Beneficiary Payments for Life Insurance

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Beneficiary Payments for Life Insurance

My husband and I paid life insurance premiums for over 20 years. He died in June. On July 15, 2019 all required documents were received by Transamerica Life Insurance Company. It has been 3 months now and I have not received any money.

Asked on October 15, 2019 under Insurance Law, Wisconsin

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

You can sue the insurer for breach of contract (violating the terms of the insurance policy, which is a contract, to pay under these circumstances) and also for "breach of the implied covenant of good faith and fair dealing" (the obligation on each party to a contract to not act in such way as to deprice the other party of the benefit of the contract). A lawsuit would be the only way to move things along, if they drag their heels.


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