My father had a 50K Life Ins. policy that he was paying on for many, many years. I was listed as the only beneficiary. My father passed away in March of this year. When I called the insurance company to report his death, they informed me that he had let the policy lapse a month before his death. It was past the 30 day grace period. My question is: Becasue my father was seriously ill, we also found that he forgot to pay a few other bills in the previous months (ie...property taxes, gardner...etc.) Is it possible to hire an attorney to help me fight the lapsed policy and still collect on it - citing my father's illness for lack of payment?
2007-10-19 17:04:29 · 8 answers · asked by Anonymous in Business & Finance ➔ Insurance
Kate: Ouch! When somone you love dies, I hope you receive kinder words from strangers. Be well.
2007-10-19 17:27:18 · update #1
You can consult an attorney. I would guess that there is not much recourse here since the insurance company acted in accordance with the terms of the policy. I've seldom seen insurance companies pay out any benefit they didn't have to. Sorry about your father.
2007-10-19 17:24:10 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Sure, you can hire the attorney. NO, it's not going to win your case.
Insurance companies don't give free insurance to people because they are too sick to pay the bills. It's a bet over a certain time period. Having a whole life policy doesn't guarantee you anything except that the price won't change - you STILL have to pay the bill.
It's just like if he regularly played the lottery, and was too sick to buy tickets the week his number came up - you gonna sue the state to collect anyway? Well, you'll lose.
It's a sad time, but there are several good lessons everyone can learn from this:
1. when elderly relatives start failing, it's a kindness to get POA over them to make sure their bills get paid on time. Even if they get mad at you for it.
2. automatic bill paying from your bank account can be a very good thing.
2007-10-20 04:01:03 · answer #2 · answered by Anonymous 7 · 0⤊ 1⤋
I'm sorry, but death or illness does not amend the terms of a contract, and that'
If this is term ins, then there is nothing to be gained. if it is ordinary life, then there might be an accrued cash value.
You should call the agent and ask for an explanation. He should be listed on the policy.
2007-10-19 17:50:13 · answer #3 · answered by TedEx 7 · 0⤊ 0⤋
If he was paying on the policy for many, many years as you suggest, I would assume there is some cash value attached to it and therefore you have a claim to something. Call the agent.
2007-10-19 17:51:53 · answer #4 · answered by Modus Operandi 6 · 0⤊ 0⤋
Did you find any statements from the insurance company on any past amount? Realistically you lose, since it elapsed so long. Unfortunately he never told you of a policy. Maybe you guys weren't close.
2007-10-20 01:53:10 · answer #5 · answered by Mr. Prefect 6 · 0⤊ 1⤋
as quickly as a coverage is lapsed, in spite of the circumstances, you will be able to desire to "requalify" for the coverage. as quickly as you provide up identifying to purchase assurance, it cancels. there is not any thank you to reinstate her, if she would not medically qualify - and he or she would be able to not. you could attempt to purchase a 'assured difficulty' coverage via Globe existence or Mutual of Omaha, besides the shown fact that, you may pay for it a minimum of two years, earlier they are going to pay out - and payout is constrained to $10,000.
2016-11-08 23:49:21 · answer #6 · answered by ? 4 · 0⤊ 0⤋
Maybe he decided not to pay since no one seemed to care enough to help him out with those bill paying issues ?
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2007-10-19 17:22:21 · answer #7 · answered by kate 7 · 0⤊ 1⤋
well, supposed you could try.
Still feel sorry four your father though.
Brace up, don't be sad
2007-10-19 17:15:45 · answer #8 · answered by Anonymous · 0⤊ 0⤋