc-viatical-life-insurance-waco-texas-543093. 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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#1 Consumer Comment

There is no other way to explain it.

AUTHOR: MLS582 - ()

Many people explain much the same about LPHI

1.) They LPHI and buyers explain its a one time payment - yet not really - yearly payments appear.

2.) Buyers explain its 1 to 2 yaars or 3 to 4 years - short time.

3.) News documentary shows 90% live beyond - live 2 to 3 times longer - if not more.

4.) Some paying $255 a year while others explained $2000 to $4000.

5.) We have 3 people - April 5, 2005  April 21, 2005  March 9, 2005 - near 10 years ago.

6.) These people are kids to adults - LPHI explains AVG. Age is 85 - not really

7.) These policies can be multi-purchasers - a group - purchasers unknown - unknown split or share.

8.) They is no way to know if the person is alive or dead - it works on trust.

9.) Add it up and it equals Scam. Many are seniors that could die before they get a payout.

10.) Who would buy this if they explain all the problems - they word it differently.

11.) Therefore paid near $100,000 for what will be very little in return.

12.) Therefore they explain this in a way it appears fool proof and high return - to attract people.

13.) Therefore these things happened to many people, to not just happen at random.


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#2 General Comment

Life partners is not a scam co

AUTHOR: Ross - (United States of America)

You as a qualified investor know that this is a buy to hold investment til maturity.  If you do not like a great return go to the bank and get a 2% CD.  You do not understand the investment. I have been an investor for 16 plus years and have done well.
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#3 Author of original report

Starkey Sorrells name was listed in error

AUTHOR: Robin - (U.S.A.)

My mistake. Starkey Sorrells name was listed in error. He was NOT involved.

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#4 Author of original report

Life partners error in reporting

AUTHOR: Robin - (U.S.A.)

My Starkey Sorrells name was accidently included in the report of life partners. He was not involved. His good name needs to be restorted He never should has been listed. We are very sorry for any problems this has caused him. I tried many ways to adjust the report but this is the only way available. Again Mr. Starkey Sorrell is NOT included in this report.

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