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Considering the significant inflation that we have, I’m curious if any interest is paid on the policies?
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They don’t . I had a $20 k claim with Aflac on 4 month old policy . They paid the claim after 7 months but paid zero interestFrom date of death to check being cut.
Not sure if all companies do.
What state was that in? Most states have a rule that a clock starts at proof of death and if the death benefit isn't paid in a certain amount of time, they're supposed to pay interest.They don’t . I had a $20 k claim with Aflac on 4 month old policy . They paid the claim after 7 months but paid zero interest
What state was that in? Most states have a rule that a clock starts at proof of death and if the death benefit isn't paid in a certain amount of time, they're supposed to pay interest.
Note: That includes contestible claims as well. Which is where it can run a couple of months.
That has to be some law in your state. NV is 2 months max after proof of death.At warp speed. I would guess FE contestable claims average 5-6 months to settle. Many take 10-11 months.
Interest clock starts at time of decision.
That has to be some law in your state. NV is 2 months max after proof of death.
That has to be some law in your state. NV is 2 months max after proof of death.
....and @Tahoe Ray hits the question with the classic question to a question on this forum "What State is this?". I am still amazed by how many agents / brokers that fail to understand the given how many jurisdictions we have in the insurance world that the exact location can change the answer to many many questions.What state was that in? Most states have a rule that a clock starts at proof of death and if the death benefit isn't paid in a certain amount of time, they're supposed to pay interest.