Can I get premiums refund?

[frankd]

What is the name of your state? Ohio
I had a 10 year term life and it matured a few months ago. The premium was paid electronically each month. A month before its mature, the insurance company sent out a renew letter to me but in an wrong address (the address I lived 10 years ago), so I did not receive it. On other side I didn't notice/remember the mature time and also never planned to renew it. The company automatically renewed the policy and continued withdrawing the new premium (about 3 times higher) for a few months until I noticed it. According to the terms on the policy, the policy will be renewed automatically upon the payment of the premium due. My question is: Can I request the insurance company to refund the new premiums they withdraw from my account since I did not authorize them to withdraw the new premiums and renew the policy?
Thanks for your replies in advance?

 

[moburkes]

What is the name of your state? Ohio
I had a 10 year term life and it matured a few months ago. The premium was paid electronically each month. A month before its mature, the insurance company sent out a renew letter to me but in an wrong address (the address I lived 10 years ago), so I did not receive it. On other side I didn't notice/remember the mature time and also never planned to renew it. The company automatically renewed the policy and continued withdrawing the new premium (about 3 times higher) for a few months until I noticed it. According to the terms on the policy, the policy will be renewed automatically upon the payment of the premium due. My question is: Can I request the insurance company to refund the new premiums they withdraw from my account since I did not authorize them to withdraw the new premiums and renew the policy?
Thanks for your replies in advance?

No, according to the policy you agreed to, they followed the contract. It certainly isn't THEIR responsibility that you don't pay attention to your bank account. And, you don't mention that they incorrectly sent it to the wrong address.

 

[Zigner]

You did authorize it. In the future, keep your address info up to date with the insurance company.
You should be able to cancel and stop any further deductions...


EDIT:
Mo beat me to it!

 

[frankd]

I only authorized to withdraw the amount for the previous premium (it is written on the policy). Does this mean they have authorization to withdraw for the new premiums?

 

[Betty]

You said pol. indicates it will be renewed automatically upon payment of premium due - the prem. due was paid by bank withdrawal. You didn't tell them to stop withdrawals though you can tell them to stop now & discontinue coverage. Remember, if you had died since the pol. was renewed & prems. paid, the ins. co. would have had to pay the death benefit due.

 

[moburkes]

You said pol. indicates it will be renewed automatically upon payment of premium due - the prem. due was paid by bank withdrawal. You didn't tell them to stop withdrawals though you can tell them to stop now & discontinue coverage. Remember, if you had died since the pol. was renewed & prems. paid, the ins. co. would have had to pay the death benefit due.

Yep. Cause if he had died and the policy had renewed automatically, his family would not be asking for 3 months premium back. They would be asking for the death benefit. But, since he didn't die, nor did he inform his insurance company about his new address, nor did he cancel the policy, he wants him money back.

 

[Betty]

Yep. Cause if he had died and the policy had renewed automatically, his family would not be asking for 3 months premium back. They would be asking for the death benefit. But, since he didn't die, nor did he inform his insurance company about his new address, nor did he cancel the policy, he wants him money back.

You're right - that's what the policyholders want!

 

[frankd]

Looks like I am in the wrong place to get advice. I have paid 10 years' premiums for the policy. According to the logic of some people here, I should have tried to get the 10 years' premiums back.
Anyway, I talked with the insurance company and they admitted that they messed up the renew letter by incorrectly sending it to a wrong address. They are sending me a form for the refund.
Thankfully the people of the company did not think of people in the way some people did here.

 

[moburkes]

Please explain where, in your initial post, you explained that they sent it to the wrong address. You didn't. Nowhere. I suppose you thought we were psychic and we KNEW that you gave them an updated address, and they failed to use it.

In any case, the policy automatically renewed, AS PER THE CONTRACT YOU AGREED TO AND SIGNED, and they are not responsible for BALANCING YOUR CHECKBOOK FOR YOU.

 

[Zigner]

Looks like I am in the wrong place to get advice. I have paid 10 years' premiums for the policy. According to the logic of some people here, I should have tried to get the 10 years' premiums back.
Anyway, I talked with the insurance company and they admitted that they messed up the renew letter by incorrectly sending it to a wrong address. They are sending me a form for the refund.
Thankfully the people of the company did not think of people in the way some people did here.

Don't get all pissy here man. You received legally accurate advice. The insurance company could just have well told you to bugger off. They chose to provide good customer service in the hopes of having you return as a client some day.
Nothing you heard here was wrong.

 

[moburkes]

Oh, he doesn't want to hear the truth from a life insurance underwriter, an insurance agent/risk manager/auditor/customer service rep/person who PROCESSED department of insurance complaints for the company I represented, and a person with plain-old common sense. He didn't come here for legal advice. He came here looking for someone to agree with him, and when that didn't happen, we suddenly started not knowing we what get paid to do.

Whatever!

 

[Betty]

You're lucky the ins. co. is willing to give you a refund. They didn't have to. They are only doing it for good customer service (as one of the other posters indicated) not because they had to.