Well I guess I lost that bet.

[JPSmit]

This week Mrs JP was doing the banking and discovered $918 had been taken from our account.

A flurry of calls to the bank later and the money is returned - phew.

Then the question arises - is this fraud or ??? So, I call the company that 'took' the money, 'Sir, it seems that you have an account with us.'

Turns out it was our life insurance company - three name changes later. We had a 20 year term policy which they automatically renewed without telling us.

Here's the kicker, premiums went from $80 per month to $918 per month. I don't think so. So cancelled the policy.

Of course it also means I lost the bet - I didn't die! dang :grin:

 

[Gliderman8]

I would call that a “Win, Win”. You got your money back AND you get to spend it.

 

[Bayless]

That's a scary deal. Also why I don't pay anything by "automatic draft" or whatever they call it.

 

[Basil]

They renewed at more than 10x the price without asking? How is that even legal?

 

[DavidApp]

I think Term policies often work that way.

I had a term policy and it had a similar price increase after the term expired if I wanted to extend the policy. I canceled it as it when I got the letter with my new rates.

David

 

[mikephillips]

I don’t do auto payment for anything either. I want to control the when and how much for bills. And being in the IT business I’m not convinced that things are as hack proof as they should be, too many stories still about companies losing data. I also don’t save payment information in sites I use to buy hobby and birthday and other things like that. Cuts the chance of a business losing it and I don’t mind an extra couple minutes filling it in again. I'm a dinosaur in that respect I guess...

 

[JPSmit]

They renewed at more than 10x the price without asking? How is that even legal?

Pulled out the policy and it is all there to the dollar what they would automatically renew at so, yes legal. Would have been nice if they had let us know though.