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Tina
Tina, Lawyer
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Experience:  JD, BBA Over 25 years legal and business experience.
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03/26/2015 I paid on a whole life 100,000 dollar insurance

Customer Question

03/26/2015
I paid on a whole life 100,000 dollar insurance policy with Great West Life for 29 years. 1986 to 2015 never missed a payment, never took out loan against the policy. Policy states it is a contract between owner of the Policy and GWL. The policy was surrendered for cash value payout on 02/25/2015, just b4 my 66th bday 03/06/15. On 03/30/15 I received a check for 34,549.33 from GWL with very little explanation on how arrived at this figure. The contract states that the surrender cash value at age 65 is 51,994.33. Also, the paid up rider value, paid up at age 44, is 7,209.78 this was a disability rider. Called GWL on this and was told because the dividends generated by the policy had paid some of the premiums, approx. 10 years worth, that is the reason for the reduced pay out. Also, GWL claims never had a rider on this policy. I did Paul Revere Disability. Does this company owe me the full pay out or is GWL correct? This is my planned retirement monies and I am not satisfied with Great West Life Insurance Company explanation.
Appreciate a response or any further questions I can answer...Rodney G. Bell
Submitted: 1 year ago.
Category: Legal
Expert:  Irwin Law replied 1 year ago.
Called GWL on this and was told because the dividends generated by the policy had paid some of the premiums, approx. 10 years worth, that is the reason for the reduced pay out. What is the basis for your belief that this statement from the insurance company is incorrect? Did they send you annual statements showing the value of the policy?

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