Hidden Policy

[Harvardbenefits]

Hello,
I did not sign on for this. but since there is this forum, I could use the suggestions. I signed life insurance policies for the wife and I right after we closed on our home. I told the agent we needed coverage for the mortgage payment if something were to happen to us the kids could keep the home. I told him the morgage was for X and that I wanted the coverage (term ins) to have that as the amount. He gave us the cost and we ok'd the amount, we had looked at a number of other companies and all were higher premiums. I got the policies with the weclome letter on top and the policies wrapped in a rubber band. I reviewed the top policy in detail (the wife's) everything was good and glanced at mine underneath. Well, I have since READ the policies and mine is for 50% of the requested amount while hers is for the requested and correct amount. What recourse do I have to this unscrupulous agent after 6yrs and a cost changing age?

 

[STIBROKER]

hummmm....was he with NAA..............

 

[Norwayguy]

Hello,
I did not sign on for this. but since there is this forum, I could use the suggestions. I signed life insurance policies for the wife and I right after we closed on our home. I told the agent we needed coverage for the mortgage payment if something were to happen to us the kids could keep the home. I told him the morgage was for X and that I wanted the coverage (term ins) to have that as the amount. He gave us the cost and we ok'd the amount, we had looked at a number of other companies and all were higher premiums. I got the policies with the weclome letter on top and the policies wrapped in a rubber band. I reviewed the top policy in detail (the wife's) everything was good and glanced at mine underneath. Well, I have since READ the policies and mine is for 50% of the requested amount while hers is for the requested and correct amount. What recourse do I have to this unscrupulous agent after 6yrs and a cost changing age?

I would say not much after 6 years...The application that you signed will most definatly show the amount of coverage that you now have otherwise you would have needed to sign an admendment form on delivery...Most states have a free look period for not exactly this reason but a period of time for you to review the policy to make sure it is exactly what you wanted...I am not aware of a 6 year Free look period.

Chances are though that if this agent was as bad as you say it might be possible to replace the coverage with another company but I doubt the full coverage you want would be comparble to what you are paying today...What state are you in?