London Life Life Insurance Reviews

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.

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.

Called several time about a policy, did not get any anywhere. Next step Ombudsman and BBB Rating should read 0

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.

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!!!!!!

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.

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!!!

I was defrauded by their agent. We settled, and I still have a policy with them but I would never use them again.