by deborito98577 » Thu Jun 24, 2010 12:54 am
I was talked into buying an accidental life ins policy from Matrix today. and now everyone tells me they are no good. I sent them a letter canceling the policy. Will I get my money back? Do I have to do anything else beside contact my bank?
Posted: Fri Jun 25, 2010 02:40 am Post Subject: insurance
Did Matrix ask you for your bank account information, etc? Did you use a Debit Card, CC, etc? I'm just curious...because (usually) with some banks, if you used a debit card, the 'transaction cannot be 'reversed'. But..if you gave them your bank account number, it CAN be 'reversed'. I would talk to your bank and explain what happened. If they are decent, they should help you. there are ALOT of 'companies' that claim they have the "best accidently Life Insurance..", etc. Can you NOT cancel the policy over the phone?mmm Hope things work out. However.........one of the Experts (from the Forum) will be along shortly to let you know if there is anything else you can do.
Posted: Fri Jun 25, 2010 11:17 pm Post Subject:
Life insurance policies have a free look, 14 days if bought in person with an agent, and usually 30 days if bought through mail/internet/not person to person agent sit down.
The clock starts ticking when the policy is delivered, or usuall once in force if dealing with a mail order, internet, over the phone, etc. situation.
The letter should begin the process of using your free look rights. Follow up with them and ensure that they are processing it. If you feel it necessarily contact the department of insurance in your state...I'd hold off on this until/if they don't send you back your money.
Posted: Sat Jun 26, 2010 09:27 am Post Subject:
The free look provisions vary by state.
More important than the free look is the fact that one can get back the unearned premiums. Therefore, if a person is one month into their policy and cancels it, they should be able to get 11 months of premiums returned.
Posted: Sat Jun 26, 2010 02:36 pm Post Subject: insurance
I just don't get what you
re saying, GUEST. Usually..with an Accidental Insurance policy. You make monthly payments on. So..if you cancel your policy, within the first month you buy it, how can you get 11 months of premiums returned to you, if you haven't paid 11 months worth of premiums?
Posted: Sat Jun 26, 2010 04:37 pm Post Subject:
You can't get 11 months of premiums back if you just pay one month of premiums. What I said stands if one pays annually. If they pay monthly, and they cancel after two weeks, they may be able to get two weeks of premiums returned.
Posted: Sat Jun 26, 2010 05:23 pm Post Subject: insurance
Ok..if you did say 'paying annually', I must of missed it. In that case, yes..you're right.......the consumer should get the 11 months of premiums back.
Posted: Sat Jun 26, 2010 07:34 pm Post Subject:
I didn't say "paying annually". I said "unearned premiums". If I have to spoon feed you I will. When a policy gets cancelled, any premium payments that cover the insurance past the date that the insured has coverage will be returned.
Posted: Sun Jun 27, 2010 06:38 am Post Subject: insurance
OP,...with the good advice, from the Experts here, I'm sure things will work out for you.
Posted: Sun Jun 27, 2010 04:48 pm Post Subject:
30+ years in business and never had a single accidental death benefit paid. There's a reason it's so cheap.
Posted: Tue Jun 29, 2010 04:09 pm Post Subject:
30+ years in business and never had a single accidental death benefit paid. There's a reason it's so cheap.
I have a copy of a letter, passed on to me by a friend, from the insurance company to the widow that essentially says:
Dear Widow Jones,
We're sorry for your loss, but your husband bought an accidental death benefit policy not life insurance. Since his death was due to a heart attack and not the fall from the roof that broke his neck, we will not be paying the claim.
There IS a reason $400,000 of accidental death benefits was only $150 per year in this instance. Caveat emptor
State laws concerning a free look period do vary from state to state. No state has anything less than 10 days from policy delivery. If you receive the policy, even after sending them the letter that says CANCEL MY POLICY, write a new letter (keeping a copy!), enclose it with the policy, and return it to the insurer CERTIFIED WITH A RETURN RECEIPT REQUESTED and postmarked within the first 10 days. You are entitled to a FULL REFUND without penalty.
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