My grandfather passed away in 1995. He opened a life insurance policy in 1987. My elderly grandmother told me yesterday that she never informed them of his death. She cannot find the policy and didnt know what to do. They have been taking 15$ a month out of her account since 1987. What should she do?
4 Answers from Attorneys
I would need to read the original policy to determine whether she would have any recovery from the policy. I would be guessing, but it is likely not recoverable. However, if you would want me to review the policy, you need to look at her bank statements, and contact that insurance company. Write a formal letter requesting a copy of the original policy. And, by all means, let them know the monthly deductions should have terminated back in 1995.
I honestly can't fathom why she let the money come out all this time, but the answer is easy. She needs to write them, send them a death certificate, and request the death benefit. She doesn't need the policy to do that. She should ask for all the premiums back since death but she may or may not get all of those. In her letter she should also request a copy of the policy.
Talk with an insurance attorney in Georgia, there may be an issue that you're missing as it's never always that simple. Many attorneys would take such a case on a contingent fee basis meaning that, if they don't recover, you don't owe them anything. Check out: http://davispllc.com/lawyer/Life-Insurance-Claims_cp10660.htm for more information on Life Insurance Claims.
What Mr. Ashman told you to do is correct. If they will not provide you with a copy of the policy, pay the face amount of the policy and refund the amount they have received in premium since death, contact an attorney who is experienced in insurance claims immediately.
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