Personal Finance

Experiences with Freedom 55.. good/bad?

  • Last Updated:
  • Dec 8th, 2018 7:53 pm
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Member
Oct 25, 2006
219 posts
5 upvotes
Gee wrote:
May 29th, 2005 4:49 am
Freedom 55 is London Life's Whole Life Policy.
Freedom 55 is the name of the company, not the product.

The service that Freedom 55 provides is financial planning.

All financial companies and advisors should provide proper planning that meets the needs of the clients. The products that are recommended should meet the needs and budget of the client.
Deal Addict
Dec 3, 2003
1712 posts
24 upvotes
Toronto
John_In_Vancouver wrote:
Oct 26th, 2006 5:41 pm
Freedom 55 is the name of the company, not the product.

The service that Freedom 55 provides is financial planning.

All financial companies and advisors should provide proper planning that meets the needs of the clients. The products that are recommended should meet the needs and budget of the client.
Thanks for telling us half a year later.

:confused:
Member
User avatar
Apr 5, 2005
360 posts
Markham, Ontario
They are just like Primerixxx .... Same old story...
Newbie
Dec 7, 2018
1 posts
I gave close to $4200 to London Life Freedom 55 in 2000. It was one poor investment. At one point there was only about $1700 in the account. I talked with the company reps many times but nothing I did ever resulted in adequate earnings. I was always told to hang tight and when I turned 71, I'd at least get 75% of my original investment back. Before I turned 71 I started making inquiries as to how to get my money. I didn't get my money but a fellow came by my home and offered to set up a system where I'd be paid a monthly amount and by leaving the money with Freedom Fifty-five I'd keep some of the insurance benefits. This would not benefit me but it would benefit my wife. When I told the fellow I was going to go online and post how my money was being managed, and to make things really interesting I'd post the results of an investment that I was controlling as a comparison, he wanted out. I never got a monthly payment. Not one red cent, as they say. This is not a surprise as we had ended our agreement. But I didn't get my 75% either. What I did get was a lot of confusing emails. I was advised to have TD WebBroker contact London Life Freedom Fifty-five and have my funds moved directly to from Ldn Life to TD. It didn't happen. At one point, I was told it was impossible to transfer the money directly. This is of course wrong. As RIF funds, the money must stay within the registered, protective umbrella or face taxation. At one point I got a letter telling me that my money was invested in a mutual fund and had grown to more than the 75% amount. I wrote them back and told them I didn't want the money invested by them and growing (if it grows, it can shrink), I wanted my 75% I said. Finally in December Ldn Life transferred the money to TD directly but they did not sent the 75% as promised for almost two decades. They had held onto the mutual fund, it had lost about 5.6% and so they send me a diminished cheque. This was a surprise as their agent and I had ended our agreement and I had never gotten so much as one monthly cheque. And furthermore, I'd told them months earlier, when the fund was up, that this is not what I wanted. I wanted my money. The did nothing but lose money. Meanwhile,I invested in Fortis and in Emera and in Hydro One. All were up about 9% compared to the 5.6% London Life/Freedom Fifty five loss. I never got a cent in retirement payments from them but my three utilities have all begun sending me dividend payments. If I had put my original investment in XIC (iShares ETF tracking the TSX), I'd have doubled my money and collected almost two decades of dividends. If I'd put the money in XFN (iShares ETF tracking financials) I'd have tripled my money and collected dividends as well. If I'd taken the mutual fund route and put the money in the TD Monthly Income fund (TDB622) I'd have also done exceedingly well in comparison to the Freedom 55 whiz-kids. Originally I thought they were simply incompetent but now that I've been unable to even get my 75% returned thanks to their methods, I am re-evaluating my opinion of them and I am re-evaluating downward. I could never advise anyone to use these folk based on my experience. Image
Deal Addict
User avatar
Mar 9, 2012
1866 posts
773 upvotes
Kitchener
William W wrote:
May 29th, 2005 6:31 pm
Start working for the government before you reach 25, and you're guarantee to be able to have Freedom 55. Upto 70% of your best 5 years salary for the rest of your life when you reach 55. :D
Only if you started FT at 20!! Then you lose part of that 70% when you turn 65, so it's more like 48%...not that that horrible...
Well, I am not a crook.

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