Death Beneftis
by Sheila
My father passed away recently (April 14, 2011), 18 days before his policy anniversary date (May 2). The insurance company states that the death benefits payable to my Mother are based on the policy values at May 2, 2010 because my father passed away before the next anniversary date. They are refunding the premium for the month of May 2011. What rights does my Mother have? Shouldn't the insurance company be required to pay the death benefit value at May 2, 2011 as all the premiums were paid up to that date and my father had passed away so close to the anniversary date? Death Benefit ValueHi Sheila This is a case where it is critical to review the policy wording to know how the benefit is calculated. without that, it's impossible to say. Ask another question at Life Insurance Questions Other pages of interest:Term Life Insurance in Canada Whole Life Insurance Canada Term or Whole Life Insurance Canada Life Insurance Disability Insurance Canada Note: Keep in mind that insurance licensing, legislation, and policies often vary by province and most certainly by country. Canada Insurance Source is a free information source. So use this site to gain a general understanding of insurance with your own area and situation in mind. This insurance information is general in nature and the policy wordings always take precedence. It is possible that there are errors and omissions in this website and www.canada-insurance-source.com, or its authors, take no responsibility. Make sure you review the "please read" page. www.canada-insurance-source.com |