Just spoke to my agent and was told I will be getting the prefered rate and not the super prefered rate. The difference is about $6 a month. What bothers me is they demanded a payment up front before the under writing was even done at the super prefered rate, now the agent wants the $6 difference paid. Personally I didn’t want to pay anything until under writing was complete and I could read the actual contract. I’m not going to pay the $6 until I have a chance to read the contract and then I may just cancel the whole thing. Seems to me that it should be illegal to collect life insurance payments retro actively. Thoughts from the lawyers/ insurance agents here?
Most insurance carriers will offer to bind coverage at $1MM or less if you submit the initial premium at time of application. I’m guessing that this is what’s going on in your situation but you should ask your agent why they collect the premium. You should also have a free look period once the contract is issued if you don’t agree with any of the language.
Yes it turns out there is a 10 day grace period from the time of signing the contract,just found that out, so I would have gotten all my money back. Signed the contract yesterday so I have until the 18th of Dec to change my mind.
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