Anyone who signed up and was charged for accidental death and dismemberment insurance after receiving a mail solicitation associated with their bank or credit union.
What’s Going On?
Attorneys working with ClassAction.org believe this coverage is overpriced and was misleadingly and fraudulently solicited to customers.
How Would I Know If This Happened to Me?
The offer came via mail and proposed $1,000 in free insurance with an option to upgrade to $300,000. If you elected for this coverage, you may have been automatically charged a small fee every quarter. It’s likely you only had to check a box on the mail solicitation to opt in to the offer.
How Could a Class Action Lawsuit Help?
A class action lawsuit could help consumers get back the money they paid out in premiums.
What You Can Do
Attorneys working with ClassAction.org are looking into whether a class action lawsuit can be filed on behalf of people who signed up for this coverage. Fill out the form on this page to learn more about this investigation and how you may be able to get your money back.
Attorneys working with ClassAction.org would like to speak to anyone who signed up for accidental death and dismemberment insurance via a mail solicitation sent in association with their bank or credit union.
It is believed that these mail solicitations are misleading and fraudulent and are causing consumers to pay inflated rates for insurance coverage that they will probably never need. Now, attorneys are investigating whether a class action lawsuit can be filed. Read on for more.
What’s Going On Exactly?
Reports have surfaced that a direct marketing company called Affinion Benefits Group (now known as Franklin-Madison Group) is aggressively pitching accidental death and dismemberment insurance to financial institutions as a “customer appreciation” program. Account holders are offered, via mail solicitations associated with their banks or credit unions, $1,000 in free life insurance, along with an offer for an additional $300,000 in coverage in exchange for a nominal fee. Typically, all the person needs to do to sign up for the insurance offer is to check a box, sign and return the letter.
The issue here is that these charges for accidental death and dismemberment insurance are inflated, with a large portion of the premium payment going back to Affinion/Franklin-Madison in commissions. For instance, where you could get an individual policy for $1.50 for $100,000 in coverage, this insurance often levies an $11 payment for the same coverage.
How Would I Know If I’ve Been Charged?
If you can’t remember whether you signed up for accidental death insurance – this scheme has reportedly been going on for years – your best course of action is to check your bank or credit union statements. The premium payments are automatically debited from your account; you wouldn’t have received a bill for the coverage.
It’s likely that the charge comes from the insurance company itself. And, it’s believed that the following companies have partnered with Affinion and Franklin-Madison in the past:
Minnesota Life Insurance Company
Transamerica Premier Life Insurance Company
Federal Insurance Company
Mutual of Omaha
Hartford Life and Accident Insurance Company
US Life Insurance Company
The charge will likely be small – anywhere from $8 to $100 – and will occur quarterly.
What You Can Do
If you believe you’ve been charged for accidental death and dismemberment insurance after signing up for a free offering in connection with your bank or credit union, contact us by filling out the form on this page. It’s possible that you have been deceived and misled about the offer – and paid more than you ever should have. A class action lawsuit could help you get your money back and require the insurance companies and Affinion/Franklin-Madison to change the way they market their products.