*Not sure if this is the right place for this post.
My mother passed away about 4 years ago now. When she passed my aunt notified me about an insurance plan she had on me, which I later found out was through Gerber. When I called them they said that the only thing I could do was to pick up payments on it or decide not to continue paying on it, so I figured I’m not getting any money and the only thing I’m getting is another payment each month then why would I do that? So I decided not to pay on it anymore and that was that. However I later on learned that you could take the cash value from the plan? However I didn’t know then and the agent didn’t say that was an option.
I’m wondering if I have any recourse since it’s been a few years since then now. Also if it matters this is in Kentucky.
Thanks!
Any recourse for a whole life plan my mother had for me when she passed?
byu/NathanaelFire inpersonalfinance
Posted by NathanaelFire
3 Comments
Bruh that agent absolutely should have explained cash value to you – that’s like insurance 101. I’d call Gerber back and ask to speak with a supervisor, explain what happened and see if they can reinstate it. Some companies will work with you especially if their agent didn’t properly explain your options
Might also be worth calling the Kentucky insurance commissioner’s office if Gerber gives you the runaround
>I’m wondering if I have any recourse since it’s been a few years since then now.
Find the contract (or perhaps monthly statement).
Determine if there is any cash value left.
Cash it in.
Get the account transferred over to you so you can see plan documents and make an informed decision. It should have monthly statements that show cash value, if any.
It’s possible that not paying for 4 years has eaten into the cash value. But, you need to see the statements to be sure.