I have an employer provided term life insurance policy that includes an accelerated death benefit rider. I just recently found out 2 important things. 1st I am being laid off and the policy will expire on Feb 28 and is convertible to a permanent policy, but without the rider. 2nd, that I have metastatic melanoma of the lung and brain. Although there are new promising treatments, the disease is still considered terminal, and I have already had a complication resulting in a brain tumor removal. So I have submitted the claim for the accelerated benefit while the current policy is still in force. My doctor has put my life expectancy on the claim at 12 months which meets the policy criteria. My concern is how is whether or not the company has to follow the current policy rider once the policy expires if they have not made a determination by its end date or if they deny and, I have to fight it legally, does it still get judged on the status of the policy at the time of the claim?
My last concern is of the life expectancy. How difficult is it for them to say that because of new treatments the average melanoma patience is living 16 months and not 12 months - so he does not meet the criterial?I will convert the policy regardless and it will eventually be collected on but the accelerated funds would be a help since I may or may not be able to return to work. All input is appreciated.
My last concern is of the life expectancy. How difficult is it for them to say that because of new treatments the average melanoma patience is living 16 months and not 12 months - so he does not meet the criterial?I will convert the policy regardless and it will eventually be collected on but the accelerated funds would be a help since I may or may not be able to return to work. All input is appreciated.