State Farm Life Insurance LIARS Yorktown VA

Thanks for your advice Jim,

I wish I would have had the opprotunity to speak with someone like you before signing up for whole life.  I am done with life insurance all together. The way I see it both are ripoffs. Term life you pay into it for 20 plus years and if you out live that 20 years you have to get back in the market for another term with nothingto show for. Of course the premiums will be higher because you are 20 years older than you were when you started (smh). 

I do have mutual funds, thank you for suggesting.  And I understand the agent lied and not the company, but he is a representation of the company. I'm just glad we surrendered before they figured out how to drain more money from us.

 Nothing is ever the bad businesses fault! Businesses will never admit they made a mistake and they will sue you if you make public the bad experience you had with them! All lawyers are scum!  They help the other side win even though you're paying them to try and get justice!  Insurance companies are allowed to ruin lives. These pro-business people want you to give up this site and they will frustrate you any chance they get!

  These pro-business people get in the way of us trying to get justice!

He told us that our premiums (minus the cost of insurance) would be invested in the stock market and it would grow according to the market of course.  Your agent ripped you off - not the insurance company.  What he sold you was a whole life plan with a cash surrender value (CSV).  Whole life plans are true rip offs in every sense of the word because once you're invested in the payments, you will never really benefit from the investment in your lifetime.

  Yes, the money is invested in the market, but the funds aren't your investment; they belong to the insurance company from which your insurance would be paid out to your beneficiary.  There is no statement for you to review because the money you invested is not yours.  It belongs to the insurance company.

If you really want to understand how these are complete ripoffs, here is the sentence that should have clinched it for you:  And if anyone knows how to surrender this policy with minimum penalties, please advise.  The answer is that you can't.  The CSV upon the surrender of the policy is so small at this point....that it will literally bring you to tears.  What you should have done is buy a term policy with a fixed benefit amount ($100K or so maybe) so you could have an insurance policy.  The monthly premium is cheap and the benefit amount is guaranteed to your beneficiary upon your death.  You should have gone to the VA who would have provided you a policy for a fairly cheap price.

If you were really interested in investing in stocks or funds, then the easiest thing for you to have done would be to invest in a mutual fund index account that you could invest monthly.  Some banks offer brokerage accounts.  You would be able to check the balance of your brokerage account online, or receive statements.  In this way, if you needed to cash out the investment for whatever reason, then the money in the account is yours to do as you please, without penalties, and during your lifetime.

Insurance is insurance.  Investments are investments.