- Report: #1485034
Complaint Review: Starmount Life Insurance Company - Baton Rouge LA
Reported By:
Sandra -
Hampton, Virginia, United States
Submitted:
Updated:
-
Author Confirmed
Why?
Starmount Life Insurance Company
8485 Goodwood Boulevard Baton Rouge, 70806-7878 LA, United States
Phone:
18884009306
Web:
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Starmount Life Insurance Company Increased my insurance from 211.84 every three months to 1259.22 every three months Baton Rouge LA
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I had this life insurance for over ten years and I was paying 211.84 every three months for this insurance I turn 67 years old in Aug 2019 and my payments went up to 1259.22 with no cash value in the policy I feel that this is a complete rip off and so I decided to read the reviews from this company and it is so disgusting that these people are able to rip off senior citizens like my self
I am writing this to help other people like me not to get caught up in this at the age I am now and end up not able to pay that kind of money for insurance that you purchase all of these years thinking that you would pay the same amount Who on social security can afford that kind of insurance payment I can no longer afford this insurance but I pray that this company will be checked out and stop from selling these type of policys without making surer the policy holder understand and sign the policy stating that they understand that the policy will go up with age
I feel that I have been just robbed out of over 8000 plus dollars because I can no longer pay this policy I am out of my money and I have no insurance at the age of 67 years old
2 Updates & Rebuttals
Sandra
Hampton,Virginia,
United States
Jim
#2Author of original report
Sun, September 22, 2019
Thank You very much but I had a whole life policy
Jim
Beverly Hills,California,
United States
Doesn't Sound Like a Ripoff
#3Consumer Comment
Mon, September 16, 2019
It sounds like you have a term life insurance policy. For the period of the term (in your case, it sounds like 10 years), that policy has a contractual rate of a certain dollar either per month, per quarter, or per year. After the term ends, you can certainly renew the term of the policy, but it will cost you a LOT more money - in your case, per quarter.
That isn't a rip off, that sounds completely normal and the increase sounds about right. The increase also has nothing to do with your age - it has everything to do with the term of the policy. In other words, you are not being discriminated against. You lived longer than your policy term. That isn't a rip off.
Most term policies end while a person is a senior, so when you read complaints, it's because people such as yourself have absolutely no clue about life insurance and how it works.
At this point in your life, you may not need an insurance policy, depending on your situation. You also may not need a substantial life insurance policy either at this point. The reason you have life insurance is to cover your beneficiary in case of your premature death and your beneficiary is still struggling to find their way in life. If your beneficiary is OK on their own, then a smaller policy of maybe $50K would be far more appropriate - just to cover the cost of a funeral and a few extra dollars.
I would contact someone you trust that can advise you on your situation, have then explain to you what life insurance is (don't say you know what it is because clearly you don't), and then select a small policy that you can both afford and leave something to your beneficiary.
