Question About Minor Whole Life Policy
Hi everyone,
I could really use some guidance right now. I feel like I’ve been misled by an agent regarding a whole life insurance policy for my son, and I’m looking for advice.
Here’s a bit of background: A family member referred me to an agent to discuss life insurance for my 3-year-old son. I had never considered a policy for him before, and I was mostly interested in term life insurance. However, during our call, the agent emphasized that whole life insurance was an excellent option and made it seem like a no-brainer. Although I wanted to consult with my husband before making any decisions, the agent pressured me into submitting an application, assuring me that if we ultimately decided not to move forward, we would get a refund for the first month’s premium I had already paid. In hindsight, I realize this was a mistake, but I went along with it.
To keep this brief, after doing my own research, I contacted the agent and informed him that we did not want to proceed with the policy and requested a refund for the premium. He initially agreed. However, despite that, I was charged again the following month, and I continued to receive charges for three consecutive months without receiving my refund. I’ve repeatedly reached out to the agent for updates, and he keeps promising that it will be resolved.
Today, I received an email asking me to sign the policy. When I inquired further, he informed me that he had canceled the application but is now waiting to hear back about my refund. This shift from an assured refund to “waiting for an answer” is concerning.
So, what should I do to resolve this situation? I’ve already spent nearly $600 on premiums for a policy I never authorized or signed, and I’m worried that I’ll be charged again this month. Should I dispute the charges? Contact someone else? I have kept all communications with the agent via text and email, so I have everything documented, but I’m growing increasingly frustrated with this back and forth.
Any advice would be greatly appreciated. I know I made mistakes in this process, but I’m hoping to learn from it. Thank you!
I’m really sorry to hear about your experience; it sounds incredibly frustrating and stressful. Here are a few steps you might consider taking to resolve this issue:
Document Everything: Since you’ve been keeping records of your communications, make sure to compile all the texts, emails, and any other relevant documents. This includes timestamps and details of each conversation.
Contact the Insurance Company: It may be beneficial to reach out directly to the insurance company that the agent represents. Explain the situation and provide any documentation you have. They may be able to assist you in processing your refund more quickly.
File a Formal Complaint: If you continue to have trouble, consider filing a complaint with your state’s department of insurance. They oversee insurance agents and companies and may be able to help mediate the situation.
Dispute the Charges: If you don’t receive the refund soon, disputing the charges with your bank or credit card company could be another route. Provide them with the documentation of your communications with the agent and explain the situation.
Consult a Consumer Advocate or Attorney: If the situation doesn’t resolve, you might seek advice from a consumer advocate or even consult with an attorney who specializes in insurance matters. They can provide guidance based on your rights and options.
Review Your Own Financials: While it’s essential to get your money back, it could be helpful to re-evaluate your overall financial strategy regarding life insurance. If you do still want coverage for your son, consider getting quotes and information from other companies and agents, ensuring you’re fully informed.
It’s understandable to feel overwhelmed, but being proactive and persistent can often lead to a resolution. Good luck, and I hope you get your money back soon!