Accelerated Death Benefit

Status
Not open for further replies.

BlueandGold

Senior member
Joined
Feb 28, 2015
Messages
634
Reason
PALS
Diagnosis
04/2015
Country
US
State
WV
City
Sandyville
If anyone out there has exercised this option on your life policy, can you share how long it took to process and get the funds? I have completed the paperwork and submitted the physician statement and medical records but the only thing my life insurance company has said is that it is with underwriting for review.

In the process of bathroom remodel and some other repairs. Would be comforting to know where I stand. Probably every insurance company has different rules but if anyone can share timelines I would appreciate it.

Vince
 
Vince, we explored exercising the accelerated death benefit (50% allowed) but our policy charges 10% a year if death doesn't occur within a year. Hoping for a few more years, so that could have eaten up the other 50% if we are lucky. We withdrew our request, so I can't help with how long it takes.
Becky
 
Yes it will vary by underwriter.

Mine took a few weeks.
 
That's terrible Becky! Luckily ours doesn't have those types of stipulations. I can access 90% as long as I have certification that I have 12 months or less. Based on my rapid FVC decline, Bedlack was willing to say 6 months if needed. Talk about mixed emotions.

Not being a vet and having to pay for so much out of pocket, we really need this. What I would really like is for my wife to take FMLA for 12 weeks so we could just spend time together before I'm incapacitated.

Vince
 
Thanks Greg. Saw your post after I posted again. Weeks I can handle, months I cannot.

Vince
 
I haven't even looked at mine but I guess I should. It will be cancelled when I'm officially terminated from work (first of March.) If it's anything like my disability insurance, I will have to fight.
 
Can't add to Vince's question but Kim's comment jogged my memory. I have been told that insurance through an employer can be continued following termination of employment because of disability. This could be a big bucks issue since one will certainly not qualify for life insurance on their own because of an existing terminal disease. Contact your state insurance commission if your employer can't help you with this continuation issue. Also, spending a few bucks for a lawyer specializing in insurance would be worthwhile. Good luck ! !
 
Yes, mine can be continued following termination. The insurance company (UNUM) has already tried to disqualify me. All retired employees are offered a continuation policy but not the full amount. I have to call Unum this week and see what they say, then talk to the College to see if their answers match. Unum is also my long-term disability insurer and, because I'm getting $2,300 in SSDI and eligible for another $4,500 pension (which I will take the lump sum instead) my benefit is only a little over $300 per month. They reduce it by SSDI and my monthly pension even if I take the lump sum payout and leave it in the 401(a) account.
 
mine also only took a couple weeks.
 
Status
Not open for further replies.
Back
Top