Friday, September 05, 2008

Beware of that Variable Universal Life (VUL) Insurance policy from Ameriprise

Companies like Ameriprise and RiverSource are very eager to have you sign up for a VUL policy. Why? Because they're very expensive in regards to fees and cost of insurance (COI) and this generates tremendus profits for both Ameriprise and RiverSource. This way they can have offices on the top floor of the most expensive building in every major city. So what happens when you take out a policy and in a short time after only making a few premium payments you die? In the case of Ameriprise, they just refuse to pay the claim and then you're heirs are forced to take them to court. In the case of Linda McCartney, she took out a policy and only made 4 schedule payments and in the 4 months she owned the policy she dies in a car wreck. Ameriprise isn't happy about this since they took in about 1600 dollars and now they owe 500,000 dollars so they just ignore the claim. Now, Linda's heirs have to file a lawsuit to get what's owed to them.

Beware of these policies from Ameriprise.

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13 Comments:

Anonymous Anonymous said...

YEAH ..WE HAVE TO AWARE ABOUT THESE POLICIES..
kristina

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10:25 PM  
Anonymous Frank Thomas said...

They are holding a seminar in Turlock, Ca. on 3/7/11
I will try to warn everyone by blogging.
They are clever, by using the local Alzheimer's Assoc. to present a talk on "Maintain your Brain".

11:49 AM  
Anonymous Anonymous said...

Beware of ANYTHING about Ameriprise. They sneak in fees, then claim they can't do anything about them and they are "industry standard." NOT! Attitude is arrogant to the max.

TD Waterhouse more than offset any costs of folding Ameriprise into our account with them. It was a good decision even if Ameriprise didn't suck.

9:53 AM  
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Blogger Jackie O'Brien said...

Wow, terrific post. This is why I have difficulty in trusting any of the major credit card companies. My suggestion for you would be to find a local life insurance company that you can trust. I live in the Woburn MA area and recently discovered Marchionne Insurance. When it comes to having the best life insurance in Woburn MA my family and I are now covered and I couldn't be happier with my decision. Just wanted to pass along my experience!

- J.O.

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