insured was incapacitated due to a brain tumor and died 2 yrs later. If the policy was not paid for is the policy still payable to the beneficiary

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Jul 22, 2010

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Insurance Question from Las Vegas, NV

Asked on 07/22/2010

insured was incapacitated due to a brain tumor and died 2 yrs later. If the policy was not paid for is the policy still payable to the beneficiary NULL

Answer given on July 23, 2010

This could go a few different ways.   To make it simple, let’s assume the policy was purchased and premium was being paid for it for more than three years.

If that’s the case, the beneificiary would most likely receive the death benefits MINUS the amount of premium that was skipped over for the last couple of years, plus interest.

There are some other circumstance that could occur, like only having the policy a short time and then not paying the premium.  Or the carrier could decide to pay you a surrender value of the policy. 

It really depends on some other facts, which you don’t really give for your situation.

The surrender value also depends on the type of policy you have, the amopunt of premium you have paid and for how long, the policy term, etc. 

So if the policy has been in place and paid for for more than three years, and you haven’t gone more than two years without paying the premium, yes, the beneficiary would most likely receive the death benefit, minus the premium and accrued interest on that premium, but your mileage may vary depending on the entire list of circumstances.

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