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CB Investment, Insurance and Financial Review of Formerly JCPenney Life Insurance
Formerly JCPenney Life Insurance

Formerly JCPenney Life Insurance review: Missing Benefit 12

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5:23 pm EDT
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I first purchased my whole life insurance policy from JC Penney Life Insurance in 1993. It was a whole life policy priced at an affordable price $13.34 per month. With the benefit of building cash value. JCPenney Life became Stonebridge Life Insurance.

I recently contacted Stonebridge Life who offers whole life policies and they all list having building cash value as a benefit. I have a whole life policy, but it does not build cash value. How is it possible that my policy that is whole life does not build cash value. I talked to two representatives and they both told me the same thing, no cash value. I can't help that I locked into the low rate 16 years ago. After 16 years, even if I wanted to surrender it would get me less than $400. Why is it that my whole life policy does not earn cash/loan value? Like I said it was formerly JCPenney Life Insurance. It's a small policy less than $20, 000. Can someone tell me why or who to contact other than the customer service. They tried to sell me more insurance, I don't think so.

Resolved

The complaint has been investigated and resolved to the customer’s satisfaction.

12 comments
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PJ
,
Jul 13, 2023 12:11 pm EDT

I bought a JC Penney Insurance Policy $40K in 1988 and paid faithfully. Then, in the mid 1990s Stonebridge Insurance took over my policy and it dropped down to $25K (JC Penney policy said it would NEVER change!) and my monthly rate went up. Frustrated after many calls but I kept paying my monthly premiums. Then, my policy was taken over by TransAmerica Insurance. I've never heard of them. My policy dropped to $6K! I'm much older now and wonder if it's even worth paying on at $173.00 per year. I have made so many calls and inquiries over the years to no avail. I think I have been scammed.

I will no longer give a dime to anything related to JC Penney! THIS is why Insurance buildings are some of the tallest in the country!

One only needs to watch The Rainmaker to know how the insurance companies scam the working class!

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Buck Wheat (Brian Wright)
, US
Jul 16, 2022 4:52 pm EDT

TransAmerica is the most heartless company that preys on "the valued customer" while they are actively paying the premium, and after 25 yrs of punctual payments, the valued customer gets a little senile and forgets to or doesn't have the capacity to continue payments ontime. having 3 accounts, Life, Accident, and a credit card, i found out the customer was having trouble writing bills, and transamerica was one that i knew of, called them on the 7th of june to get it paid up in full and placed on autopay. the person on the phone was sounding irritated and didn't want to help, but then went ahead and reinstated it, i told her to pay up to date all that was in the accounts name, and to set it up on auto pay. 2 days later the valued customer just became a more valued customer, i called TA and let them know that she passed away, and i'd be sending the death cert soon as i got it. he said well, as long as it was an accident they'd pay the benefits. but only if it was an accident, he said the life policy lapsed, but the girl i talked to didn't mention anything about it. it turns out, 19 days before she died, her account was 21.00 overdue, and they canceled her. she didn't tell me anything, so the valued customer had a perfect bill paying record. when she started to decline, they wrote her and she failed to respond, because of her age and health. they could of called and talked to her caretaker and asked them if she was having trouble and does she know that she's gonna get canceled and to ask the caretaker are you sure she doesn't care? it's an important thing that was paid on for yrs. i know it's not their responsibility, but they call her a valued customer, they deal in the elder world, you can't tell me that nobody else goes through that and looses everything they paid into, because of a natural inability to connect the dots. 21 dollars and 19 days before she died. it was clear that i set auto bill pay to correct the situation, because it was not something she wanted to have done, being cancelled. take one for the team, cha ching. they couldn't make an exception. they didn't consider 1 bit of valued customer getting what they paid for. how could they sleep at nights and look at themselves in the mirror and not to see utter disgrace in the reflection.

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tripoli
El Cajon, US
Feb 25, 2021 2:55 pm EST
Verified customer This comment was posted by a verified customer. Learn more

How do I cancel a policy when the person has died? Have been on hold for 15 minutes! I have other thinks I have to take care of.

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tripoli
El Cajon, US
Feb 25, 2021 2:53 pm EST
Verified customer This comment was posted by a verified customer. Learn more

How do you cancel a policy when the person insured has died? Have been on hold for 15 minutes!

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cwiles
walkersville, US
Jan 27, 2021 1:34 pm EST

I have tried to reach Transamerica in regards to my yearly payment. A check number 4410 and mailed on Dec. 23, 2020 with the statement attached. Said payment not due until 2/1/2021. I received a notice in regards to this payment and spoke with customer service dept. on 1/7/2021 and was told it give it 3-4 days more. The notice was threating in nature. I tried, with no positive results in contacting customer service on 1/21/2021 two different times and held for a total of over 3 hrs. It would cost $33 per check to place a stop-payment. I wrote a second check same amount took it to the post office and sent it by certified mail 1/22/2021. It arrived in Plano, Texas on 1/23/2021. Today, 1/27/2021 I went to the post office it had now been sent to Cedar Rapids I believe Iowa or Illinois, cannot make out and it arrived there 1/27/2021. There was no reason given as to why. Policy number72L40K1297.Tracking numberEJ140469205US

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Rebecca9
, US
May 13, 2020 1:07 pm EDT
Verified customer This comment was posted by a verified customer. Learn more

Look for Primerica in your area. Their services are totally free - no strings attached.

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Rebecca9
, US
May 13, 2020 1:04 pm EDT
Verified customer This comment was posted by a verified customer. Learn more

Your best bet is to get with a pro and get a free financial needs analysis.

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Annieann#
, US
Nov 27, 2019 12:28 am EST
Verified customer This comment was posted by a verified customer. Learn more

I have paid in for a $2500.00 dollar policy for 27 years. don't know if I am correct but that would be $154.56 a year times 27 years would be which would equal $4, 173.12. I can't cash it in the lady told me because the policy states until I die. My policy is worth $4000.00 on my death. Weather I like it or not I will have to keep paying on it until I die or lose that money and I am not sure if it is $4000.00 plus or not because I bought two policies. I am very confused! Does someone know what the scoop is? Thanks!

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NPratt
Peoria, US
Mar 09, 2012 11:14 pm EST

You have cash value, you said that if you surrendered the policy you would get ~$400. What do you think that money is? A gift to you? NO! It is the cash value of the policy! Take a few minutes to review your policy and you will see what the cash value guarantees are. On a small policy like you have, the cash accumulation will not amount to much. That is why you buy insurance for the death benefit, not for the cash accumulation.

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TXuser
, US
May 15, 2018 9:17 pm EDT
Replying to comment of NPratt

Your answer is the most accurate. The person above says to look at ramsey who will preach term but like you said its about the death benefit and exactly how can you expect to build cash value on 13 dollar premium. It is not an investment. It's life insurance. Most companies don't even start accumulating until year 2 to 3. Read the policies. That is why you have a 30 day free look period!

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good_advice
, US
Mar 31, 2010 3:14 am EDT
Verified customer This comment was posted by a verified customer. Learn more

The reason is quite simple. Cash Value is a rip off. Just check with Dave Ramsey, Suze Orman and many other pros who talk on the subject. If you want to find out more just let me know your email and I'll send you some information.

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Tomcat_
Parsons, US
Sep 16, 2009 1:51 pm EDT

Dear Confused Virginian. I for one have read your comments concerning JCPenney Life/ Stonebridge Life Insurance and am interested in what you wrote and what your findings were - if any. I just received a sweepstakes promotion in the mail today for a chance to win a $5, 000 shopping spree from JCPenney - and of course it is tied to an attempt to sell you a life insurance policy through Stonebridge Life Insurance Company. I would like to purchase a smaller life insurance policy on myself so I am giving this offer a second look and doing a little research about them - which is how I found your comments posted online. Like you and everyone else, I don't want to get burned and waste my money if Stonebridge is not a reputable company. Do you have any additional information that you might share? Anything you might contribute would be much appreciated. Thank you. Tom - The Confused Kansan