Does anybody know if American Income Life Insurance actually has a 30 day cooling off period?
Long story short: If anyone knows for certain American Income has a 30 day full refund policy I could really use help finding that.
Now the story itself:
My wife got talked into buying a policy from these guys after we had agreed (I thought) not to buy. This was January 28th. I just so happened to get the mail today and saw a letter from them, “Your policy inside.” I thought it was more marketing material.
Well she opened it and it turns out she bought a policy. I was dumbfounded. My wife is… not a hard sell. If something just seems like a decent idea she’ll buy in without asking many questions. It doesn’t help that she barely even remembers the conversation that supposedly finalized this sale. She also didn’t know the first premium had been taken out on the 4th of this month.
So I honestly don’t know EXACTLY what was said, promised, or whatever. I do know that she requested the deal be cancelled by text shortly after finalizing the application because she lost her job at the end of last month. Instead of just doing that, the saleslady offered to call and talk about it. Well that ended in no cancellation somehow. According to my wife she understood the lady to be saying that she wouldn’t have to worry about the premiums for up to three months. (I highly doubt that is what was said. I think she confused two different topics.)
Wrapping all this up, we managed to get the lady on the phone and after more sales pitching finally got her to agree to cancel. But now we’re supposed to talk with her manager. If I can find in writing that they have a 30 day full refund (cooling off) period then that’s all I need. If not I’m going to have to go through a whole thing with these people. So if anyone knows anything that would be a great help. I’m in Texas and I think Texas only covers you for 72 hours so I need a company policy.
I’ve got to say I really hate how these guys do business. But I won’t get into that or how their product frankly sucks. A tenth of what I can get with term at twice the price…
