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Resolved
Formerly JCPenney Life InsuranceMissing Benefit

C Review updated:

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.

Responses

  • To
    Tomcat_ Sep 16, 2009

    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

    -1 Votes
  • Go
    good_advice Mar 31, 2010
    This comment was posted by
    a verified customer
    Verified customer

    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.

    -4 Votes
  • Np
    NPratt Mar 09, 2012

    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.

    3 Votes
  • Tx
    TXuser May 15, 2018

    @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!!

    3 Votes
  • An
    Annieann# Nov 27, 2019
    This comment was posted by
    a verified customer
    Verified customer

    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!

    0 Votes
  • Re
    Rebecca9 May 13, 2020
    This comment was posted by
    a verified customer
    Verified customer

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

    1 Votes
  • Re
    Rebecca9 May 13, 2020
    This comment was posted by
    a verified customer
    Verified customer

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

    0 Votes

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