Complaint Review: Sentinel Security Life Insurance Company - Internet Internet
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- Author Confirmed
- Sentinel Security Life Insurance Company 2121 South State St. Internet United States of America
- Phone: 8014848514
- Web: www.sentinellife.org
- Category: Insurance Companies
Sentinel Security Life Insurance Company RIPPED OFF SCAM on SENIORS. We Paid over $6,000 in premiums. Received only $3058 at death. They kept collecting the premium, knowing they would pay less than what was paid in. , Internet
*Consumer Comment: This is how insurance works.
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RIPPED OFF SCAM on SENIORS. We Paid over $6,000 in premiums. to
Sentinel Security Life Insurance Company Received only $3058 at death.
Sentinel Security Life Insurance Company kept collecting the premium, knowing they would pay less than what was paid in.
We Paid $6,000 in premiums. Received $3058 at death
My husband purchased a life insurance policy in December 1999 in the amount of $3000 from
Sentinel Security Life Insurance Company to help cover final expenses.
He was 86 years old at the time. The premiums came to $702 per year. He passed away in November 2009.
Sentinel Security Life Insurance Company sent a check in the amount of $3,058.
When we contacted Sentinel Security Life Insurance Company regarding the nearly $3,900 in premiums paid over and above the actual value of the policy, we were treated very rudely, and told that is the "GAMBLE" that WE take when purchasing insurance.
Sentinel Security Life Insurance Company tried to justify it by saying that they often pay out on policies not paid in full, and they lose money on those policies. TOO BAD! That is the GAMBLE that THEY take! As a SENIOR and a Consumer, it should not be OUR responsibility to make up for their losses.
There was never any mention of any policies regarding the insured outliving the policy. Without any notification or explanation Sentinel Security Life Insurance Company continued to collect policy premiums, knowing full well they would pay out far less upon death!
This is a rip off targeting seniors, and we wonder how many other seniors have outlived these sham policies, yet continue to pay premiums on a valueless product?
SENIORS BEWARE! Do not purchase these policies! Do not purchase a policy from
Sentinel Security Life Insurance Company or any salesman who does not fully disclose every detail and the what ifs!!!
This report was posted on Ripoff Report on 04/06/2011 04:21 PM and is a permanent record located here: https://www.ripoffreport.com/reports/sentinel-security-life-insurance-company/internet/sentinel-security-life-insurance-company-ripped-off-scam-on-seniors-we-paid-over-6000-714738. 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 Consumer Comment
This is how insurance works.
AUTHOR: MRamos - (United States of America)
SUBMITTED: Thursday, April 07, 2011
You bought a $3000 policy and you received $3000, there is no rip off here. Why would any company offer insurance if they were guaranteed to have to pay out all their premiums, it would be impossible for them to make money. I pay $150 for car insurance every month, in 10 years if my car is totaled it would be crazy of me to expect for them to pay me back all my premiums which would be $18,000. You take a gamble when you purchase any kind of insurance whether it be travel,car,electronics,home owners, or life. You hope that in the end the premiums are less than the benefit you receive but in many cases you end up spending more money on the insurance than you would if you paid all expenses out of pocket. It sounds like you bought a shitty policy and it would have been much more intelligent for you to have simply put the $700 a year in a savings account.
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