life insurance benefit greatly reduced

[soulslayer]

What is the name of your state? VA

My father purchased a term life insurance policy on himself and has recently died. I am the sole beneficiary for the policy, which is for $250,000.

I just received the benefit from the company, and it's only for $42,000. Can anyone tell me why this benefit is so greatly reduced? My fathers death was of natural causes (heart atack) and his policy was up to date and paid at the time of his death.

 

[cbg]

Without having read the terms of the policy, no, we can't.

How long ago was the policy purchased?

 

[soulslayer]

It's a company policy he purchased through his employer. He's had the policy for the past 10 years or so.

 

[cbg]

Then you really need to ask his employer. Talk to someone in the Benefits or Human Resources department. There's no possible way for anyone here to even guess; it's possible that the group benefit has changed since it was first purchased but only someone with in-depth knowledge of the plan can say for certain.

 

[Dandy Don]

If the insurance company will not give you any information on this, file a complaint with your state's insurance commissioner to have him investigate it on your behalf.

DANDY DON IN OKLAHOMA ([email protected])