Cliffs:
- Elderly friend has been paying into indemnity plan for 8 years
- Helping him make a budget, thinking to drop this plan
- He was hospitalized for more than his 10-day indemnity limit but thought that this policy was only a 'cancer benefit' so he didn't think to file a claim within the 30-day Notice of Claim time period. Hospitalization was around 6 months ago.

Questions:
1. Before cancelling, should he bother attempting to claim his recent hospital stay and hope that the company (Guarantee Trust Life Insurance) uses discretion to allow him to file months beyond the provided time limit? His plea would basically be "I didn't know the extent of my benefit."

Edit: Question 2 has been resolved.
2. Is it possible that he's been overpaying for his premiums all this time? One box says that his annual premium is $40.70 while the next box seems to say $40.70 monthly. Which is it? (He pays that monthly.)

Thank yall for helping me help him. He's had a challenging year.

This post was edited on 8/29/22 at 9:00 pm

2 ...

Report Post

Posted by Weekend Warrior79

Member since Aug 2014

16437 posts

Posted on 8/29/22 at 1:24 pm to ThibToShreve

quote:
1. Before cancelling, should he bother attempting to claim his recent hospital stay and hope that the company (Guarantee Trust Life Insurance) uses discretion to allow him to file months beyond the provided time limit? His plea would basically be "I didn't know the extent of my benefit."

I would file anyway under the "or some similar reason, as soon thereafter as is reasonably possible". The worst that can happen is they deny the claim. But, it would be better to have a quick consultation with an attorney that either specializes in elder law, or medical law. Being mindful of how much he would actually be able to collect vs what it would cost for the legal consultation

quote:
2. Is it possible that he's been overpaying for his premiums all this time? One box says that his annual premium is $40.70 while the next box seems to say $40.70 monthly. Which is it? (He pays that monthly.)

In looking at the form, I read that as he is agreeing to pay the annual premium on a monthly basis. So, it would actually appear that he has been overpaying and could have a hefty credit that may cover him for a few years of "prepaid" coverage

This post was edited on 8/29/22 at 1:25 pm

1 ...

Report Post

Posted by iknowmorethanyou

Paydirt

Member since Jul 2007

6548 posts

Posted on 8/29/22 at 1:57 pm to ThibToShreve

I would first try to find the actual policy declarations page.

It's possible that the slapdick agent who sold this crap didn't complete the application correctly.

1 ...

Report Post

Posted by ThibToShreve

Member since Jul 2022

6 posts

Posted on 8/29/22 at 8:51 pm to Weekend Warrior79

quote:
The worst that can happen is they deny the claim.

You're right. I'll help him get that claim filed and give it a chance.

quote:
it would actually appear that he has been overpaying and could have a hefty credit

I called the company's headquarters today and was told that the annual premium was $400something. I'm planning to go with my friend to get some clarity from the lady who wrote the policy 8 years ago. Will update afterwards.
Thanks for your input WW79!

0 ...

Report Post

Posted by ThibToShreve

Member since Jul 2022

6 posts

Posted on 8/29/22 at 8:56 pm to iknowmorethanyou

quote:
find the actual policy declarations page.

I just found it and it clearly spells out that he has been paying the correct amount monthly, so that issue is cleared up. Thanks for your suggestion, iknowmorethanyou!

Page 1