Guaranteed Death Benefit?
I have read your article on Universal Life and have a question. The policy I own has matured. They want me to accept around $1200 as the net surrender value. I only have 15 days to do this or they will cancel the policy and send me a check for this amount. They failed to inform me that the policy had matured in January 2007. I just received a letter regarding this early this month, October 2007.
They claim I have other options but I do not want to surrender the policy as they are asking me to. Am I still guaranteed the death benefit?
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posted by Jeffrey D. Voudrie @ 2:28 AM
3 comments
3 Comments:
I guess I don't understand how a universal life policy can 'mature'. They are supposed to go to age 100 as long as the premiums are paid or there is enough money in the policy.
The premiums were always paid and there was never a loan on the policy. They want me to sign a Policy Maturity/Endowment Release. This policy was taken out on my spouse who is now in Hospice. He became age 65 in January 2007. I think I am being hood-winked or maybe I just do not understand.
I would consult an attorney. Almost sounds like they are tryign to get out of paying the death benefit. You can also try having a competing agent review the policy.
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