Is there an agency to contact if insurance company does not want to pay cash surrender on a life insurance policy?

  • by Cathy
  • Jun 14,2019
  • 6 answers

Is there an agency to contact if insurance company does not want to pay cash surrender on a life insurance policy?


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Insurance Answers (6)

Flower 3 months ago

They dont have to pay cash surrender. But each state is governed by an insurance agency. Perhaps you should contact yours.

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mbrcatz 3 months ago

Yes, you can contact your state insurance commissioner.
You probably should know that ONLY the policy owner can cancel the policy and receive the cash surrender amount, if there is any.

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? 3 months ago

Depends on where you are, but most states and countries have a regulatory commission you can subject your case to for review.

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A Hunch 3 months ago

Each state has an Insurance Commissioner who will help you work with your insurance company.

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Insurance Pickle.com 3 months ago

We're not getting the whole story. I highly doubt that's the case. You fill out the cancellation form, you send it in and the policy gets cancelled. BUT, if there's a loan outstanding on the policy and the premium is in arrears, all of that comes off the surrender value and it's worthless.

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Casey Y 3 months ago

Doesn't want to pay...that doesn't make sense. Complete the form and they send you a check.
Now, are you the person authorized to do this? Is there even a cash value? Any loans made against that cash value...rendering it non-existent?
You can contact your state's insurance commissioner...but there is more to this story.

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