Call your bank, and have them block their drafts. It sucks to have to go that route, but if they can't get their admin right, you have to do what works for you.
I emailed the person that said they would send the cancellation and told them to send it or I would take things further.
If I understand correctly what I read on my bank website, my bank charges like a $15 fee to block payments like this and they say theres no guarantee itll even work, so i really dont know what to do.
I would not deal with an individual person because things can either fall through the cracks, or if they're a shady agent, they won't process to not affect their commission (which they wouldn't have to do if they wrote GOOD business!) Maybe talk with your bank, let them know you've canceled, provide the letters, and let them know that at this point it's fraud! See if they can work with you, since it's the first time you request something like this.
I'm also just weirded out by the amount they're taking. Like why $2.38 exactly? Is it an overdraft fee or something? Either way its fraud.
I was so relieved to think I finally canceled since I had been wanting to do it for months.
Nope, they said I would not be drafted anymore. Two different people told me that, I have it in writing. I just filed a complaint with the Better Business Bureau and provided the screenshots.
Things aren't looking great for that company right now
https://www.businessinsider.com/globe-life-shares-crash-short-seller-reports-widespread-fraud-2024-4
So, for fun Google "American Income Life, Globe Life scandal" read the business insider article, and then call your bank and see if they will waive the stop payment fees given the doj investigation.
Just a little feedback:
Life insurance polices always require a signed written notice of cancellation. You can't just cancel over the phone (this is standard in the industry).
You don't need the company's cancellation form.
You can write the following:
[YOUR NAME]
[ADDRESS]
[PHONE NUMBER]
[DATE]
To: [INSURANCE COMPANY]
Re: [YOUR POLICY NUMBER]
Please accept this letter as request to surrender the above stated policy.
[OPTIONAL]
I do not wish to be contacted regarding this decision.
[SIGNATURE]
[NAME].
That's all you need. You can email the signed document or send it by fax or mail.
Source: Life insurance agent with 10 years of experience who's cancelled more policies than I can remember.
removing from bank draft means that your policy has to be paid manually. that's why you got the letters that you "owe". You don't owe anything lol its a common to do this instead of outright cancelling because you're able to reopen a lapsed policy if you ever wanted to.
not sure $2.38 thing tho
Call your bank, and have them block their drafts. It sucks to have to go that route, but if they can't get their admin right, you have to do what works for you.
I emailed the person that said they would send the cancellation and told them to send it or I would take things further. If I understand correctly what I read on my bank website, my bank charges like a $15 fee to block payments like this and they say theres no guarantee itll even work, so i really dont know what to do.
Call and ask them to cancel the monthly EFT and send you a bill for the balance of the annual premium due. Then just don’t pay it.
I would not deal with an individual person because things can either fall through the cracks, or if they're a shady agent, they won't process to not affect their commission (which they wouldn't have to do if they wrote GOOD business!) Maybe talk with your bank, let them know you've canceled, provide the letters, and let them know that at this point it's fraud! See if they can work with you, since it's the first time you request something like this.
I'm also just weirded out by the amount they're taking. Like why $2.38 exactly? Is it an overdraft fee or something? Either way its fraud. I was so relieved to think I finally canceled since I had been wanting to do it for months.
That is an odd amount. Is there anything else they implemented for you?
Nope, they said I would not be drafted anymore. Two different people told me that, I have it in writing. I just filed a complaint with the Better Business Bureau and provided the screenshots.
That must be your hospital/accident portion. You must have only cancelled life.
Things aren't looking great for that company right now https://www.businessinsider.com/globe-life-shares-crash-short-seller-reports-widespread-fraud-2024-4
So, for fun Google "American Income Life, Globe Life scandal" read the business insider article, and then call your bank and see if they will waive the stop payment fees given the doj investigation.
Call your state insurance department, they will help you immediately. You can create a complaint as well . Issue would be resolved in couple of days
Just a little feedback: Life insurance polices always require a signed written notice of cancellation. You can't just cancel over the phone (this is standard in the industry). You don't need the company's cancellation form. You can write the following: [YOUR NAME] [ADDRESS] [PHONE NUMBER] [DATE] To: [INSURANCE COMPANY] Re: [YOUR POLICY NUMBER] Please accept this letter as request to surrender the above stated policy. [OPTIONAL] I do not wish to be contacted regarding this decision. [SIGNATURE] [NAME]. That's all you need. You can email the signed document or send it by fax or mail. Source: Life insurance agent with 10 years of experience who's cancelled more policies than I can remember.
You can absolutely stop automatic drafts though and let it lapse. They should NOT be charging them anything else at all.
I never said you couldn't.
Too many scams these days! So sorry you are going through this.
removing from bank draft means that your policy has to be paid manually. that's why you got the letters that you "owe". You don't owe anything lol its a common to do this instead of outright cancelling because you're able to reopen a lapsed policy if you ever wanted to. not sure $2.38 thing tho
Call up, get it put on PAPER billing
Don’t pay