The wifes dad was insured and had been for 20 years with American family then after his death obviously his children submitted his life insurance for things to be dealt with.
Now he had always every year maintained the same amount of cover of $250,000 through his in town am fam agent and every year the cost went up but he paid it to maintain the cover. So the family were a bit suprised when Am fam regional office offered $100,000. The exscuse they gave was....because he was 82 that meant his expected life years remaining meant he should have only been allowed $100,000 cover and NOT the $250,000 they had been taking premiums for over the last how many years.
Obviously we took on a lawyer and three years later and with a court date looming am fam has offered to settle two cases before the court date of the original insurance and a case of bad faith (basically selling policies fraudulently) for the original amount with a very small amount on top. Of interest..they have stipulated that if the amount is accepted then ALL papers relation to the case are to be destroyed legally within 60 days. Sounds fishy to me so I do wonder just how many times they do this to families whilst grieving.
My point is a reference one. If you are in the retirement phase or your parents are then make sure you ask your agent...if I insure myself/family is insured for a set amount and i pay the correct premiums..are there any reasons why you would reduce it?
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