Migliaccio & Rathod LLP is investigating whether life insurance companies have failed to pay Vermont beneficiaries the full interest owed on life insurance death benefits.
Vermont law generally requires qualifying individual life insurance death benefits to include interest of at least 6% annually, calculated from the date of the insured person’s death until payment. Some beneficiaries may receive the policy’s death benefit without realizing that additional interest should have been included.
Migliaccio & Rathod is investigating whether insurers have omitted required interest, used incorrect rates, or started calculating interest too late, potentially leaving beneficiaries with less money than they were entitled to receive.
Beneficiaries May Have Experienced:
- Receiving a life insurance death benefit without a separate interest payment;
- Being paid only the policy’s stated face amount;
- Receiving interest calculated from the claim submission date rather than the date of death;
- Receiving interest at a rate below the applicable statutory minimum; or
- Being unable to determine how the insurer calculated interest.
Potential Claims May Include:
- Failure to pay statutorily required interest;
- Incorrect calculation of life insurance proceeds;
- Breach of insurance contract, where applicable; or
- Violations of applicable insurance or consumer protection laws.
Signs You May Be Affected:
- You received benefits from an individual life insurance policy connected to Vermont;
- The insured person died before the insurer issued payment;
- Your payment statement did not identify any interest;
- The insurer calculated interest using a rate below 6%, where that minimum applied;
- You believe interest was calculated from the wrong date; or
- You have the policy, benefit statement, or payment records.
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.