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About leboyd
Expertise
I can answer questions relating to life insurance, estate planning, business succession/continuity planning and tax-effecient retirement planning. I have advised clients for many years on these areas, and how they relate to life insurance.
Likewise, I have worked with many on Long-Term Care needs.
Experience
I have been a top producer for the past 5 years. Prior to that I was the CEO of an international company, having the concerns from a clients perspective (now having been a client of NYL for more than 15 years)
Organizations
Society of Financial Services Professional
Million Dollar Round Table
Education/Credentials
In addition to an BBA and an MBA from a top-10 school. I have earned the LUTCF, NASD Series 6, 7, 63 and 66 licenses.
Awards and Honors
Top Life Producer
Top Long-Term Care Producer
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You are here: Experts > Money > Personal Insurance > Life & Health Insurance > Life Insurance Claim Delay
Expert: leboyd
Date: 7/7/2008
Subject: Life Insurance Claim Delay
Question
I opened a life insurance policy on my mother after finding out that she did not have any life insurance in Aug 07. My mother passed on Feb 08. I submitted the claim in her policy and have received letter stating that I need to produce execution papers or probate papers for them to retrieve medical records. My father is still alive and they were still married before she died. He is her executioner. He is sick with lung cancer and is living with me and my husband. What can we do or he do to help expedite this process?
Answer
Tina,
First, sorry about your loss.
You need to be very careful as you proceed. During the first 2 years of a policy, the insurance company has full contestability on the policy. This means that if they find someone lied on the application or did not provide all medical history, they will decline the claim and refund the premiums.
To proceed, you need power of attorney from your dad. This needs to include specific power of attorney to act as the executor of your mom's estate. You need to get with a reasonably good attorney and get all the proper documentation. You probably should also get power of attorney on your dad's estate in case he gets to a physical state where you have to make decisions for him.
Once you have the power of attorney, you can provide this to the insurance company and handle the claim. You'll need several originals of the power of attorney, as the medical doctors, offices and hospitals will also want one.
Again, let me warn you that the insurance company will go through this with a fine-tooth comb. Especially if you mother passed away from a disease that is a long-term type disease. It will take them several months to go through all the doctor records and they will look at it hard.
Hope this helps.
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