Aflac life insurance policy - Questions

renee_rn

New Member
1
I work at a hospital as a registered nurse so insurance is not my thing and when it comes to this I have no knowledge of how it works. Here is the story:

My 62 year old father passed away on April 13, 2018 from a short term bout with cancer. Upon diagnosis he was terminally ill. Several years ago while he was working for Food Lion, he told me that he had taken out a life insurance policy for me to pay on my student loans for nursing school. Up until about 2 weeks before he passed away, he continued to tell me the same thing and also told me where to find the policy in his desk.

I have a picture of the Alfac Annual Statement from 2015-2016 but I am unsure what type of policy this is. My step mother has done some horrible things behind my dad's back by changing his policies listing her as beneficiary. This included policies left for his grandchildren. She informed me that she had changed everything the night my dad passed away. She told me she changed my policy that was left to pay my student loans as well. She made these changes while my dad was hospitalized in February 2018. He was severely confused and she had him sign a power of attorney. I feel that the power of attorney was illegally done and my dad had no idea that he signed it.

So I learned this week from the lawyer who did my dad's Will that my step mom found out she is not the beneficiary of the Aflac policy. I never sent in the beneficiary statement paperwork because she was so adamant that she changed everything.

I wanted to see if anyone could tell me anything about this Aflac policy and what kind of policy it may be.

Thanks for any information and time! I greatly appreciate any suggestions and information!
 

Attachments

  • IMG-8605.JPG
    IMG-8605.JPG
    76.6 KB · Views: 36
It would appear to be universal life.

I don't recall a traditional whole life policy talking about "cost of insurance", "interest credited" (unless talking about dividends) or "fund value".

The problem with UL is that as your father got older, that "cost of insurance" was going up each and every year. The question is, were the "fund value" and "premiums deposited" sufficient to pay those rising costs of insurance, or did the product run out of gas and lapse.

If you can't find the policy, and can't identify the beneficiary, then the executor should contact the company.
 
Last edited:
Call the 800# on the annual statement. It doesnt appear to be an AFLAC policy as the insurance company is Continental American Insurance Company

If you are the beneficiary, they will send out forms & confirm if the policy is still active, etc.

definitely appears to be a Universal Life that I assume your dad was the insured, not you because it shows a full maturity date of 2050 which would likely have been when your dad would have been 95 years old

I am sorry for your loss.
 
Call the 1800 number listed on the policy. If you can't find it or it's not working, a quick google search will get you the proper number.

As others have said, the carrier will be able to help you file the claim if it's indeed a policy on himself. If you are the proposed insured the carrier can help you by sending a new copy of the Policy.

Sorry for you loss!
 
Don't over complicate things. It is Monday, if you haven't already, contact Aflac and try to file a claim on the policy. They will help you file and determine if it was in force at the time of his death and if you are the beneficiary.
 
Does not matter if it was UL, Term WL or whatever. As long as it was inforce when he died.

Looks like a group Certificate. Probably a UL. $51,413.00 death benefit Level. Looks like premiums stopped in May of 2016 but he should have had plenty of surrender value to pay the cost (about $700A). Could be an interest sensitive Whole Life but it really does not matter.

As a couple of the other agents said. Call the company. Be prepared to give them your SSN and date of birth.

Call your Life Insurance agent and ask them to help you with this. A quick three way call will do a lot. If your agent balks at helping you, it is time to find a real agent.

Lee

EDIT: Just Call the company, Do not over complicate it, like I did above :).
 
Last edited:
It’s a UL. The main clue is option A death benefit and monthly cost structure. Has 6600 cv as of 12/2016. It appears premiums weren’t paid after May of 2016. Who knows if any premium was paid in 2017 and 2018 up to his death. The cash value seems to be enough to carry the death benefit. Policy should be inforce, unless any withdrawals of cash that we can’t see. Call and file claim.
 
It’s a UL. The main clue is option A death benefit and monthly cost structure. Has 6600 cv as of 12/2016. It appears premiums weren’t paid after May of 2016. Who knows if any premium was paid in 2017 and 2018 up to his death. The cash value seems to be enough to carry the death benefit. Policy should be inforce, unless any withdrawals of cash that we can’t see. Call and file claim.

Again, don't over complicate it.

Only two questions need to be answered at this point, every thing else is mental masturbation.

First and foremost, was it in force at the time of dad's death? Was it an active policy or had it lapsed or been surrendered?

Second, who is the beneficiary?

The only people who can answer this is the claims department at Aflac.
 
Back
Top