Don't get ripped off by Canada Purple Shield (Assurant Life of Canada). Those giving Testimonials on the website probably are just glad to see money coming to them and are not aware that it is just a portion of what their loved one paid in.
Here's my example. My mother passed away in May 2015, and going through her Will folder I came across a "Policy Data Page" issued in 2006 by Purple Shield. The "Initial Face Amount" was $4000. With a monthly payment of $72 over 10 years. And looking through her bank statements I found that Assurant was still withdrawing money.
I couldn't find the actual policy that she had signed, so I phoned Assurant and was told that I had an amount coming and would be sent paperwork to fill out. I asked for a copy of the policy she had signed.
I received the paperwork to fill in but didn't get a copy of the policy. So I repeated my request. And sent in my claim. I received a cheque for $4,700 which included interest but no copy of the policy came with it. Huh? Hold on, monthly payments over 9 years adds up to a lot more than $4k. My mother wasn't a fool. $4,700 is nice but she had paid in a lot more. So I asked for a copy of the policy again.
I finally received the copy and found that the salesman had circled 10 (years) rather than 5 though the $4k would have been paid up in 5. (My mother had also bought a Prepaid Funeral Services package from the same salesman at the same time which was paid up in 5 years. It covered most funeral expenses, no complaints about that. And I presume mom wanted extras such as cremation, food and hall rental, covered through Purple Shield.) So I assumed that the salesman had accidently circled 10 years rather than 5.
I phoned the salesman, as an email went unanswered. And explained that he must have made a mistake and had circled 10 years when 5 would have covered it and that Assurant had continued withdrawing funds as a result. He assured me it wasn't a mistake. That it was an insurance policy and Purple Sheild would have had to pay the full $4k even if my mother had only made a couple of payments and then died. That was how insurance works.
But that wasn't how my mother worked. She wouldn't have knowingly agreed to pay in over $8k to get $4k back. Even a low interest bank account would have given a better return. She must have been misled into believing that I would get what she paid in plus interest. But what she had signed for was FACE VALUE plus interest.
Anyhow, this is my warning to you. If you have a loved one enrolled with Purple Sheild, make sure they know what "Face Value" means. And if you've already collected, be aware that they may have been ripped off.
My mother in law received a survey from Canada Purple Shield addressed to her in the personal care home. My MIL is stroke affected and my wife has POA and I have handled all her financial affairs for several years. As a result I get all this kind of mail redirected to me and I was going to toss the survey. Unfortunately my MIL passed away shortly after receiving the survey so I thought I better investigate. It appeared from the survey she might have funeral coverage ... Her name is listed as "Annuitant:", there is a policy #, the letter starts off "as a valued Canada Purple Shield client", it continues further "we are committed to make certain your funeral coverage continues to meet your needs" and concludes "thank you for ...reviewing your plan needs" . This is deceitful, it is written in such a way to imply that there is an existing policy and that there is existing coverage with Purple Shield and that it should be reviewed. My MIL had no such coverage with Purple Shield she is not a CLIENT of Purple Shield. !!! It is a HOOK to get people to communicate and engage with them so they can sell a product. Beware !!! In my opinion do not respond. I am sure less savvy individuals have been drawn into their net. Shame on them sending this letter to the aged in personal care homes.
My mother replied to one of the advertisement she received in the mail. My mother ended up buying a policy and she was paying for years. I found out three years later that my mother took out this policy. I looked into it and contacted Assurant, Purple Shield to get more information about her policy. It turns out the value of her policy once it was all paid off was much less than what she put into it. She paid almost $3800.00 into the policy and they told me it was only worth $2,187.00! Also, I asked them 3 times in one year to send me the blue certificate that would prove that my mother had a policy and that it was paid in full. To this day, I do not have a blue certificate. Every time I call there I tell them that I had called on several occasions in the past and I and ask once again for a blue certificate. They keep saying over the phone that they do not have a record of my request!!!! Imagine the hassle I will have when it is time to collect the money when my mother passes.
Canada Purple Shield Reviews
Don't get ripped off by Canada Purple Shield (Assurant Life of Canada). Those giving Testimonials on the website probably are just glad to see money coming to them and are not aware that it is just a portion of what their loved one paid in.
Here's my example. My mother passed away in May 2015, and going through her Will folder I came across a "Policy Data Page" issued in 2006 by Purple Shield. The "Initial Face Amount" was $4000. With a monthly payment of $72 over 10 years. And looking through her bank statements I found that Assurant was still withdrawing money.
I couldn't find the actual policy that she had signed, so I phoned Assurant and was told that I had an amount coming and would be sent paperwork to fill out. I asked for a copy of the policy she had signed.
I received the paperwork to fill in but didn't get a copy of the policy. So I repeated my request. And sent in my claim. I received a cheque for $4,700 which included interest but no copy of the policy came with it. Huh? Hold on, monthly payments over 9 years adds up to a lot more than $4k. My mother wasn't a fool. $4,700 is nice but she had paid in a lot more. So I asked for a copy of the policy again.
I finally received the copy and found that the salesman had circled 10 (years) rather than 5 though the $4k would have been paid up in 5. (My mother had also bought a Prepaid Funeral Services package from the same salesman at the same time which was paid up in 5 years. It covered most funeral expenses, no complaints about that. And I presume mom wanted extras such as cremation, food and hall rental, covered through Purple Shield.) So I assumed that the salesman had accidently circled 10 years rather than 5.
I phoned the salesman, as an email went unanswered. And explained that he must have made a mistake and had circled 10 years when 5 would have covered it and that Assurant had continued withdrawing funds as a result. He assured me it wasn't a mistake. That it was an insurance policy and Purple Sheild would have had to pay the full $4k even if my mother had only made a couple of payments and then died. That was how insurance works.
But that wasn't how my mother worked. She wouldn't have knowingly agreed to pay in over $8k to get $4k back. Even a low interest bank account would have given a better return. She must have been misled into believing that I would get what she paid in plus interest. But what she had signed for was FACE VALUE plus interest.
Anyhow, this is my warning to you. If you have a loved one enrolled with Purple Sheild, make sure they know what "Face Value" means. And if you've already collected, be aware that they may have been ripped off.
Don't be fooled.
My mother in law received a survey from Canada Purple Shield addressed to her in the personal care home. My MIL is stroke affected and my wife has POA and I have handled all her financial affairs for several years. As a result I get all this kind of mail redirected to me and I was going to toss the survey. Unfortunately my MIL passed away shortly after receiving the survey so I thought I better investigate. It appeared from the survey she might have funeral coverage ... Her name is listed as "Annuitant:", there is a policy #, the letter starts off "as a valued Canada Purple Shield client", it continues further "we are committed to make certain your funeral coverage continues to meet your needs" and concludes "thank you for ...reviewing your plan needs" . This is deceitful, it is written in such a way to imply that there is an existing policy and that there is existing coverage with Purple Shield and that it should be reviewed. My MIL had no such coverage with Purple Shield she is not a CLIENT of Purple Shield. !!! It is a HOOK to get people to communicate and engage with them so they can sell a product. Beware !!! In my opinion do not respond. I am sure less savvy individuals have been drawn into their net. Shame on them sending this letter to the aged in personal care homes.
Big Rip Off and Poor Customer Service
My mother replied to one of the advertisement she received in the mail. My mother ended up buying a policy and she was paying for years. I found out three years later that my mother took out this policy. I looked into it and contacted Assurant, Purple Shield to get more information about her policy. It turns out the value of her policy once it was all paid off was much less than what she put into it. She paid almost $3800.00 into the policy and they told me it was only worth $2,187.00! Also, I asked them 3 times in one year to send me the blue certificate that would prove that my mother had a policy and that it was paid in full. To this day, I do not have a blue certificate. Every time I call there I tell them that I had called on several occasions in the past and I and ask once again for a blue certificate. They keep saying over the phone that they do not have a record of my request!!!! Imagine the hassle I will have when it is time to collect the money when my mother passes.
STAY AWAY from this company! They are a rip off!