Life insurance claim for the beneficiaries of a mentally disabled parent

[rainbowhead]

What is the name of your state? NEW YORK

Hi everyone,

I wanted to find out if anyone knew of any law or had any advice that would help in the following situation:

My father died on 7/4/2006. He had a 5 year life insurance policy that expired 3/2006. HOWEVER, he was profoundly mentally ill and at the time of expiration of the policy he had started to suffer from severe mental and physical decline. He had told an aunt that he had intended to renew his policy, but just around March took a turn for the worse. Is there any argument that can be made for a claim on his beneficiaries behalf. His aunt is willing to attest to the conversation and we can without a doubt get written proof from his doctor as to his mental state at that time.

Any ideas?

Thanks in advance,
R

 

[moburkes]

No, there isn't. The time to have fixed this would have been before the policy cancelled. Since you knew about your father's medical history, then you should have asked him to allow you to own the policy and/or continued the payments.

Insurance companies are not going to allow you to pay a few premiums in exchange for a death benefit after a policy has lapsed, cancelled, expired, etc.

 

[Bigfoot]

Life Insurance Claim

Still check to see what kind of policy it is. If by 5 year you mean a term policy, then it has expired. If it was a policy with cash value in it, there still may be some value that was used to keep the policy paid until it runs out.

 

[Betty]

Did the ins. co. tell you the policy has expired & without any value?

 

[rainbowhead]

Did the ins. co. tell you the policy has expired & without any value?

i'm not sure. we didn't find it until after he died and i know how much it was worth but don't know if that was at the end or what. i'm not very experienced when it comes to this stuff. thanks for your help.

 

[Betty]

You're going to have to check with the ins. co. to see if the policy has any value.

 

[rainbowhead]

You're going to have to check with the ins. co. to see if the policy has any value.

ok, so what if it does have value? what do i do then?

 

[moburkes]

If the policy was still active at the time of his death, then the beneficiary can collect on it. But, if it was a term policy, as you originally stated, then it doesn't have value.