This past fall we replaced our term life insurance policies with new policies from Lincoln Financial. Earlier in the year we had received a letter from John Hancock warning us that the credit card that they had on file for our automatic renewal had expired, and that they wouldn’t be able to renew our policies unless we sent them an updated expiration date. No problem, I thought… We don’t want to renew anyway. Wrong.
Instead of letting our policies lapse, they went ahead and charged our credit card despite the fact that the expiration date that they had on file had passed. (Point of clarification… The credit card account was still open, but the expiration date that they had on file for our cards had passed.) So my wife and I now have two term life insurance policies apiece. Needless to say, I wasn’t happy when I discovered this, so I sprang into action. First, I contested the charges with Chase (the card issuer). I’m not sure how that will pan out, but I didn’t want to let this slide indefinitely while we waited for a response from John Hancock. My wife and I then dashed off a pair of letters to John Hancock explaining the situation and asking that they cancel our policies as of the renewal date, such that we get a full refund of this year’s premiums. Again, I’m not sure how this will work out — I’m guessing that they’ll try to give us a prorated refund instead.
In retrospect, this was my own stupid fault. It would’ve been easy to follow up with John Hancock and officially cancel our policies before the renewal date rather than taking them at their word. But I didn’t. So now I get to take care of it the hard way. Hopefully this won’t end up being too much trouble.