I am trying to call them for 3 days. I was on hold 30-42-46 min! I can't believe how they operate the company. My money is there its seems for them. I hope soon they close the company they don't deserve to run!
London Life Life Insurance Reviews
Affordable Life Insurance?
- Rates from 20+ life insurers
- Premiums start at $12/month
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- Can be purchased remotely
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I have been a policy owner for over 30 years. I have contacted them numerous times as there is no head office in Sarnia. I have asked for a regional manager to get a hold of me and nothing is ever done. I want an advisor because there is apparently not one connected to my account as they took it off. I keep getting the same answer we will have somebody call you and months and months later nobody has called me nor do they let you speak to anybody when you call London. It’s nice to know after dealing with a company for over 30 years that you were treated this way. But at this point in my life cancelling the policy is not the answer however I will never recommend them again
This company is incredibly difficult to get information out of regarding your policy. You will play the phone pass game over and over, with no one claiming to be able to get the most BASIC information to you. They are not able to readily tell you the most basic information about your policy and will make you wait as long as 2 weeks before they can get basic info to you. E.g. "what is the overall total amount I have paid into this life insurance plan?" This company has purposely kept my elderly parents in the complete dark about their policy. We went to see an advisor (Freedom 55 representative) who also admitted he was completely without information from London Life as they refuse to pass information on and make very purposeful obstacles so that people don't see what a shaft they are getting from the company. It's a corporate marketing ploy. Elderly people just give up and won't fight it, or fight to remove the obstacles for information. The letterhead my parents have received for 25 years looks like it is typed on an old-school key typewriter, and there are no phone numbers or websites on the page. I can't believe it. AVOID AVOID
After 30 years, discovered, due to ' inside rules', I OWE money on policy. NO CASH VALUE although bought WHOLE LIFE. Practices bordering on FRAUDULENT. Be careful, VERY CAREFUL. Keep money in your pocket.
I joined London Life back in 1999. A gentleman which is one of their agents hassled my husband at work almost every day to join London Life. He made phone calls to our house phone, left messages and came to our house twice a week. I was basically forced to buy these life insurance policies. Ever since then I pay $110 every month towards a very small amount of policy. When we spoke, we talked about one policy than when he actually mailed the paperwork, there was another policy, so I have two and not sure which one I am paying for. He sold a policy to my husband that we didn't understand anything on what we were getting into, we thought we signed up for a term policy which is what he said, now he states that my husband has to pay until the day he dies, doesn't matter what age. Not only do their agents lie, but they also hassle you and every time we get in contact with him, he yells at us or doesn't return our calls. The customer service is terrible, every time I call they all tell me a different story. I got a loan in 2007 and from 2007 to now, they charged me double interest on the money I owed. I borrowed $7000, and now I have to pay $13,000. In 2014, I gave them $3000 payment and NOBODY knows where it is. They do not keep records of payments and if I want records or have them look into the issue, I have to pay extra. So anyone considering this insurance company, please run as fast as you can and avoid it completely. It's a scam!
I purchased the segregated funds. London life allows you to borrow
100 000 to invest.
My major position was the canadian resources fund
which I bought at around $55
later on in the year that , I discovered that they had a
significant position of the stock: Sino forest...a chinese company ... which had fraudulently over stated their assets...charges were laid and I lost around 20% of the fund of Canadian Resources Fund because of a Chinese Company,
but that is just the beginning. The guarantee of the fund was told to me in wriiting that would guarantee the fund at maturity. I was told at 55 these guarantees will kick in (freedom 55 right) nope only if i die or at 105.!!
In other words the guarantee is worthless (this was a big selling point for me)
I submitted the document from the salesman that I received and they said he has since been fired, and the policy is stated on website.
anyway I can go on and on but after ten years in London life with their high MER and poor performance I am out 20K...
Do not buy into this company funds ...unless a tin cup on the corner is in your retirement future...
just look at performance of any fund and factor in the MER and look at what you will have made...more often than not 0
I am good at losing my own money I don t need self titled professionals to do it for me!!
if you call to ask them why a fund is not performing better (this year for example the TSE has gained over 20%)
they tell you that 'oh well these are long term investments , they do not directly reflect stock movements..
if the stock goes down in bad times , they say 'oh well the market if performing poorly...not a good time...but it will come around..
In any event freedom 55 is a admirable goal just don t expect to have it with London Life.
I got two letters from London Life, one saying there was $800 sitting in my account, the other saying I had to pay sixty dollars a month because there was no money in my account. It has been more than a week of phone calls and I still have not has an answer.
Absolutely astonishing this company is allowed a license to practice insurance. Anyone considering LL should look up the class action law suits against this company, and the reviews on here and understand that while you may have a friendly agent behind a desk selling you a policy - when it comes time to collect on a policy, you will find out that behind the scenes the company has no electronic records, horrific customer service and they will use unethical business practices to defraud you of your entitlements. My father had a policy there since the seventies. On his death we have been shocked at what they have done to his premiums and how they managed to sell loans and convince him it was managed through his policy but in the end charging him 300% interest on a loan over time. There is no paperwork or payment or premium schedules to back up anything and customer service refuse to provide information. They have treated us with callous indifference and rudeness as we inquire for further information. They have even told us we need to pay them more money to get information on his case. It's just been sickening. Avoid this company!
I became concerned 10 days after a RRSP seg fund transfer to a different institution . My account was closed , a cheque supposedly sent by snail mail to the new one . I was told repeatedly the receiving institution must be at fault , it was in their mail room , the cheque was sent on such and such a date , blah , blah . When the receiving institution contacted London Life they were told there was no cheque to cancel , that it had been mailed...for the first time , just two days ago !! Disappointment is an understatement . It cost me money and time to chase these scoundrels only to find it was a complete waste of time and I am not happy . Is there a professional standards branch to whom i can seek recourse , does anyone know ? Please and thanks.
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My Wife passed away from breast cancer, we took policies together, London life Made a mistake and entered my birthdate on her policy!!! As a result they have refused to pay out the full face value of the policy! The agent was also made aware of this issue by London Life and made no effort to contact us and have this corrected! I guess he got his commission so who cares! There is concrete proof that this was 100 percent London Life's error and they are exempting themselves and their agent from any responsibility!!
DO NOT GIVE THEM YOUR MONEY! I have now retained a lawyer to fight these people!