You have bought a policy and it has turned out to be useless. The cover you thought you had is not worth the paper it’s written on and when you try to claim, no one will pay out. This is one of the biggest scams in insurance. It’s called junk insurance, and while it can happen with any type of policy, you are going to look at why life insurance policies are so often the victims of this scam.
What is junk insurance?
Junk insurance is a type of insurance that you don’t need, but it is often included in a policy you buy for a low price. It can be a waste of money because it doesn’t cover any real risk and can even cause problems if something happens.
In the industry, it’s called “redundant insurance.” It’s often called “add-on insurance” because companies try to make it seem useful by adding it onto another product or service when really all they’re doing is trying to upsell customers.
How do you know if you are getting the money back?
The first thing to do is check your junk insurance refund policy documents. If you have a refund clause or policy, it should be clearly stated in the terms and conditions.
Next, go on your phone and search for “receipt” or “receipt scanner.” Once you’ve found one, scan all receipts from your last year of shopping (or several years). If you’re feeling lazy, just enter all of the item numbers into a spreadsheet and add up how much money was spent on each type of item. This will help when it comes time for refunds.
How do you know if you’ve paid?
If you’re not sure if you’ve paid your junk insurance, you can find that answer in your bank statements. Usually, standard insurance payments are added to the credit card account, so there might be interest on them that needs to be paid as well.
By looking at old statements from your financial institution, you can check the details and see whether or not you’ve already paid. In case you’re eligible for a refund, you can reach out to certain services that specialise in ensuring you get your refund successfully and without any hassles.
What does the refund process look like?
If you think you qualify for a refund, the first thing you should do is fill out the form on their website. You’ll need to provide your name and address for identification purposes, as well as details of the policy purchased and the retailer that sold it. If they feel there is enough information in this initial application to warrant further investigation then they will contact you with further questions or requests for additional information.
If they agree that a refund should be issued then the process of issuing refunds can often take some time due to red tape involved by companies selling junk insurance policies as well as law enforcement agencies who may be involved in investigating fraudsters selling these products.
This article must have helped you to understand how to get your money back if you were sold junk insurance.