Cathy asked in Business & FinanceInsurance · 6 months ago

Is there an agency to contact if insurance company does not want to pay cash surrender on a life insurance policy?

6 Answers

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  • Flower
    Lv 7
    6 months ago

    They dont have to buy your policy. But each state is governed by an insurance agency. Perhaps you should contact yours.

  • 6 months ago

    Yes, you can contact your state insurance commissioner.

    You probably should know that ONLY the policy owner can cancel the policy and receive the cash surrender amount, if there is any.

  • 6 months ago

    Doesn't want to pay...that doesn't make sense. Complete the form and they send you a check.

    Now, are you the person authorized to do this? Is there even a cash value? Any loans made against that cash value...rendering it non-existent?

    You can contact your state's insurance commissioner...but there is more to this story.

  • 6 months ago

    We're not getting the whole story. I highly doubt that's the case. You fill out the cancellation form, you send it in and the policy gets cancelled. BUT, if there's a loan outstanding on the policy and the premium is in arrears, all of that comes off the surrender value and it's worthless.

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  • 6 months ago

    Each state has an Insurance Commissioner who will help you work with your insurance company.

  • ?
    Lv 7
    6 months ago

    Depends on where you are, but most states and countries have a regulatory commission you can subject your case to for review.

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