I was recently helping my grandma with a few of her things as she is getting older, so she tells me about her situation. She explains she has a life insurance policy, with Woodmen of the World, that has an investment attached to it. I get to reading it, and she has $150,000 in coverage and a $60,000 cash value. The cash value is the so called "investment." She can use that $60,000 at any time, but if she does, she has to pay it back (WITH INTEREST) or it gets taken from her death benefit. You mean to tell me, I have to borrow my own money, and pay it back with interest?!?! And if i dont pay it back, it gets taken out of my death benefit?! Who would sell this crap? That was NOT explained when she first got it, rightly so, because i wouldnt have got it either. Worse is, if she never uses is, we dont get both. We only get the face amount of the policy. I have reached out to several other individuals who have Woodmen of the World, who says the similar. What a rip off!
If you live to be 86, you will soon have nothing left-- you can choose a paid-up policy for much less praomised OR in a few years you will end upwith 0!!!! there should be a class action suit in behalf of the elderly who bought in to lthis scam!!!!
Woodmen Financial Services, Inc. Reviews
I was recently helping my grandma with a few of her things as she is getting older, so she tells me about her situation. She explains she has a life insurance policy, with Woodmen of the World, that has an investment attached to it. I get to reading it, and she has $150,000 in coverage and a $60,000 cash value. The cash value is the so called "investment." She can use that $60,000 at any time, but if she does, she has to pay it back (WITH INTEREST) or it gets taken from her death benefit. You mean to tell me, I have to borrow my own money, and pay it back with interest?!?! And if i dont pay it back, it gets taken out of my death benefit?! Who would sell this crap? That was NOT explained when she first got it, rightly so, because i wouldnt have got it either. Worse is, if she never uses is, we dont get both. We only get the face amount of the policy. I have reached out to several other individuals who have Woodmen of the World, who says the similar. What a rip off!
If you live to be 86, you will soon have nothing left-- you can choose a paid-up policy for much less praomised OR in a few years you will end upwith 0!!!! there should be a class action suit in behalf of the elderly who bought in to lthis scam!!!!