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Life insurance lapsed, so no benefit?

Author : Jordan Pouncey

Submitted : 2018-02-26 02:02:02    Popularity:     

Tags: insurance  Life  benefit  lapsed  

Hello!

I know this isn t the right place to ask but, My mom recently passed and she was late on her life insurance payment 1 month before she passed, now they are saying she lapsed and so they are not paying out the benefit.

Is the

Answers:

My guess is that prior to her death could have been very sick, thus not thinking correctly and could have forgotten her life insurance plus other bills. It is too bad that your mother did not set up automatic payments to be taken out of her checking account and if she had, then this would not have happened.

That is the reason why that most of my monthly bills are set up automatically taken out of my checking account in case I forget, am out of town on vacation, or if I become sick or in the hospital. I also have put my daughter on my checking account, so when I pass the account will not be closed and can be used to pay bills plus I have let her know what assets/policies I have, thus when I pass, will hopefully make it easier to handle my estate.

But with insurance, like one poster stated is in the grace period (which I think is 10 days max) then the policy will lapse and no payment will be paid on behalf of your mother.

Sorry for the loss of your mother and the life insurance.

That's how it works...you don't pay your premium they cancel your policy and you don't collect any money.

nope. you could get a copy of her policy and read all the fine print, but most insurance companies have zero tolerance for missed payments.

That's correct. If it was in the grace period, you could get the premium in. But, that IS one of the big benefits of a cash value policy, because the cash can sometimes keep the policy in force.

Sorry it is the same in the U.K. miss one payment and they cancel the policy.
Nothing you can do.

Lawyer. Get one. You can get a no-obligation consultation with one cheap.

Unless you can prove that your mother's policy was paid up to date, then the policy did lapse and she was no longer covered when she died. Insurance companies don't pay out on lapsed policies (otherwise, everyone would just let their policy lapse and expect to collect). It was incumbent on your mother (or her proxy) to make sure that the policy was up to date, it is not incumbent on the insurance company to reach out to customers (although they do) and keep the policy in place even if payment is not forthcoming.

Sorry, but you are pretty much out of luck.

She lapsed, if you can prove the lapse was due to her illness, you might have a case, but her policy is the rule.



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