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Some consumers who signed up for bank or credit union accidental death and dismemberment insurance may have been overcharged for the benefits they receive.
What Exactly Happened?
Consumers may receive an offer to sign up for a free $1,000 in bank or credit union accidental death and dismemberment insurance, with an option to upgrade to $300,000. Those who elected for this may only have needed to check a box and sign the solicitation they received to upgrade to the greater coverage. This may have activated a small automatic charge every quarter, between $8 and $100.
Some customers may not even realize that they’ve signed up for this AD&D coverage. Check your bank or credit union statements to see if such a charge is appearing.
“The internet highway is littered with consumer complaints about unauthorized deductions for AD&D policies people didn’t remember requesting and didn’t know they’d been paying for,” Amy Bach, executive director of the United Policyholders activist group, told the LA Times.
Unfortunately, these deals for bank or credit union accidental death and dismemberment insurance may be charging consumers inflated rates—for insurance that they are unlikely to actually need. Indeed, there are only about 169,936 deaths each year from unintentional injuries according to the Center for Disease Control and Prevention. And the likelihood of losing a limb in the workplace, on vacation, or elsewhere is pretty low in the modern day, though certain occupations may somewhat raise that risk.
The direct marketing company Franklin-Madison Group (formerly known as Affinion Benefits Group) has been aggressively pitching bank and credit union accidental death and dismemberment insurance to financial institutions, framing it as a “customer appreciation” program—a gift to reward their loyalty.
When customers sign up, they are not only paying for the insurance itself, but a hugely inflated premium, a large portion of which goes back as a commission fee to Franklin-Madison/Affinion.
What Companies May Be Involved?
A number of companies are believed to have been partnered with Franklin-Madison/Affinion in the past. These companies may include:
- Federal Insurance Company
- Hartford Life and Accident Insurance Company
- Minnesota Life Insurance Company
- Mutual of Omaha
- Transamerica Premier Life Insurance Company
- US Life Insurance Company
What’s Being Done About This Issue?
Reportedly, this AD&D scheme has been going on for years. Now, an investigation has been launched into the Franklin-Madison/Affinion offer and the financial institutions that partnered with the company. This investigation can help consumers recover compensation in exchange for the money they were overcharged, as well as hold those responsible accountable for their actions, hopefully requiring both insurance companies and direct marketing companies like Franklin-Madison/Affinion to change the methods they use to market their products.
Can I File a Lawsuit?
If you have been charged for bank or credit union accidental death and dismemberment insurance after signing up for a “free” offer, you may be able to join this class action insurance lawsuit investigation. A consultation with a knowledgeable attorney
Join a Free Accidental Death Insurance Class Action Lawsuit Investigation
If you were charged for accidental death and dismemberment insurance after signing up for a free offer, you may be able to join this accidental death & dismemberment insurance lawsuit investigation.
This article is not legal advice. It is presented
for informational purposes only.
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112 thoughts onDid You Purchase Credit Union Accidental Death and Dismemberment Insurance?
I’ve been charged 49$ each month for a year. I have not ever signed up for this. Please add me.
I am also being charge $49
THEY HAVE BEEN CHARGING ME $99 A MONTH FOR THE PAST 3 MONTHS. MY BACK TRIED TO DISPUTE IT AND THEY SAY IT WAS AUTHORIZED. I HAVE NEVER AUTHORIZED FRANKLIN MADISON TO TAKE ANY MONEY AND DO NOT HAVE ANY INFORMATION TO ACCESS AN ACCOUNT WITH THEM
I will cancel this Franklin I made a mistake of signing this without double checking. I better go to my credit union or call to cancel this I am afraid this is scam
My mother had ad& d with franklin and Madison she was hit by a car and killed 03/16/2020 I didn’t know till may 2020 got letter stating that quarterly payment for june needs to be paid so I called them informed them she past away so she was covered for 03/16/2020 and told me to file a claim and I did and they said 6 to 8 weeks so I got 3 letters 1 every 6 to 8 weeks finally I got nothing the policy was a 100,000.00 dollar policy so I called my brother who I told him what I was doing and he told me he had got a check for 52,000.00 dollars I was shocked every letter state I would get my claim the last letter said Edgar in 6 to 8 weeks you will get you claim not only did I not get my mother’s claim they shorted the amount of the policy by 50,000.00 I don’t know what to do I’m in a real bad way I was depending on that money for everything that had been put on my plate I was all alone with my brother dying of cancer on Jan 4 2020 and my mother on 03/16/2020 I’m executor on both his and her family trust I was his caretaker for 3 years all my time money and life was dedicated to both of them paying mortgage payment on there property’s everything and I was so thankful for this policy which was not paid in full and I never got a check please help me with my problem
Ialso was charged 90.00 from my account. I had the bank tell me what it was about as it didnt say anything as when i use my diebit card it normally tells me where i used it. Noble credit union told me where it was from and gave me a phone number to contact them. Well i did and as it had my sons name on it so he could benefit from the claim in case something happened to me. Well i didnt filll anything out but they are saying he did. Well nobody has access to my card except me and i know i didnt fill out anything. I told them i wanted a refund and i was getting a new card so if they try and collect they arent going to get anything more from my account. They said they wiil send a form for my son tp sign saying to close his account that he had nothing to do with. Well you can add me to your lawsuit if need be and they need to stop doing this. to people…And this is just why i look over my account everyday just to make sure the debits i made were made by me. And i know for sure i didnt. and my son says he didnt.
Add me, didnt know they taking $, never heard of them….Carolyn Stauber
Wisconsin
Please add me too lawsuit. I’m been charged also.
Please add me to this. I didn’t authorize these $45 charges.
Add me.
I am unable to figure out how to cancel my Franklin madison insurance. I can’t register without information, and I can’t get that information without being registered. Please add me to this lawsuit, I have been trying to stop this payment for months now.
Franklin Madison has been taking $45 for 2 yrs… and they ADMITTED on the phone that they have NO forms to support their charges.
ONE time in Sept 2017 I signed a form for the COMPLIMENTARY $1,500 AD&D.
Jan 2020 (2 yrs later) Someone on their side decided to mark up the 2017 form (obviously different ink) so they could start charging me. NOT RIGHT! Sign me up.