Wow, they must have some really reputable Life Companies doing business up there in the Land of Lincoln. There should never be a question on a legitimate Life policy which was paid up and a valid death certificate was presented and beneficiary identified.
Article is not clear, but my guess is these are not refusals to pay legitimate claims, but rather, failure to identify insured’s who’ve reached a very advanced age & the company has never been presented with claim on that contract. Not every beneficiary is aware that he or she is a beneficiary. Our agency just processed a claim in which we advised the beneficiary about the death of the insured. The beneficiary was surprised to learn she was a beneficiary. Had we not known the circumstances of that particular deal it is doubtful there would have ever been a claim filed against that particular policy.
Wow, they must have some really reputable Life Companies doing business up there in the Land of Lincoln. There should never be a question on a legitimate Life policy which was paid up and a valid death certificate was presented and beneficiary identified.
Article is not clear, but my guess is these are not refusals to pay legitimate claims, but rather, failure to identify insured’s who’ve reached a very advanced age & the company has never been presented with claim on that contract. Not every beneficiary is aware that he or she is a beneficiary. Our agency just processed a claim in which we advised the beneficiary about the death of the insured. The beneficiary was surprised to learn she was a beneficiary. Had we not known the circumstances of that particular deal it is doubtful there would have ever been a claim filed against that particular policy.
We are talking about Illinois here.