Can Aviva life insurance take one more premium when I surrender the policy and not provide the insurance?

I decided to surrender my Aviva universal life insurance policy when I realized it was a big mistake. Each year my cost of insurance was increasing and eating away at the cash value. I called the company and told them I wanted to surrender the policy. After trying to talk me into keeping it they finally told me what to do and sent me the forms. I sent them back and received my check and noticed they took another premium out of the cash value on Aug 4th and canceled the policy on Aug 6th. The Aug 4th premium should have covered me until Sept 4th but they are telling me I have no coverage as of Aug 6th. They refuse to refund me the $137 premium taken out on Aug 4th so I have paid $137 for two days of insurance. Anyone know if they can do this? If this is legal then any insurance company can simply delay processing a surrender until after the premium due date and collect another month’s premium for no coverage. Thanks in advance for any help.

It doesn’t sound like they intentionally delayed processing the surrender so they could get one more premium. They just aren’t that hard-up for money. The premium payment people were just doing their job to keep your policy on schedule and would have no way of knowing the surrender was coming until the form is processed by a separate department.

If you were working with a thinking agent or customer service rep, they would have asked for a freeze on the account until they receive the form, but that’s just rare.

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