Hello, I live in NV. I became eligible for benefits on March 1, 2011. I am pleased with most of the benefits however I have discovered that I am being charged 5 to 10 times higher for my voluntary life insurance. I know I should have researched it more but I assumed it was a good rate since it was a large company. The company is charging $400.00 for $350,000. I have priced this out and can get this from several different companies for $36 to $65 per month for the same coverage. Now the company tells me that I cannot cancel until next March. I have read about the IRS governing this and that only a life changing event is allowed, but what about extortion. I mean how can I be obligated to pay $4800 for something I can get anywhere for $600. Please let me know of anyway to legally cancel this policy. Although it is my fault for not checking I do not feel they have the right to rip me off in this manner. Sadly enough I have been paying almost this much at my last job. I should have done my research earlier. Please help with any info and please do not tell me it was my fault, I already know that.
Thank You,
Eric
p.s. This is a voluntary supplement insurance, not company paid in any way.
Thank You,
Eric
p.s. This is a voluntary supplement insurance, not company paid in any way.