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Term Life Insurance / Misleading Life Insurance quote

1 NJ, United States Review updated:

A month ago I receive a term life insurance quote from Matrix Direct on the phone. I found it reasonable and agreed to sign up. I am not a US citizen and this was made clear to them in the beginning itself. After the medical (all the results were normal), when the final quote arrived I was shocked to find it was exactly double the amount quoted earlier. When questioned, Matrix said this hike occurred since I am not a US citizen. They had this information all along, so why did they realize it later? Also they quoted me a policy for a 40-yr-old when I am still 39. Can you now see how they tried to rip me off?

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  • Br
      21st of Aug, 2009
    0 Votes

    As a former employee I can assure you that the vast majority of the agents that work there are highly ethical. I'm sorry to hear that you were approved at a rate higher than what you had applied for, especially if you made your citizenship status very clear from the outset. Perhaps the agent was hoping that you would have come in at a lower rate, however, it should have been made clear that you could very well have been approved at a standard, and not a preferred health rating.

    As far as age is concerned, the majority of insurance companies do base your rate off of what is called "nearest age". It basically means that if your birthday falls within 6 months of the day that you apply then your age will be based on that "nearest age". It takes into account the amount of time that your application will be in underwriting since that can possibly take several months. There are also various other factors as well.

    I am sorry that you had a poor experience. If you choose to reapply with another company make sure you advise the agent of your previous experience and I am sure that they will be more upfront in regards to how the final rate is determined by the underwriter.

  • Mo
      11th of Feb, 2010
    0 Votes

    Just yesterday, my mom received a call from Matrix Direct Services and they were so quick to get her SSN, DL#, and bank account number. She is an elderly woman and the person over the phone was very aggressive to get her personal informations, and not have the question to think if she was understanding what my poor old mother was getting into. If they were so ethical, they should have the decency to ask if she understood what was being offered, judging for how her reactions were, to the line being fed to her. All that my mother wanted was some information about the offer and so she can consult with the family member. My mother had told me that she was ask to give her personal informations and that she would be covered for life insurance. My mother should have been taken care of by giving her careful consideration for the term she was being signed up for, which she doesn't even understand. I would suggest that she should have been given some literature first and asked to have her call for any questions. It seems that a lot of company these days are just after people's information and don't even care who is on the otherside of the phone line. Now, is that ethical????????

  • Ma
      10th of Apr, 2010
    0 Votes

    I've been running into a wall in obtaining something I know is needed. First I called Select Quote, they sent out a nurse, and everything looked good. Then they contacted me telling me my rates were going to be much higher due to some rectal problems "which I never had" I had to contact my primary, and fax over my records to the insurance company. Thankfully they (the insurance company) discovered there mistake..

    Not caring for that screw up, or was it? I contacted MetLife - same thing - they came to my home (early 2010), did an exam, they drew blood, and a couple of weeks later I was called and informed my rates would be nearly 5x's higher since they found high level of nicotine in my system - I told them, just like the first woman / rep that came to my house I do not smoke, and haven't since Sept 1985. So! again, I went to my primary and asked for a blood test to detect nicotine - it came back clean, NO TRACE OF NICOTINE!

    So tell me, are the insurance companies still trying to rip us off?

  • Tr
      28th of Jul, 2010
    +2 Votes

    I disagree with Mark, METlife has no control over the lab exam.

    As far as the complaint of a misleading quote, I'm betting there is a lot more to this story.

    Personally, I would never use MATRIX DIRECT since my SPAM folder is filled with their emails.

    I went to term4sale to find the best option but I like as well. Neither is a SPAMMER and both very competitive.

  • Pe
      16th of Aug, 2010
    0 Votes

    I wish that someone would pay to make just ONE commercial to show people what and how life insurance works. I can understand how you must fell like you were ripped off if you have no idea what really goes on in the background. First off, Select Quote, Matrix Direct and other agencies are the STATE LICENSED agents that right a policy for you. If you call one of these companies directly, they will send you to the agency because thats how they do business. As for the first complaint on this page, you got rates for a 40 year old because you would have been with in 6 months of your next birthday and that is the INSURANCE COMPANY'S decision, not the agency. Insurance is never black and white, whether you go with an agency, find a direct writer or a "local agent" that states they are going to get you a deal, you will always have the chance of your rates changing while finalizing. People used to say GEICO was a scam with their advertising when they said "15 minutes could save you 15% or more on car insurance" Lets look at that again... "15 minutes COULD...COULD...COULD" Do you see? not everyone does save that and if they did, Geico would be the only company in business.

    As for the exams that are done at your house. They do them to see if what you told your agent is true and make sure they are making the right rate choice. if you want to contest your results, you can do that most of the time!

    Insurance is a PRIVILEGE, NOT a RIGHT!!! You will NEVER pay these companies what your family will receive if/when you die. If you think its a scam then dont buy it!!! No one is forcing you to love and protect your family, it is an option. I always find it insightful to know what I am complaining about before I do.

  • Si
      4th of Sep, 2010
    0 Votes

    select quote and matrix direct are all about BAIT AND SWITCH

  • Jo
      13th of Dec, 2010
    0 Votes

    Trent, I've heard of YLS before, who do they quote for?

  • Jo
      13th of Dec, 2010
    +1 Votes

    Sorry, that last post didn't work, I've had a bad situation with Matrix, what is the deal with yourlifesolution, who do they quote for

  • Cb
      22nd of Dec, 2010
    0 Votes

    I qualified for preferred rates based on excellent health. I was upfront in telling them I filed for bankruptcy, however I hadn't filed because my attorney never submitted the paperwork. When I didn't have discharge papers they rejected my application and tried to sign me up for 1/2 the insurance at 2x the premium. My agent, Michele Marconi, did nothing after numerous calls pleading for her help. Now I'm afraid I can't get insurance because they have me in the system as denied. Is there some way I can resolve this?

  • Po
      28th of Jul, 2011
    0 Votes

    So basically, it's gonna be like employment...if you have a bankruptcy, your screwed?
    I got sued by an inmate, who was an attorney, for turning him in, and I had to file bankruptcy... Am I screwed?

  • Sm
      17th of Aug, 2011
    0 Votes

    I was working with Matrix Direct and when I would call my agent they would not have a clue as to who I was, the service was very impersonal. It seems like it took forever to get a call back or response on my policy. I ended up going with Journey Insurance Agency and worked with Gabe Schmidt. They are a smaller company with all of the same resources. The process was quick and easy. All of these companies are priced the exact same (rates are filed with the state) so you should shop for an agent. Journey Insurance was great, call them 888-323-7470 x 104, Gabe and Ted both were helpful to me and I could not have better things to say about their service.

  • Be
      26th of Jun, 2012
    0 Votes

    These complaints are valid.
    Please read this URL:
    Term Life Insurance LESSONS:
    THe medical team that comes to your home to draw blood samples from your body. Their main objective is to make as much money as possible. They use the same needles over and over. Here's what they do: They will unwrap in front of your very eyes what appears to be a new needle in new factory packaging. THey buy a kit which contains new plastic and a heat seal / crimp machine. They do sanitize the used needle, but they reuse it buy putting the used needle in the plastic packaging then they take the open end and heat seal & crimp it. Now it appears to be new & unused again. I hve interviewed many. Matrix direct and Select Quote are the biggest "Cheat Crooks" on the planet! They all will look you right direct in the eyes and lie to you to make a profit!

  • Sa
      26th of Jun, 2012
    0 Votes

    been_cheated keeps posting the same idiotic unsubstantiated argument everywhere. They have no interest in making your rates higher as it would actually hurt their placement rate and hurt their profits, and the examination companies are not using dirty needles to benefit the companies.

  • To
      17th of Jul, 2012
    0 Votes

    First of all, thanks for all the postings. It really helps in honing in on the pitfalls of providing competitive quotes for term life insurance to the general public. However, please remember that not too long ago, Life Insurance was sold, not bought. There is a distinction. Indeed, with the advent of the internet, many on-line lead generation companies jumped on the bandwagon to provide "Free Quotes" to PI's in order to give them a choice of the most competitive term life insurance companies in the US. In essence, these life insurance companies employ licensed and state regulated agents either in-house or remotely to ascertain a potential fit with the most competitive carrier given the PI's health history. These firms utilize state of the art quote engines to determine which carrier would come in at the lowest rate given their health and lifestyle. This business model has been extremely successful and repeated multiple times and, in my opinion, affords clients the best practice calibration to shop for the best rate class they qualify for. Remember, No one has X-Ray vison over the phone nor can an agent employ a "Chrystal Ball" when quoting a prospect. A (required )mini-medical exam performed by licened phlebotomists, will ultimately determine the initial "Offer" or "Risk" "an Insurance company will underwrite given the P.I.'s health and a financial history of a proposed insured wil determine whether the insurance company may be exposed to additional risks.. Also, Please consider that besides health issues, financial responsibility and past social responsibity will : come into play ( Multiple DUI's, Bankruptcy Filings, Felony Convictions etc., APS, MIB .). These factors determine the Insurance companies " Risk" and these risks are underwritten by actuaries in accordance with mortality and morbitity tables. Let's look at it this way, if I would agree to give you $ 500, 000 for 20 years, and you agree to pay &25.00 a month, and you pass away in 3 weeks after the policy has been in force, and the insurance company now has the fidfuciary and legal responsibility of paying your heirs the entire death benefit tax free, I would want to mitigate my risk to the fullest extent and make sure I am minimally expossed financially and that I equally pass this risk on to other insurance companies ( Re-Insurance ). The lesson: Work with your agent and disclose all pertinent information related to your Health and Lifestyle. Ask all the difficult questions to to promote a long statnding professional realtionship with your account manager. These agents will advocate on your behalf and are comitted to finding you the best rate. However, work with them so Life Insurance will work for you and your family with a budget that makes sense for YOU!

    My point that I take away from the insurance industry is: " Don't buy it, if you don't need it." And certainly, don't buy term life insurance for the low rate. Buy it, because it makes sense for your family. A good agent will drill down and advise on a "Needs Analysis" that will protect your loved ones with a budget that is tailored to your income and won't break the bank.

    I personally believe that Term Life Insurance is not for everyone, and, not everyone needs term life insurance. However, a quote engine that could deliver low cost term life insurance to protect your family, if you qualify, could make sense given your current finnacial situation.Having said that, it does make sense to inquire and to peruse what options are available. A decent Life Insurance agent will help you to get the most bang for your buck, but be sure that the product fits the need before making any decisions.

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