Took out a policy for my mother in November 2012. Had automatic withdrawal from husband's account.
We moved in July and decided to call them to let them know, and to give them a new account number because my husband's check book had been stolen and a new checking account number was given to him by the bank.
The girl said that the policy had been lapsed/ cancelled in MARCH 2013. I never received anything in the mail. I asked her why. She said that when a new debit card is issued (which happens to everyone yearly), the payment is denied.
I said, well, how were we supposed to know that? We have never encountered that before. What do others do? She said that the customers call to let them know.
That soundeda bit sketchy and untrue, in my opinion, because I do not think that most people know that. They now wanted a full year upfront to reinstate. I asked if the two year period for payout would still be from November 2012, and she said that it would not and would now be counted from today's date!! (August 1).
This is definitely sketchy, and I think that in my opinion, they look for anything to not have to pay out. Also, if anything happens in the interim, how does one pay for final expenses with this company?!
Have decided NOT to reinstate. What happened to me did not give me confidence about their company.
Product or Service Mentioned: Globe Life Insurance Life Insurance.