Minor Whole Life Policy Dilemma
Hi everyone, I could really use some advice. I feel like I’ve been misled by an insurance agent regarding a whole life policy for my son, and I’m not quite sure what to do next.
To give you some context, I was referred to an agent by a family member to learn about life insurance options for my 3-year-old son. I had never considered getting a policy for him before, so I wanted to gather some information. Initially, I only had an interest in term life policies, so I scheduled a call with the agent. During our conversation, he portrayed whole life insurance as the absolute best option and made me feel like I would be making a big mistake if I didn’t go with it. I mentioned that I needed to discuss the decision with my husband before moving forward, but he pressured me into submitting an application while we talked things over, assuring me multiple times that if we opted out later, we would receive a refund for the initial premium I paid. Looking back, I realize that was a poorly made decision, but I went ahead with it.
After doing some research, I decided we did not want to proceed with the policy, so I texted the agent to request a refund for the premium. He assured me it was no problem. However, the next month, I was charged again, and still no refund. This continued for a third consecutive month, leaving me with three charges and no resolution. I’ve been in constant communication with the agent, who keeps promising that it will be taken care of and that I shouldn’t have been charged.
Today, I received an email asking me to sign the policy. I contacted him again for clarification, and he claimed he had canceled the application and was now “waiting for an answer on my refund.” It seems this has changed from a guaranteed refund to a vague waiting game.
What steps should I take to resolve this? I’m currently out nearly $600 for a policy I never authorized or signed, and I have a feeling I might be charged again soon. Should I dispute the charges? Should I reach out to someone else? I’ve kept all communications with the agent via text and email, so I have everything documented. I just feel really frustrated by the lack of follow-through.
Any advice would be greatly appreciated. I know I made some mistakes in this process, but I’m hoping to learn from this experience. Thanks for your help!
I’m sorry to hear about your experience—it’s definitely frustrating to feel misled and to have ongoing financial concerns. Here’s what I would suggest you do next:
Document Everything: Continue to keep a detailed record of all communications with the agent, including dates, times, and content of conversations. Take screenshots of texts and save emails. This documentation will be helpful if you need to escalate the situation.
Contact the Insurance Company: Reach out directly to the insurance company rather than just the agent. Explain the situation and ask for assistance in resolving the matter. Provide them with all your documentation and mention that you’ve requested a cancellation and refund. They may be able to expedite the process.
Dispute the Charges: If the agent and the insurance company are unresponsive or if you continue to be charged, consider disputing the charges with your bank or credit card company. Provide them with the same documentation to support your claim.
File a Complaint: If you don’t receive a satisfactory response, you might want to file a complaint with your state’s insurance regulatory agency. They can sometimes facilitate resolutions in disputes like yours.
Seek Legal Advice: If you’re still having trouble, consulting with a lawyer who specializes in insurance or consumer rights may provide you with options for recourse.
Learn for the Future: Use this experience as a learning opportunity. When dealing with financial products in the future, give yourself more time to research and be cautious about the pressures of sales tactics.
You deserve clarity and a resolution. Best of luck, and don’t hesitate to reach out if you need further assistance or support!