ComplaintsforBest Meridian Insurance Company

• Initial Complaint

  01/24/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I was contacted by a representative of this business in my home country saying they had a plan for retirement savings and life insurance. After signing the contract the person said they will need to wait for authorization. I explicitly asked the representative to make sure I was charged on the 5th of every month. They started taking out $250 then $102 when the agreement was to pull out only $100 per month.They had hidden fees I didn't know about and later on they sent a copy of a signed contract that I did not sign for, it was different. I requested to remove my card which the representative said she did I wasn't charged on Nov and Dec but then I received another charge on January. She texted me as if my service was still active. In this new contract they stated that if I canceled my account before a year tI would lose all my savings. I did not get any refund after my cancelation and no service was rendered whatsoever. Therefore I demand a full refund since I was supposed to be saving money. They later on said it was not a savings account but a stock investment which I did not sign for. Contract ID **********

  Customer response

  01/24/2024

  BMI company

  Address: **********************************************************************************

  Business response

  02/12/2024

  We received three payments: September 15, 2023, October 3, 2023 and October 31, 2023 in the amount of $100.00 each.  A credit card was registered in the policy records for monthly withdrawals in that same amount, but on December, 2023 the credit card used for these payments was declined.  A letter dated December 3, 2023 was sent advising the insured that her policy had started the grace ****** November 28, 2023 due to insufficient premium payments and/or not enough values in her policy which were necessary to keep the policy in force.  She was advised of the amount required to be paid and the date that this payment was due.  No payment was received thus, the policy lapsed.

  An email was sent to the insured on February 9th advising her that due to the fact that the last payment received was not enough to keep the policy inforce and that we did not receive any additional payments the policy had lapsed and a confirmation of the refund was also sent along with the email.  The three payments received provided the insured with coverage and the payment received, which was not enough to keep policy in force was refund.  No more refunds are due to the insured.  

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩