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Western Reserve Life Reviews and Customer Comments

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These are comments left by site visitors who have completed a survey for this company. The comments are unedited and shown in the order the surveys were received. If you would like to participate, just click the "Take a Survey" button at the end of these comments.

" W.R.L Insurance Co This company can not be trusted. They are deceitful and greedy. I don't want to renew with them but I'm stuck because of my age"
Commented on 2014-11-17 10:57:06 EST
"Great insurance I gurantee that you would love this"
Commented on 2014-10-09 20:30:36 EST
"This company is a scam. The agent who came to us made us believe she was opening a savings account life insurance and that our money would increase every year. When we recieved our policy it was completely different than what she told us. This company should be sued for all the lies that the reps tell their clients. Long story short we lost 1500 in 2 months. BE VERY CAREFUL WHO YOU TRUST."
Commented on 2014-09-30 17:36:27 EST
"The FFIUL is great. You have insurance cash accumulation with potential growth up to 15% minimum growth .75% plus there is a long term care rider. you don not need a stand alone long term care insurance"
Commented on 2014-08-31 16:46:58 EST
"I signed up with WRL through a very close friend I asked to be signed off for the same plan he had and same amount. He then asked his mom who also was a agent with WRL to close the contract so she can get the commission. His mom send us a contract very different than the one we agreed on without telling us. We asked for a whole life insurance and she gave us a contract with a mix of riders. We were not familiar with the terminology and we signed without knowing. After four months we saw her and asked her for explanation and then we realized we are in different contract. I asked her to cancel our policy right a way and sign us for a new contract the one we wanted initially. She said you stay in this contract for 13 months and then she will fix everything with no extra charge. After 13 months that she needed to make her full commission we realized she cannot change anything until 3 years after the sign up date. We canceled right a way after realizing its more loss trusting these agent and listening to their empty promises. Definitely some crooks are running the company and they only care about their commission and have no sense of ethics. We should have been smart about it and not trusting friends. This life lesson cost us 7000. Do Not Trust Your Friends. "
Commented on 2014-08-23 23:47:46 EST
"I can see how my cash value grow within 2 yrs.since I have my policy."
Commented on 2014-08-11 21:53:51 EST
"Everybody here who has not received their policy Please be advised that per code you have 30 days from the time you received your policy to cancel. If you have a problem with the company before those 30 days are up get rid of themdon't just post an angry message. It is the law. "
Commented on 2014-08-01 22:08:09 EST
"Fixed Index vs Variable. When it comes down to it it falls on the agents the consumer. Ask questions voice concerns be fully aware of what you're investing in. If you have money to invest can stomach the massive gains and vice versa go with variable accounts. If you want to "put all of your eggs in one basket" go with the sure thing Fixed Index GUARANTEE."
Commented on 2014-07-02 13:23:11 EST
Commented on 2014-06-03 22:04:02 EST
"Financially very strong company Great customer service My agent is very nice and knowledgeable No.1 insurance company that I will recommend it to all my family and friends It's the best option for long term investment"
Commented on 2014-03-21 08:46:03 EST
"I love this company. I have two policies with WRL and I am going to purchase a third. My oldest policy is 16years old and has done amazing. I have seen some comments of people complaining about the company. All I can say is you have to understand what you have. If you put blind trust in an agent and did none of your own homework that is your own fault. Stop complaining and take some responsibility for your life. WRL has honored every commitment that they said they would. "
Commented on 2014-02-06 21:04:03 EST
"The products are very good."
Commented on 2013-11-06 00:01:49 EST
"I would save my money and use any other company. A lot of promised that fell extremely short. Very disappointed. They also want to charge me 10K to stop the policy after one year"
Commented on 2013-11-05 22:56:22 EST
"Invested 5000 in WRL/WMA in stocks and included with5K life insurance.After 13 years my investment was in the negative. They keep selling my stocks for their yearly fees. At the end after 13 years investment receive my money less than 3.5K. This is a real joke. "
Commented on 2013-09-27 11:56:33 EST
"Company is very deceitful. I purchased the policy from a "Christian friend" Trusted him since the description of fees premium rates and surrender charges is impossible to read. Even the customer service reps say they cannot calculate surrender charges with the information they have. I had the policy twelve years. You would think they could negotiate for at least a portion of the ridiculous surrender charges. Other survey respondents can say all they want that it is a long term investment etc etc but guess what--life doesn't work out the way you plan it. Their statements make the case that these type of investments are not practical because you cannot react when life throws you a curveball. Then to top it off when I sent a handwritten note requesting some help on the surrender charges after paying premiums of 60000 they cashed out the policy. Then I read other people cannot get a response upon filing a claim. "
Commented on 2013-09-20 11:37:46 EST
"Just love the IUL from this company I earn money every year and they provide a very nice service. Thank you WRL."
Commented on 2013-07-18 16:30:36 EST
"signed on seven years ago stupidly through a coworker friend/agent vaguely explained the policy showed a whole bunch of us the film of lavish lifestyles fancy cars. Couple years later My agent stops giving me annual reports cant get a hold of him emailed the company with no replies emailed questionnaire and it deletes the form once I hit submit I call at different times of the day and the robot phone clicks me to different robots until I am hung up on. years later I was laid off and in one month lapse payment my payment options were modified to paying quarterly versus monthly. I actually got a hold of my agent once and asked for a cash out and was told even though I had been with them long enough I couldn't get a cash out. Now I am completely dry and drained of any and all money I invested and am sure they will want a hefty surrender charge for quitting even the "coworker friend" who turned me on to it who started working for them emailed me if I knew of any work out there he can get a job in. I was the stupid one who didn't go in with a clear mind and see through the smoke and mirrors that a company shouldn't have to serve an outrageous charge called a "surrender fee" to psychologically keep clients."
Commented on 2013-05-05 12:43:16 EST
"They lie about the value of their index universal life insurance and assess ridiculous charges. I have had a policy since 2008 and it only has a cash value of 162. I was told their would be an 8% interest rate....They are total jerks."
Commented on 2012-11-02 02:31:11 EST
"Everyone that complains on this survey either had a sub-standard agent that did not fully explain how the policy works and that it is a 10-15 year investment before the money you put in and the cash value equal up. The first 10-15 years is where the company takes the most out. The GUIL has had an average of 8.65% APR the last ten years with no risk of losing money. Garunteed 1% if the market goes negative 13.25 max when the market recovers. The more you put in in the beginning the less time it takes for the amount you put in and the cash value to even up. After that it grows and you can begin to withdraw with no penalty. If you start younger than 30 years old by the time you are over 55 your money will have at least tripled from what you put in compared to the cash value and you can fund your retirement tax free. You have to read and ask questions before you sign anything. For every company you can look up negative comments online. You have to fact check."
Commented on 2012-09-06 20:03:06 EST
"This is a awful insurance company ever If you are concerned about buying life insurance or any others insurance from Western Reserve Life Company think twice. I have learned my lesson and that lesson costs me 3180. Say NO to this company."
Commented on 2012-09-04 17:47:50 EST
"I noticed that for every bad comment within a short time someone would say something be truthful I bought a policy with my wife in mind but since I bought it I have not gotten a copy of the actual policy and it has been 6 months now. problem is my agent is gone now they want me to redo everything. but they have been taking the money out. I reported them to the state insurance commissioner and found 700 other complaints CA has them rated very low. I have cancelled this month. what a scam. I am out 600. dollars "
Commented on 2012-04-04 02:18:35 EST
"We cashed our life policy when we lost our beloved father in March 2009 we received our claim in less than two weeks. WRL was so respectful kind and efficient with our claim and sorrow. "
Commented on 2011-12-19 19:02:01 EST
"This is a not buy anything from this crowd of fraudsters. Extremely expensive policy with very high surrender rates. Do not believe any agent telling you these are good ways to save "
Commented on 2011-09-17 02:01:56 EST
"agents are not professionally trained"
Commented on 2011-09-01 16:05:49 EST
"Terrific customer service and always willing to help in any way possible. Glad I didnt listen to the negatives and went with the postive. Thanks WRL"
Commented on 2011-06-08 19:20:27 EST
"Recently involved in a claim with Western Reserve Life on their Living Benefits product (Heart attack was the cause). WRL paid the claim in a timely manner and met all obligations! "
Commented on 2011-02-03 11:53:37 EST
"fraud and cheat!"
Commented on 2011-01-24 19:26:53 EST
"wrl is very helpful and works with me. I had a few months where I had emergencies and money was tight and was able to either skip the payment or lower it for a while depending on my cash value. I always put in extra when ever possible to get my cash value working for me. A life insurance policy is not an investment. It is life insurance with tax advantantaged savings. Anyone with a 401 k also lost losts of money and then again lost half to taxes and penalties once they needed to access it early. Savings in cash value life insurance policies take 10 years to out pace surrender charges which my agent explained thoroghly. This is not an emergency fund."
Commented on 2011-01-07 12:47:03 EST
"I have a $500,000 Indexed Universal Life with WRL. I am VERY PLEASED. My agent was very knowledgeable and what I appreciate is the information that she gave me. She explained to me that there are 5 different kinds of life insurance and the difference between each of them. If I were to go to any insurance company, they will offer me what ever product they have. She is a broker so she was able to shop around for the best rates of the type of insurance that fits my needs. I had a $500,000 Whole Life policy with State Farm for the past 3 years and my premium was double of what my WRL premium is. I feel so ripped off especially now that I know with a Whole Life, my family only gets the $500,000 but the company gets to keep my cash value - and the agent I bought from did not tell me that. I almost considered buying a VUL but I am not willing to take the risk of losing my hard earned money. You must understand what you’re buying or else you will only cancel and be angry. Just call customer service and ask all the questions you want. In my case I would just call my agent she is just as great. I have read a few comments below and some are angry about their “surrender charges”. You must know that every insurance policy with any company you go with has their surrender charges. When I forfeited my Whole Life policy, I too had to deal with the surrender charges but I completely understood that so I cannot be angry with State Farm for that. Overall, I am very satisfied with my IUL because I understand it - it is such a great product that I am referring all my family and friends to my agent!"
Commented on 2010-10-27 17:32:21 EST
"Bad company, greedy, and untrustable."
Commented on 2010-10-21 15:40:38 EST
"After reading some of the negative reviews I can see that these people probably did not know what the hell they were buying. Why would you buy a product like this that is designed for long term investment and then want to cash it in early. This is one of the best investments people could have made just before the stock market collapse and then just hold on to it and make money when most people are losing money. It is a no-brainer. I love it!! "
Commented on 2010-10-04 19:34:47 EST
"Great customer service and rates. Very satisfied with the company and feel that my money was well invested, especially in this economic time. "
Commented on 2010-09-16 14:58:57 EST
"A trusted FRIEND sold me this policy and promised high returns. Five years later, I lost almost half of my money. And I could no longer reach this so called Friend. Because of the high surrender cost, I am not sure how to get out of this trap. Hope others will learn from my lesson."
Commented on 2010-09-02 09:38:34 EST
"Awesome company!!!!!!"
Commented on 2010-08-28 10:49:37 EST
"Invested over $18,000 in the past 5 years and recently learned that I have a cash value of $10,704. Should I cancel my policy (which I am) I will only recieve $6,000 of the $10,704. I have since discovered others who have been scrammed by WRL and I am warning anybody with ears...STAY AWAY FROM THESE PEOPLE. They do not have your best interest in mind."
Commented on 2010-08-07 02:11:05 EST
"Western Reserve Life cancelled the automatic withdrawal for monthly payment with my bank. Our so called registered representative did nothing to correct this. With the money market component of our account averaging 40% last year, we lost a lot of revenue because of their error. Some investment vehicle--WRL is a crash and burn"
Commented on 2010-06-24 15:04:11 EST
Commented on 2010-06-02 08:39:36 EST
"Their customer service representatives are always very polite and informative. They have very competitive costs. I think they are a great company to do business with."
Commented on 2010-03-26 14:11:29 EST
"The agent who sold the policy is gone and new agent cannot and will not answer any of questions. "
Commented on 2010-03-21 01:09:45 EST
"WRL Agent was very helpful. She took time to answered all of my questions. she check up with us every year.Compare VUL policy I have with Minnesota life, I have more cash value in WRL IUL policy. My families owned more 5 policies with WRL. The Agent help us to got the loan from 1 of our policy fast and easy. You want to make sure you know what you own. Life insurance policy is protection for your family and long term investment. I would highly recommend WRL for everyone I know. "
Commented on 2010-03-08 23:27:14 EST
"One of the Best Insurance Company out there today. "
Commented on 2010-03-03 15:03:46 EST
"Life insurance products other than term life are tax scams that should be avoided at all costs. Any product sold by an agent should be avoided. Agents sell you what benefits them the most, not what benefits you the most. Buyer beware."
Commented on 2010-03-02 08:29:54 EST
"WRL is a total scam. I am telling all of family and friends regarding this company. "
Commented on 2010-02-23 17:16:30 EST
"Have been investing $300/month for over 8years($28,800). They tell me my current value is $14k with a surrender charge of over $4k. A total scam. Run from this company!All agent phone numbers are disconnected. Never heard from after policy was signed. Definitely going to the state insurance commission. Lost over $19k plus any interest we could have earned if invested with an honorable co. Do not let them have another dime of your hard earned money!"
Commented on 2010-02-15 13:51:25 EST
"We transfered our policy from Metlife and that was the beginning of huge mistake. Western Reserve Life has a penalty clause build in if you want to cancel your policy which was not disclose to us. No one help us to monitor our account and we lost almost everything. We had 5 policies in the beginning, now we are down to 4 with just thousands in each a/c. Our total loss is more than 300,000."
Commented on 2010-01-28 12:08:27 EST
"Great company; prompted service and agent are excellence in following up every year to ensure the goal is reached."
Commented on 2010-01-21 00:40:12 EST
"I like the constant communication with my agent, helping me make sure that I get to my financial goals."
Commented on 2009-11-29 00:44:47 EST
"Never really got adequate service after buying the policy."
Commented on 2009-11-19 14:21:43 EST
"great innovator in life insurance market. constantly more investment choices add to the account. prompt service!"
Commented on 2009-10-27 01:40:20 EST
"They charge very high fees to manage a viarable life insuraces fund they are a rip off and should be shut down"
Commented on 2009-08-28 13:43:08 EST
"great way to save for future tax free."
Commented on 2009-08-24 12:29:17 EST
Commented on 2009-08-22 23:48:16 EST
"Get an Equity Indexed Universal Life instead of a Variable Universal Life. "
Commented on 2009-06-12 22:18:50 EST
"I love the VUL and GIUL products with Western Reserve. They are awesome! I would recommend them to everyone. Having a tax exempt cash valued life insurance policy is AMAZING!"
Commented on 2009-05-22 15:57:10 EST
"An independent producer of World Financial Group sold me an EIUL policy of WRL. It's almost a year now since he failed to deliver the copy of my policy. "
Commented on 2009-05-13 13:38:54 EST
"I have no idea what they have been doing with my money!"
Commented on 2009-05-04 08:52:39 EST
"Western Reserve is a great company, their staff is polite and courteous."
Commented on 2009-04-23 14:49:49 EST
"The rep that sold me my VUL policy claimed we would make a guaranteed 4% yearly return. Ten years later, or oringal $30k investment is worth less than $15k, and has a surrender value of about $8k. Variable Universal Life policies "
Commented on 2009-04-15 17:52:40 EST
"I had a policy with WRL with permanent life insurance. I am afraid of this company will rif oof my money in a long run. Any one give me some advice for whether should I keep going or run away from it."
Commented on 2009-03-20 19:23:06 EST
"We get the cash value out of my life insurance, I got the money in 4 business day. The administration fee is a little lower than Prudential I had. We have a financial planner as our agent. We don't need to deal with the company, except using the web that is OK in first look, but really not that good other than checking balance."
Commented on 2009-03-17 18:38:49 EST
"I bought a $200,000 univeral life insurance with WRL trought a "friend"; Over 4 years I have paid $12,000, I had about $7000 cash value in my account a yar ago, but it dropped to $4000 two momths ago due to recent market meltdown. I failed to keep up with the payment and determined to stop the policy,they told me that my surrender charge would be about $5000, so I did not get any penny out of it. This company is definately taking advantage of people who do not have decent knowledge of insurance policy and kicks insurer away to take their money when they have troubles. I can not explain how angry I was!"
Commented on 2009-03-15 19:37:25 EST
"I had to file a life insurance claim. They have 30 days to resolve a simple claim. Going on 60+ days with no payment. My lawyer is now involved. Shouldn't have to be this way. I have a disabled daughter I'm responsible for. That's why we had the insurance. Nobody should have to have these worries (about your life insurance company not living up to its end of the contract). My advice: RUN AWAY if approached by them. FWIW: In the VUL your investment funds are owned by the company(per my policy) and WRL uses them to offset(not augment) the face value of the policy. Funds$$$+ WRL$$$= Face Value of Policy. This is per my WRL account rep. So.... Go get a good term life policy. It's a whole lot cheaper. Check out the company before hand!"
Commented on 2009-03-11 14:36:31 EST
Commented on 2009-03-11 12:02:47 EST
Commented on 2009-03-07 11:58:44 EST
"Took over a year just to change my beneficiary then they spelled my wife's name wrong and I had to do another form. Also, I thought it would be a good way to save $ but after penalities you'd be better keeping your money under your mattress."
Commented on 2009-03-03 17:10:27 EST
"I will get to the point why Western Reserve Life is a sub standard company. As I have been with them for the last 8 years, my policy was cancelled due to 1 single lapse payment. I purchased a whole life policy expecting with 8 years of being with them, my policy would accummulate some cash value. The problem is all the cash value that was saved for my policy was swallowed by WRL due to surrender charges. I had $3000 in cash value, and to surrender my policy, the fee was $3000. This company is the biggest scam and I will never do business with them again. They will try to catch your mistakes to cancel your policy when you are too deep into cancelling. For all of you who are thinking of getting life insurance through Western Reserve Life... STAY AWAY! I would go with the bigger companies like Prudential, GE, MetLife etc... "
Commented on 2009-02-10 18:04:21 EST
"They have been a great company!"
Commented on 2009-01-18 23:00:49 EST
"Sold me a policy that did not fit my needs. Hidden rules to policy. Never heard from agent after he signed me up. Could not get my money back. Lost it all"
Commented on 2009-01-13 16:51:21 EST
"no communication, took my money and ran , no answer when you call "
Commented on 2009-01-13 10:14:26 EST
"Look carefully at the policy before accepting. Even if you do not accept the policy, they will withdraw the premiums. To get it corrected, everything has to be done in writing and then they will send you a bill for a policy that you never recieved. Be very cautious before signing up with this company. "
Commented on 2009-01-06 21:17:01 EST
"Up front fees and cash surrender charges are exorbitant. Securities that were sold as pasrt of Variable Universal Life ahave underperformed versus the market. "
Commented on 2009-01-03 09:38:23 EST
"Don't get it unless you want to give money to something that will rip you off."
Commented on 2008-12-21 10:22:33 EST
"People need to understand what they are getting into. It should be considered a long term (15 years plus) investment, and, yes, there will be an insurance premium. Hopefully representatives are not misleading people. I certainly did not feel that my rep was preying on me."
Commented on 2008-12-17 13:49:18 EST
"the surrender charge for the VUL policy of this company is extremely high for the first ten years. Think twice before buying this kind of insurance."
Commented on 2008-12-10 21:17:11 EST
"Do not fall for the variable life insurance scam. I lost all the cash investment with this rotten scamming company!"
Commented on 2008-11-23 16:44:25 EST
"This insurance is a big scam."
Commented on 2008-11-22 14:20:08 EST
"Western Reserve Life charges extremely high fees, in my case about $850 a year, to service our account. We want to get out of it, but will lose everything that was saved up."
Commented on 2008-11-12 00:04:45 EST
"The surrender charge is too high. The actual cost of insurance increase pretty fast after 3 years."
Commented on 2008-11-11 15:00:13 EST
"Big Cheater, don't trust the sales and company's powerpoint presentation, all they want to do is to trap you down. Be extremely careful about thier UVL plan. Justice."
Commented on 2008-11-03 19:18:27 EST
"I want to consolidate; however, in order to move my money to another policy, I need to stay with current policy for 15 years or take a big loss."
Commented on 2008-09-27 18:47:54 EST
"Extremely satisfied. I established a Variable Universal life for Insurance and savings. I must defend this company that has helped me over many years; stop claiming fraud, stop being ignorant. Stop being the victim! Read what you are signing and adhere to what you are agreeing-it's called responsibility. I have had wonderful service and thus far a great experience. If I don't feel I understand something, I do what all responsible people do, I ask. Thank you Western Reserve Life for insuring me and my loved ones."
Commented on 2008-09-16 20:53:04 EST
"Very satisfied with WRL."
Commented on 2008-08-22 11:37:09 EST
"The agent(a friend) quit the company and never notified us. 2 years later when I had a question about our policy I was sent to another agent who was living out of our state and couldn't meet with us. I can't get a straight answer about what we were told at signing up to what we are paying for premiums and what to investments. I was told at signing that we could borrow our investment money at anytime. Come to find out that was a lie and we can't get to our money without significant surrender fees for at least 10 years!!! Your company and agents are all liers and I will be cancelling our policy ASAP even with the money you are going to STEAL from us at least it will stop!!!!!!"
Commented on 2008-08-14 11:23:10 EST
"we opened account in 1997. our permium is $200.00 a month. that time my agent told me the highest of return and never told me how will be bad. still losing big amount of our money and cash value is still a little. so decided to cancel our account and then i called the company and told me about the surrender charged are rally i don't turst the WRL. "
Commented on 2008-08-12 23:00:30 EST
Commented on 2008-06-09 15:04:53 EST
"WRL has been extremely helpful answering all of our questions. We did a side by side comparison with Northwestern Mutual and a few others and found that WRL was better in cost and features. We would recommend them to everyone."
Commented on 2008-06-06 17:13:14 EST
"We are very satisfied with WRL because the agent who sold us UVL policies is very nice, knowledgable and trustworthy. Anytime we have questions or just need to review our policies, she respond us soon. For those people who is not comfortable with UVL, a EIUL policy would be a better choice, because the money you put in won't be invested in mutual funds. "
Commented on 2008-05-03 14:14:25 EST
"This company is a fraud! they sold me a variable life insurance as a replacement for a retirement account. The representative kept encouraging me to invest the maximum amount i could into the policy and over three or four years i had paid over $4000. All of which i have now lost. The company targets people who are likely to default on their payments and then keep all or almost all your payments (i.e. surrender value). It is a scam, if someone is trying to convince you to do this run. if you have already done this cut your losses and run, unless you can find a way to salvage some. In retrospect, never take advice from someone that is claiming to be a financial advisor unless you are paying for their service. There are a lot of scam artists in business suits and companies disguised as legitimate businesses scamming hardworking people"
Commented on 2008-04-23 22:18:49 EST
"I was sold a policy that I was told would never lose my initial "investment" in the "sub-account".... What I wasn't told is that the premium is so high each month, that it's eating away at the principal. If I surrender the policy, I'll lose another $21,000!! I am very unhappy."
Commented on 2008-04-11 10:13:47 EST
"This company is a fraud. They will find a way to keep all your money. read your documents closer and document everything they tell you, write it down. I was lied to my the representative and stuck into a policy which I have found out will not pay me anything of what I saved up for."
Commented on 2008-04-09 13:26:26 EST
"This company will not allow you to surrender your Variable Life policies without losing significant value. Also, nobody from the company seems to care once the policy is sold"
Commented on 2008-03-24 15:50:25 EST
"My variable term life policy was sold to me with the promise that it would be a great retirement investment. That it would double in value every 7 years, and at the least, would be better than a savings account. 14 years, and 24,000 dollars later, my surrender value is only 16,ooo dollars. In that time, not once has any one from the company contacted me to see about me or my investment."
Commented on 2008-03-10 05:47:17 EST
"They are the best out there. They have a short surrender period and at 500,000 worth of covereage, there is no premium expense charge. "
Commented on 2008-02-25 03:12:37 EST
"Great Great to deal with. "
Commented on 2007-12-12 17:34:56 EST
"Unless I have a claim to file i will not know how they will respond. I haven't had any issues as of yet."
Commented on 2007-12-11 15:03:34 EST
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