Independent Life Insurance Reviews

London Life Life Insurance Reviews

(31 reviews)
This page has been viewed by:
23,669
consumers
(2.8 out of 5 stars)
Customer Service:
Value for Money:
 

Mutual funds

 
(1.0 out of 5 stars)
by gaspar Nov 03, 2017
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.
0 of 0 people found this review helpful. Did you?
Did you know that if you are a 30-year old male, a term life insurance policy for 20 years with coverage of $200,000 will cost you around $19/month? Getting your term life insurance quote today will allow you to benefit from a great rate.
 

Never Returns Phone Calls

 
(1.5 out of 5 stars)
by Northerner Apr 18, 2017
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.
0 of 0 people found this review helpful. Did you?
 

Unethical business practices

 
(1.0 out of 5 stars)
by DJI Feb 20, 2017
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!
0 of 0 people found this review helpful. Did you?
Did you know that one in three Canadians, on average, will be disabled for more than three months before they turn 65? Get a disability insurance quote today to make sure your income is secure, even when you are temporary disabled.
 

RRSP Redemption Shenanigans

 
(1.0 out of 5 stars)
by Rumpledrumskin Oct 08, 2016
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.
0 of 0 people found this review helpful. Did you?
 

Terrible!

 
(1.0 out of 5 stars)
by Marc from Kitchener Oct 07, 2016
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!
0 of 0 people found this review helpful. Did you?
Thinking of getting a life insurance quote from an insurance agent? They work for one insurance company and can only sell the products of that company. That may not result in the best rate for you. Our insurance brokers compare life insurance quotes across 20+ Canadian insurers for you.
 

Great Planning Services

 
(5.0 out of 5 stars)
by happylife Oct 27, 2015
Unlike my bank, London Life provided a full retirement plan and estate plan. My Advisor is a Certified Financial Planner and provided all the options available and helped make an informed decision as to what was best for my situation. We completed a budget so I knew how much I had to work with used an insurance calculator to determine how much insurance I needed to take care of my family. Choosing a knowledgeable Certified Planner is the most important part of dealing with any insurance company or financial service provider.
0 of 0 people found this review helpful. Did you?
 

Customer service useless

 
(1.0 out of 5 stars)
by unhappy Aug 25, 2015
Called several time about a policy, did not get any anywhere. Next step Ombudsman and BBB Rating should read 0
0 of 0 people found this review helpful. Did you?
Not sure if you can qualify for life insurance with existing health pre-conditions? Let us to help you with a no medical life insurance quote , meaning that you do not need to pass a medical exam to qualify for a life insurance policy.
 

they won't let me cash out!

 
(1.0 out of 5 stars)
by Julie P Sep 30, 2014
I decided to cash out my Freedom 55 account since I have another life insurance. At this point, I've called every month for 3 straight months, spoke to 3 different people, was given 3 different stories. Finally I spoke with an agent who had me fill out a bunch of forms. I sent them in.....and she promptly sent me a whole new set of the same forms. I've been trying since May 2nd and its now almost October. I can't tell if they're dishonest or just remarkably unintelligent.
0 of 0 people found this review helpful. Did you?
 

Took money after cancelled

 
(1.0 out of 5 stars)
by Upset and hungry Sep 15, 2014
It may sound harsh , but when you are on a strict budget after moving across the country. Start a new job, pay rent hydro ,etc. And you only have a couple hundred dollars to live on. For London life to take $345 out of my account ( all I had for grocery money for the month ) on an account that was cancelled in August after jacking my monthly rate from $78 month to $345 , we told them we simply can't afford it. Cancel it imagine the shock to open banking this morning and see the payment once again taken out if our account. When it was cancelled last month!!!!! I have no idea how long it will take to get this money back from them, my bank has been notified to never let London life ever take money out again!! But now we have to find out how long we have to wait to get our money returned to us because if London life's mistake!!!!!!
0 of 0 people found this review helpful. Did you?
Did you know that mortgage insurance is the same as life insurance but more expensive and offers less protection? By cancelling it and getting life insurance , you would typically save around 30%-40% for the same coverage.
 

Delinquents!

 
(1.0 out of 5 stars)
by Unfortunate Victim Jun 12, 2014
Started a policy in the 80's, and 23 years of payments vanished because of some bogus loan that was made on the policy. Try to do anything about it and all they do is just give you the run-a-round and treat you like crap. Months later, investigations are still going on and no intentions of getting anything done. This Company is full of FRAUDSTERS AND DELINQUENTS. DO NOT DO BUSINESS WITH THESE PEOPLE.
0 of 0 people found this review helpful. Did you?
 

Life Insurance and Investment

 
(4.0 out of 5 stars)
by Loyal Client Jun 04, 2014
I have dealt with London Life for almost 40 years, from a claim on my late husband's disability insurance to his death benefit, and now my financial investment, I had no problem in customer services whatsoever. It is a very reputable company. I read some of the bad feedbacks from other people. It appears that the problems are with the individual London Life Representatives and not the company. It is very important to have a honest understanding working relationship with your representative. If you are not happy with him/her, call the head office and let them know. But as far as trusting the company, there are no concerns.
0 of 0 people found this review helpful. Did you?
Did you know that if you are a 35-year old female, a term life insurance policy for 10 years with coverage of $500,000 will cost you around $15-$20/month? Getting your life insurance quote today will allow you to lock-in a great rate.
 

Do not trust London Life

 
(1.0 out of 5 stars)
by Ihatelondonlife Feb 24, 2014
I just had a nightmare experience with London Life’s Participating Life Insurance. All they want is your money. The so called “Financial Adviser” has excellent cheating skills. He sold me the insurance with a premium that accounts for more than 1/3 of my salary, and told me the amount can be reduced next year. He hides the fact that reducing the premium “next year” leads to lossing about 1/3 of the premium I paid in the first year. Why he hides the information? Why he insists of reducing it in “next year”? It is because his commission for the first year is Huge, Huge. The commission would belong to him once the first year passed. What I loss would be what he earns, that is the key. I cancelled the policy and naïvely made complaint to London Life. DO NOT believe London Life’s Complaint Office. All it does is to protect their “Financial Adviser”, therefor not return my money. They turned me down by using two kinds of “proves”: First, “You signed the policy…” Yes, I signed the policy, but it is a result of cheating, which is what I am complaining for! If signing a policy can be used as reason of turning a customer down, are there any other complaint cases? I don’t know if the Complaint Office has no logical mind or just playing a game with me. Second, “a note from the “Financial Adviser” saying he explained everything to you...”. The fact is he did not write anything at the meeting with me. It can be made up any time after when there is a need. On the other hand, I provided a real Hand Writing note by the “Financial Adviser” to prove he was cheating me, guess what, London life complaint office just ignored it. It is such unfair! Do not deal with London Life!!!
0 of 0 people found this review helpful. Did you?
 

A totally untrustworthy place

 
(1.0 out of 5 stars)
by PjD Jul 23, 2013
My father made the mistake of getting sucked in by the sales pitch decades ago and regretted it, and trying to help him deal with them the past few years I understood why. Their whole business model relies of the ignorance and passiveness of the consumer, as they rig the contracts totally in their favor and provide no details on the calculation of premiums, loans, cash values and eventual payouts. It is like getting a Visa bill with no itemization, just a total. When in his 80's, they would send invoices for the full loan value without warning (randomly, not on the anniversary date), hoping to trigger the voiding of the contract if not paid withing 30 days. It could have easily happened. And they would never give proper explanations, you have to talk to a franchised salesman to get 'service', which is how they get people in the door to sell more product. Totally unethical in my opinion. Final insult is after he died after many years of their stress and hassle, they did't pay any partial year of dividends, ie they keep the 11.5 months of dividends as he didn't make it to the anniversary date, but of course charged 11.5 months of much higher interest on the loan portion... a cheer goes up at LL! Also they did not refund any of the annual premiums paid in advance, they pocket that. He was never advised how to use the dividends to pay down the loan, for decades they happily charged 6% interest and used the 2-3% dividends to buy more insurance! A totally untrustworthy place IMO, and customer service is a disaster. One department actually made me fax back the policy details another dept had sent me the prior month before they'd work on it! I think the confusion to the client is a deliberate attempt to keep the clients in the dark. The more you know, the less you'd like.... Thanks for listening. I will correct this if I ever hear back from them with anything I have said is wrong, I have asked several times for detailed information, as had my father, but it is like pulling teeth, such a runaround. They cant be trusted, I recommend buying cheap term insurance and put the huge savings in a TSFA or RSP, then you'll drive the Lexus instead of them!
1 of 1 people found this review helpful. Did you?
Did you know there is a 35% chance of developing a critical illness before you are 65 and 65%-70% chance before you turn 81? That means getting a critical illness insurance quote is no less important than getting life insurance. Your choice.
 

N/A

 
(4.0 out of 5 stars)
by owenj Jul 17, 2012
easy to do business with, very profesional
0 of 0 people found this review helpful. Did you?
 

N/A

 
(4.5 out of 5 stars)
by justinb Jul 10, 2012
We have a number of policies. This is probably our oldest. They keep in touch & do periodic reviews.
0 of 0 people found this review helpful. Did you?
Planning to get life insurance to protect your family, including children? Make sure that you get enough coverage. According to studies, it takes about $250,000 in total to raise a child to the age of 18 (and that doesn’t include any post-secondary education costs).
 

N/A

 
(5.0 out of 5 stars)
by Jay Den Jun 29, 2012
Have had this policy for over 20 years and never had any issues. I alway do a periodic review to make sure that the product is right for me.
0 of 0 people found this review helpful. Did you?
 

N/A

 
(1.0 out of 5 stars)
by Eliza Jun 22, 2012
The only thing London Life wanted to do was take my money and run.....Worst experience I have ever had....
0 of 0 people found this review helpful. Did you?
Did you know that if you are a 35-year old female, a term life insurance policy for 10 years with coverage of $500,000 will cost you around $15-$20/month? Getting your life insurance quote today will allow you to lock-in a great rate.
 

N/A

 
(5.0 out of 5 stars)
by demand Jun 18, 2012
agent contacts 2-3 times a year,when i retired he was there to help with finances, he is now advising my wife on her company bu out
1 of 1 people found this review helpful. Did you?
 

N/A

 
(5.0 out of 5 stars)
by Brigitte Jun 15, 2012
They are always available when you need advise.
0 of 0 people found this review helpful. Did you?
Did you know that if you are a 30-year old male, a term life insurance policy for 20 years with coverage of $200,000 will cost you around $19/month? Getting your term life insurance quote today will allow you to benefit from a great rate.
 

N/A

 
(4.0 out of 5 stars)
by ethanw Jun 06, 2012
Had since I was one week old. They have dividends (which I liked esp as a student since I could borrow on the policy and I only pay so much a year to be covered for life.
0 of 0 people found this review helpful. Did you?
 

N/A

 
(5.0 out of 5 stars)
by ainsley May 31, 2012
They were very helpful to my family when aunts and uncle died.....all of their policies were with London Life
0 of 0 people found this review helpful. Did you?
Did you know there is a 35% chance of developing a critical illness before you are 65 and 65%-70% chance before you turn 81? That means getting a critical illness insurance quote is no less important than getting life insurance. Your choice.
 

N/A

 
(1.0 out of 5 stars)
by jonah May 24, 2012
I was insured with this company in the past and have had many problems. Since I re-married, I chose a different Life Insurance company because London Life is not good.
0 of 0 people found this review helpful. Did you?
 

N/A

 
(1.0 out of 5 stars)
by Julian_J May 21, 2012
I was defrauded by their agent. We settled, and I still have a policy with them but I would never use them again.
0 of 0 people found this review helpful. Did you?
Did you know that one in three Canadians, on average, will be disabled for more than three months before they turn 65? Get a disability insurance quote today to make sure your income is secure, even when you are temporary disabled.
 

N/A

 
(3.0 out of 5 stars)
by nolan May 10, 2012
Have not had any problems - premiums are paid from the dividends made
0 of 0 people found this review helpful. Did you?
 

N/A

 
(3.5 out of 5 stars)
by Hallie May 07, 2012
I have been insured for quite some time with London Life and have not done much comparison. I did convert one policy to another type several years ago and found the agent helpful.
0 of 0 people found this review helpful. Did you?
Did you know that mortgage insurance is the same as life insurance but more expensive and offers less protection? By cancelling it and getting life insurance , you would typically save around 30%-40% for the same coverage.
 

N/A

 
(5.0 out of 5 stars)
by morrisa May 03, 2012
always kept in touch regarding my policy
0 of 0 people found this review helpful. Did you?
 

N/A

 
(3.5 out of 5 stars)
by Chris Apr 30, 2012
I've had little contact with Lodnon Life regarding Life Insurance itself. The interest and dividends that have been invested I have been less than totally satisfied with their responses to my questions and requests.
1 of 1 people found this review helpful. Did you?
Thinking of getting a life insurance quote from an insurance agent? They work for one insurance company and can only sell the products of that company. That may not result in the best rate for you. Our insurance brokers compare life insurance quotes across 20+ Canadian insurers for you.
 

N/A

 
(3.0 out of 5 stars)
by Patrick Will Apr 25, 2012
Life have never had a problem. Asked for papers to make a change and they were sent and clearly marked as where I had to sign.
0 of 0 people found this review helpful. Did you?
 

N/A

 
(2.0 out of 5 stars)
by Gardiner Apr 20, 2012
I did not have a very good experience with this company and ended up cancelling my insurance policy. The salesman was aggressive and not very informative. Once he had my money, he never returned calls if I had questions. Would definitely not recommend this company to anyone looking to invest money in insurance or RSP's.
1 of 1 people found this review helpful. Did you?
Not sure if you can qualify for life insurance with existing health pre-conditions? Let us to help you with a no medical life insurance quote , meaning that you do not need to pass a medical exam to qualify for a life insurance policy.
 

N/A

 
(5.0 out of 5 stars)
by Rosie Apr 18, 2012
Have only dealt with an agent who was very detailed and helpful.
0 of 0 people found this review helpful. Did you?