Migliaccio & Rathod LLP is investigating whether variable annuity beneficiaries connected to Vermont received the interest required on their death-benefit payments.
Certain variable annuity contracts are subject to special Vermont interest rules. For qualifying contracts, interest generally begins on the eighth day after the insurer receives properly executed proof of loss, rather than automatically beginning on the date of death.
Migliaccio & Rathod is investigating whether insurers failed to include required interest, used incorrect interest rates, or began calculating interest later than permitted under the applicable rules.
Beneficiaries May Have Experienced:
- Receiving variable annuity death benefits without interest;
- Receiving interest calculated from a date later than required;
- Experiencing delays between submitting completed claim documents and receiving payment;
- Receiving an unclear explanation of the insurer’s interest calculation; or
- Receiving less interest than required under the applicable rules.
Potential Claims May Include:
- Failure to pay required variable annuity interest;
- Incorrect calculation of interest-accrual dates;
- Breach of applicable annuity contract obligations; or
- Violations of Vermont insurance requirements.
Signs You May Be Affected:
- You received death benefits from a variable annuity connected to Vermont;
- You submitted properly completed proof-of-loss documents;
- The insurer paid the benefit more than seven days after receiving those documents;
- Your payment did not include identifiable interest;
- You believe the insurer calculated interest incorrectly; or
- You have the annuity contract, claim submission records, and payment 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.