Foresters Financial - $6,000.00 to cancel policy??????????
5 comments
I have had insurance for 3 months decided being a single mom that I need my $250 a month. Only three months later I call and ask if I don't send money I will be charged $6,000.00 for early termination.
How can you do this. You would think if you stop paying then the policy ends. HEEEEEELLLLLP!!!!!!!!! what do I do?
I even changed my bank account so they could not take more money out. Now I have a bill for $750.00 .
I called and got hung up on. Called again got transferred again only to be told I have a $6000.00 termination.
Reason of review: Problems with payment.
Location: Virginia Beach, Virginia
Thank You for Your Reply!
Thank You for Your Reply! We are processing your message.
Comments
Please avoid publishing any personal information and promotional content
Stop telling lies on Foresters Financial....
That is so false....no insurance company would fail to let you cancel.
I have NEVER heard of such a thing!! You have life insurance for 3 months at $250/month.
Had you passed away, your beneficiary would receive the face amount of your policy. Of course you cannot get this money refunded!! In virtually every state, there is a 'free look' period of 30 days. What this means is that you have 30 days from when you received your policy in person to decide if you want to keep it.
If you cancel, then you get your initial first month premium refunded back. If you cancel AFTER this 30-day free look, then you have simply paid for the months you had the policy.
As far as the $6,000 'termination' charge, this MIGHT only apply for a universal life policy that has been in force for about 8 to 12 years with a significant amount of cash value.
This is called a 'surrender charge' and is quite common with these types of policies.
The $6,000 is probably a reduction in the face amount offered by Foresters........hardly a 'termination charge'!!
Foresters is a horrible insurance company. Their agents tell lies to senior citizens plus customers.
Their agents prey on senior citizens that don't understand life insurance policies.
I would advise any person with Forests insurance to cancel their policy and try to find and honest insurance compamy. They approach customers with very misleading and deceitful actions.
You sound like an anon forresters agent Really?