Complaint against Globe Life and Accident Insurance Company Oklahoma City, OK
No money was sent by me per the sales paperwork sent to me in March company was not in "constructive receipt" of premium at all yet they back dated policy and charged me four months when I decided to accept the policy, which was 4 months from inquiry (June 25). Yet all their paperwork states that "the first premium is all it takes to begin coverage"- then when I said I want coverage a rep confirmed with me that they would start on 6/27/07 and that the March inception date was a mistake on the computer system. Yet they charged me back to March anyway! Very dishonest way to do business.
Also they won't give confirm numbers of any transactions with customer service and you cannot speak to the reps that made all these promises - My account was debited $107.92 under an ACH agreement (verbal) with Globe Life except they were to debit me for $26.98 the first months of coverage then $26.98 going forward every month and instead they charged me for four months ($107.92) and I had no idea I was covered at all during the policy review period or time to read the paperwork. Again their paperwork states that there is no coverage until they receive a premium!
So when I asked for the money back and to cancel all policies the said ok but that it would take 15-20 days to refund the money. Yet NO ONE could tell me in what manner Globe would refund the money. It should be by the very ACH that they debited my account.
I believe their scam is that they earn interest and float on premiums that they have to refund. I called state of Oklahoma consumer and insurance division and Massachusetts consumer and Insurance division. The banking division said that there are no laws as to when a vendor must return funds that were taken by ACH (electronic debits)... So let this story be a lesson to all - Beware of Globe Life's insurance programs.
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