had ins. that was whole didn't pay premium

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PostPosted: Tue May 12, 2009 1:19 pm   Post subject: had ins. that was whole didn't pay premium  

I had whole ins on fiancee.I couldn't pay premium so the insurance company changed it to term which was to expire on April 26,2009. My fiancee died on May 3 2009. How long did I have to pay the term amount?

SharonCastel8
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PostPosted: Tue May 12, 2009 1:40 pm   Post subject:   

First off, I'm very sorry for your loss as it's been very recent. How long did you have this policy? If there was only enough value to make it a term policy until April 26th, then depending upon the way the policy is worded you probably would have had to make a payment before the policy expired (or was cancelled due to non-payment of premium).



The insurance company will not budge if the wording backs them up...and even if they do allow you to pay the premium, you may have a reduced death benefit or a correspnding investigation.



Good Luck!



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PostPosted: Wed May 13, 2009 4:17 pm   Post subject:   

hi, first of all check is this term plan also in lapsed mode. Premium of whole life are adjusted towards term policy. As compared to whole, term premium would be less. if it is still activeand your term ends on

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PostPosted: Wed May 13, 2009 4:19 pm   Post subject:   

sorry problem with pc reply was posted half the way.hey your term ended. If was active you must have got all your money, right

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PostPosted: Wed May 13, 2009 8:42 pm   Post subject:   

Quote:
I had whole ins on fiancee.I couldn't pay premium so the insurance company changed it to term which was to expire on April 26,2009. My fiancee died on May 3 2009. How long did I have to pay the term amount?




Whole life insurance has nonforfeiture options. One of these nonforfeiture options is extended term insurance. This is when they take the cash surrender value and use it to buy the same amount of death benefit that is in the policy. The higher the cash surrender value, the longer the term will stay in place. Your policy lasted until 4/26/09. There is no way to extend the policy past this point because there is no way to pay premiums.



Don't rely on my answer. This is too important and it is very possible that your question is leaving out important facts on not accurately describing the situation.
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PostPosted: Thu May 14, 2009 7:17 am   Post subject:   

I have to agree with Expert, since the term has expired on April and the insured died on May there is no way the term can be extended beyond the date it expired. The policy had accumulated enough cash value to run it till April but beyond that period no coverage is available since no premium was paid.



Quote:
and even if they do allow you to pay the premium, you may have a reduced death benefit or a correspnding investigation.




Just wondering, would it be a viable solution for the OP?
RupertWBradson
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PostPosted: Thu May 14, 2009 10:03 am   Post subject:   

There isn't a premium that can be paid.

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