Migliaccio & Rathod LLP is investigating whether insurance companies have failed to pay required interest on fixed annuity death benefits connected to Vermont.
Under Vermont law, qualifying fixed annuity death benefits generally must include interest at the greater of 6% annually or the insurer’s applicable rate for proceeds left on deposit. For many contracts, interest begins when the person whose death triggers payment dies, although exceptions and different contractual rules may apply.
Migliaccio & Rathod is investigating whether beneficiaries received annuity death benefits without required interest, were paid using an incorrect rate, or had interest calculated from a later date than the law required.
Beneficiaries May Have Experienced:
- Receiving a fixed annuity death benefit without interest;
- Receiving interest at a rate below the applicable minimum;
- Having interest calculated only after submitting claim paperwork;
- Receiving a payment statement that did not explain the interest calculation; or
- Receiving less than the amount required under the applicable annuity contract and law.
Potential Claims May Include:
- Failure to pay required annuity death-benefit interest;
- Incorrect interest-rate or accrual-date calculations;
- Breach of applicable annuity contract provisions; or
- Violations of Vermont insurance requirements.
Signs You May Be Affected:
- You received a fixed annuity death benefit connected to Vermont;
- The insurer paid the benefit after the annuity owner’s death;
- Your payment did not separately identify interest;
- You believe the insurer used an incorrect interest rate or starting date;
- You have the annuity contract and settlement statement; or
- You have records showing when the insured person died and when payment was made.
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.