QUESTION
Life insurance 10 years every payment on time now companies saying we owe 1700 dollars to keep policy current can they do that
Asked on Oct 08th, 2012 on Business Law - Florida
More details to this question:
We met the 7500 to be paid in 10 years we paid 7600 now its the renewal but no one ever told us about a large payment that would be due they said we will loose everything' paid in is this legal
1 ANSWER
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The terms of the policy govern. It is impossible to respond to your inquiry without reviewing the actual policy and your correspondence with the carrier. In general, there is no legal requirement that anyone "tell you" about the premiums coming due ten years in the future as long as they are properly set forth in the policy and related documents.
Answered on Oct 09th, 2012 at 7:54 AM