ORLANDO, Fla — “I haven’t had a life insurance policy for years and it certainly wasn’t with this company,” Charles Rahn of Orlando told Action 9 Consumer Investigator Jeff Deal.
Rahn turned to Action 9 after getting a what he thought was a suspicious letter in the mail letting him know he owes money for an accidental death and dismemberment insurance policy. The problem is he didn’t remember ever signing up for that kind of insurance and he wasn’t about to send the company any money. In fact, he initially thought someone was trying to trick him into handing over banking and credit card information.
Action 9 Consumer Investigator looked into it and found the letter is from a real company, but Rahn still questions the way it’s doing business.
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It all started with a trip to the mailbox where he found the letter.
Rahn said, “Well, it looks official, right? I mean it certainly looks official.”
The retired police officer showed Action 9 the letter he received from a company called Franklin Madison.
“I don’t know Franklin Madison from a hole in the ground. I have no idea who they are,” Rahn said.
At first, he didn’t even know if Franklin Madison was a real company. The letter was listed as a “past due notice” for the accidental death and dismemberment insurance policy with an insurance carrier. It asked for his bank account and routing numbers and credit card information.
“Trying to scam me,” Rahn said.
That was his first thought. So, Action 9 started looking into it and found Franklin Madison is a real marketing and service company that works with real insurance companies, banks and credit unions. Last year, on letterhead from a credit union, Charles was offered $1000 in free coverage. The letter let him know he was eligible for up to $300,000 in coverage with pricing in smaller print down below it. Charles didn’t remember signing up for it and looking back now, he didn’t think it would cost him anything.
Rahn said, “This is $300,000 insurance, billed quarterly.”
Franklin Madison has an A+ rating with the Better Business Bureau, but Action 9 saw among the most recently posted BBB complaints others also found the company’s sign-ups confusing. One person wrote, “I have no knowledge of this insurance company and they have been taking funds from an account that I was not using daily.” Another complained, “I noticed today that I have been enrolled in whatever this insurance is since 12/13/2022... I did not sign up for or enroll in this.”
A Miami law firm posted on its website in March that it’s doing a class action lawsuit investigation because of people who claim they unknowingly signed up and later found out money was taken from their accounts through automatic payments.
A Franklin Madison spokeswoman told Consumer Investigator Jeff Deal that there is no scam and the company is not trying to trick anyone. She said the $1000 in coverage really is free, additional coverage costs are listed and the industry is highly regulated. She also said the advertisements for these policies are reviewed by insurance regulators.
Still, Charles Rahn warns consumers need to carefully review anything from their bank related to an insurance policy, especially if it involves a free offer.
“Read it. Read it before you act,” he said.
The company spokeswoman acknowledged confusion does happen and that it’s the “nature of the business.” They encourage anyone who is surprised they have a policy to call them directly so they can straighten it out.
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