My Father whom passed away in 1993, come to find out had forgotten about a life insurance policy he had with my mother in the 60's. She had even forgotten it. Now after notifying the ins. Company they have done a 600 payout cause of the cost of he policy had diminished through the years. My question is this...One being how he died in 1993 and the ins. comp had no knowledge of his passing til a few months ago, Don't they owe the survivor benefits since his policy was in effect at his death. And 2, if the policy value had diminished from years of paying the premiums, what about the 12-14 years it was paying on a dead mans insurance. Help and thanks
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Hello,

This is an interesting question, and I do not have an immediate answer. However, I have reached out to experts in the industry who may be able to help. Thank you for writing and stay tuned for additional answers.

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As an independent life insurance broker, I will gladly answer your consumer questions about life insurance. Please contact me by email (skobrin@stevenkobrin.com) or by toll-free telephone (1-866-633-1818). Thank you.

Hello again,

I have consulted with a number of people in the industry about your question, and I believe that I can help you.

First of all, generally speaking, a statute of limitations does NOT appear to apply. Therefore, even after 14 years, the company should pay the benefit, as long as you provide all necessary documentation. However, you must ask your state insurance department for an authoritative answer regarding your own state.

As for the diminishing policy values, that can easily happen when premiums are no longer paid. The carrier can provide you with a report that would illustrate this in detail for you.

Best of luck to you and your family.

__________________
As an independent life insurance broker, I will gladly answer your consumer questions about life insurance. Please contact me by email (skobrin@stevenkobrin.com) or by toll-free telephone (1-866-633-1818). Thank you.