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Consumer Complaints

BBB Accredited Business since 04/19/2004

Platinum Supplemental Insurance Inc (Headquarters)

Phone: (866) 225-0727Fax: (563) 557-9180

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Customer Complaints Summary

6 complaints closed with BBB in last 3 years | 1 closed in last 12 months
Complaint TypeTotal Closed Complaints
Advertising / Sales Issues3
Billing / Collection Issues1
Problems with Product / Service2
Delivery Issues0
Guarantee / Warranty Issues0
Total Closed Complaints6

Additional Complaint Information

Platinum Services, Inc. a/k/a Platinum Supplemental Insurance is an Iowa business corporation based in Dubuque, Iowa which conducts business in the Midwest selling supplemental insurance products. This entity is in no way affiliated with or related to National Platinum Member Services which appears to sometimes do business as "Platinum Services." The name similarity has caused some individuals to confuse the two companies. If you have a complaint against Platinum Member Services, please contact the BBB in Reno, NV by visiting their website at www.reno.bbb.org.

Complaint Breakdown by ResolutionAbout Complaint Details

Complaint Resolution Log (6)
10/08/2013Advertising / Sales Issues | Read Complaint Details
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Complaint
Salesman said we would have opportunity to look over "paperwork" & have to sign and return before anything deducted from checking account-NOT TRUE.
8/26/2013 Salesman showed up at our house for the third time as we finally agreed to talk to him. Went through all the information and we said we might be interested in the one policy and he said we needed to fill out the paperwork while he was here, but also assured us that we would have opportunity to look over "paperwork" & would have to sign and return before anything was deducted from my checking account. The "paperwork" was the actual insurance policy and the premium deduction was taken out of my checking account the same day we received the "paperwork" in the mail. I was not expecting this deduction to come out of my checking account and it cause me to have an overdraft and NSF charges. I had to verify with my bank and since this was on a Friday and I did not find out about it until over the weekend 9/6/13, I called my bank first thing on Monday morning 9/9/13 to find out what caused the overdraft and traced it back to this insurance policy. I called Platinum's customer service and they were friendly enough and had no problems putting my "cancellation" through once I mailed or faxed them a written request, which I faxed to them the very next day 9/10/13. I'm being told that it will take them "at least" 2 weeks from the date they receive the cancellation. And when I told them it cost me an NSF fee of $32 from my bank I got no response out of them. So I guess I should count myself lucky if being without my original money for a month and costing me $32 is my only penalty for trusting people! I will be filing another complaint if I do not receive my October 7th which would be 1 day shy of 4 weeks from the date I faxed the cancellation to them on 9/10/13.

Desired Settlement
I just want my money back! I'd also like for them to reprimand their salesman for lying!

Business Response
Platinum Supplemental Insurance, Inc. ("Platinum") is an insurance agency that markets supplemental insurance products through a network of independent contractors. Mrs. *******'s complaint centers around an allegation that the independent contractor (salesperson) stated they had time to look over the paperwork before anything would be deducted from their account. Mrs. ******* states that this deduction caused them an overdraft and NSF. They have since canceled their policy and the insurance underwriters, ********* ***** **** Insurance Company, ("GTL") has refunded all monies paid into the policy.
Mr. and Mrs. *******'s application for Cancer, Heart Attack and Stroke supplemental insurance policy was submitted on August 29, 2013. On or around that time of submission, Mr. and Mrs. *******'s bank account was drafted to activate the policy. Mrs. ******* provided evidence that this caused the overdraft with their bank.
We notified the independent contractor of these allegations and requested his response. The independent contractor misunderstood when the policy would initial draft.
In any event, it seems that there was a misunderstanding as to when the application would be submitted and when it would draft. Consequently we have refunded Mr. and Mrs. ******* the overdraft fee incurred. We regret any misunderstandings that may have occurred.

04/18/2013Problems with Product / Service
10/01/2012Problems with Product / Service
10/28/2014Advertising / Sales Issues | Read Complaint Details
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Complaint
We thought we were expanding our policy for better coverage. In fact we were sold a policy that was worthless to us.
An Agent of Platinum, David Nelson, told us we were improving our policy for better coverage and that it would cover both of us, *** and myself, Mary. *** was seeing a doctor for enlarged prostate. When surgery on his prostate was discussed, the doctor decided to do a scope of his bladder. A tumor was found. Surgery in April 2014 showed he had cancer. When we filed our insurance forms, after several long phone calls with the company, they refused to pay because they said *** had cancer before. *** has never had cancer and was seeing the doctor because of enlarged prostate. They did not call back when they said they would. Just a worthless company that gives you a run around.

Desired Settlement
We were paying a premium of $165.08. We are retired with a fixed monthly income. A refund of all our payments would help pay for ***** surgery and treatments.

Business Response
Platinum Supplemental Insurance, Inc., ("Platinum") is an insurance agency that markets supplemental insurance products through a network of independent contractors. Platinum works closely with an insurance carrier to assist customers through the claims process when there are issues, but it is the insurance carrier that makes all claim decisions and handles payments of claim benefits. It is our understanding that the insurance carrier has reached out to the customer with some additional options.

Consumer Response
(The consumer indicated he/she DID NOT accept the response from the business.)
I expected this response from the company. I have no further information that I want (or can say publicly) to this company except I think this company and the other is worthless.

03/06/2014Billing / Collection Issues | Read Complaint Details
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Complaint
They lied to me numerous times. Then they withdrew funds from my banking account after i canceled my account.
On Jan. 16, 2014, Platinum sales representatives,**** **** and ****** ****** came to my home selling insurance. My wife and I took out a policy. **** told me that if we ever wanted to cancel all we had to do was call and cancel. **** and ****** made a note saying that my first payment would be processed Feb.1, 2014, and that somebody would call the next day to confirm this. I never received the call. On either Jan. 21 or Jan. 22, I called the company to cancel my policy because they had already lied to me. They told me I had to fax or mail a letter stating I wanted to cancel my policy. Thats not what **** had told me.The next morning I mailed a letter. They said they never received it. On Jan.29 I called to get a fax number so I could fax the letter. On Jan.30 they took money from my account causing me to be over drafted. It was not supposed to come out til Feb. 1 to begin with, but it never should have came out to begin with. Also on Jan. 30 I faxed the letter because I still had time before Feb.1. I again called the company and they said they had not received my fax. They told me that **** had told them to process my account on Jan. 24. I went to my bank and filed an affidavit against Platinum. This company dis nothing but lie to me repeatedly.

Desired Settlement
My payment of 255.78 and my overdraft charges.

Business Response
Platinum Supplemental Insurance, Inc. ("Platinum") is an insurance agency that markets supplemental insurance products through a network of independent contractors. Mr. ****'s complaint centers around cancelling the policy he and his wife applied for with independent contractors Mr. **** **** and Mr. ****** ***** and when the monthly payment would be drafted.
Mr. **** applied for a family cancer, heart attack and stroke policy with Mr. **** and Mr. ***** on 01/20/2014. Mr. **** contacted Platinum's Customer Service on 1/21/2014 to cancel the policy. Per the policy language approved by the ******** Insurance Department, a written request must be submitted to the insurance company to cancel the policy. No such written request was received until 02/04/2014.
Mr. ****'s policy was issued as a family cancer, heart attack and stroke policy by the underwriting insurance company ********** ***** **** Insurance Company ********** on 01/24/2014. At that time, *** drafted the first month's premium to activate the policy.
In any event, it seems that there was a misunderstanding as to how a customer must cancel the policy and when the first draft would occur. We have asked *** to refund all premiums that have drafted but we cannot guarantee *** will refund the premiums. We regret any misunderstandings that may have occurred.

02/11/2013Advertising / Sales Issues

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BBB Business Reviews are provided solely to assist you in exercising your own best judgment. Information in this BBB Business Review is believed reliable but not guaranteed as to accuracy.

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