Coventry Direct Reviews (%countItem)
Coventry Direct commercial advertises you can sell your life insurance policy. When I called, I met the criteria except that I am not in poor health and dying. The commercial shows 2 older people talking about their retirement and selling their policy just to have more money. Nothing is said about them being sick. This commercial is misleading and should atleast make note that your health is the priority consideration, you cant just sell your policy for retirement. This is false advertising.
March 20, 2019
We are in receipt of your letter regarding the contact by ***. Thank you for reaching out to us for clarification on this matter. Accordingly, we wish to provide you with the following information regarding Coventry Direct LLC:
A life settlement is a transaction in which a policy owner who no longer wants or has need for an existing life insurance policy may be able to sell that insurance policy to a life settlement provider. As with any asset, the value of a life insurance policy can depend on a number of factors. With respect to life insurance specifically, some of these factors may include the type of insurance policy, the amount of benefits available under the policy, the cost of premiums required to maintain the insurance coverage, and the health of the individual(s) insured under the policy. Accordingly, because these features vary from case to case, not every policy will have value in the life settlement market. Coventry Direct is not a life settlement provider and therefore does not make offers to purchase life insurance policies. To this end, Coventry Direct's commercial includes a specific written disclaimer that reads as follows:
"Coventry Direct is a marketing company. It is not a life settlement provider or broker. Coventry Direct will refer qualified policies to a licensed entity."
Instead, Coventry Direct reviews the information submitted to it by each policy owner to determine whether Coventry Direct believes that the related policy may be a candidate for a potential life settlement. In addition to the above written disclosure that specifies that qualified policies will be referred to a licensed entity (emphasis added), the narrator in the commercial says both:
"If you have $100,000 or more of life insurance, you may qualify to sell your policy..," and "Visit coventrydirect.com to find out if you policy qualifies."
Visitors to Coventry Direct's website who use Coventry Direct's Life Settlement Qualifier online tool (the "Qualifer”) must click a checkbox indicating that they agree with Coventry Direct's Terms of Service (the “Terms") before proceeding with the Qualifer. The Terms include the following disclosure: “The Life Settlement Qualifier is a tool intended to assist Coventry Direct in the evaluation and qualification of life insurance policies. It is not intended to represent a bid or an actual offer to purchase a life insurance policy. Use of the Life Settlement Qualifier tool does not guarantee that any life settlement provider will or will not offer to purchase a policy."
Based on the above, we believe that a reasonable consumer viewing our commercial and/or visiting our website would be well aware that the ability to sell his or her insurance policy in a life settlement transaction is not guaranteed, and is instead subject to a qualification process before a life settlement provider may be willing to provide an offer to purchase that policy.
If you have any questions, please do not hesitate to contact me.
[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed as Answered]
I am rejecting this response because: After seeing their commercial again, I am still accusing them of false advertising. In this commercial, two older people discuss selling their insurance policy to help with their retirement. In reality, this would not be sold because it all is determined by bad health. It makes no gaurentees, however it is misleading. If it mentioned "according to your health", then it would be reasonable. I have looked at this commercial several times and it indicates you could sell your life insurance policy regardless of your health. As it states "just to help with retirement." It is false advertising.
We totally agree with 'Karen K' s response..It is a moral shame that Coventry would keep us in limbo for months and months and then submit their judgement with an 'obscure' qualifier tool! If as implied that this 'tool' is the final judgement then it would seem that a judgement would be rather immediate upon receiving all of the requested paperwork. It is a shame to raise hopes, plans, even dreams, waste very precious time when the life clock is ticking and then renege. I am 76, amputated leg, lung cancer, and now my left eye is going, then throw in some rheumatoid arthritis!
Coventry Direct Rating
Address: 7111 Valley Green Rd, Ft Washington, Pennsylvania, United States, 19034-2207
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