Migliaccio & Rathod LLP is investigating whether Vermont residents who received life insurance benefits under policies issued in other states were paid all applicable interest.
Vermont insurance regulators have taken the position that the state’s death-benefit interest protections may apply in certain circumstances when a beneficiary lived in Vermont at the time of the insured person’s death, even if the life insurance policy was issued elsewhere.
Migliaccio & Rathod is investigating whether qualifying beneficiaries received death-benefit payments without required interest or with interest calculated at an incorrect rate. Whether Vermont’s requirements apply depends on the particular policy and circumstances.
Beneficiaries May Have Experienced:
- Receiving life insurance proceeds from a policy issued outside Vermont;
- Receiving no interest with the death-benefit payment;
- Receiving interest calculated from the date the claim was filed;
- Receiving interest at a rate below the potentially applicable Vermont minimum; or
- Being told that Vermont interest requirements did not apply because the policy was issued elsewhere.
Potential Claims May Include:
- Failure to pay legally required death-benefit interest;
- Incorrect calculation of insurance proceeds;
- Breach of applicable policy obligations; or
- Violations of applicable insurance laws.
Signs You May Be Affected:
- You lived in Vermont when the insured person died;
- You received benefits under a life insurance policy issued in another state;
- Your payment did not include separately identified interest;
- You believe the insurer used an incorrect interest rate or starting date;
- You have records showing the death and payment dates; or
- You have a copy of the policy or settlement statement.
If you believe you experienced this issue, we would like to hear from you. Please complete the contact form on this page, send us an email at [email protected], or give us a call.