What is risk by signing a Banker Life of Louisiana life insurance policy at GMAC in Alexandria, La.?
Dad purchased vehicle at GMAC in Alexandria, Louisiana. Dealership had him sign a Bankers Life of Louisiana life insurance policy. On this policy GMAC is the beneficiary, and my mother is second. Policy had list of illnesses (which dad had all), but signed as had none. Upon death of dad, policy is to pay off vechicle and then vechicle belongs to mother. Trying to figure if vechicle s paid or not. Father died 8/09/06. Now Bankers Life of Louiiana sending paperwork wanting to know all his illnesses. Also, if mother gets vechicle changed to her name, will that cancel the life insurance policy.
If the policy was less than two years old and they lied on the application about your dad's health, it may not pay at all. If it was over two years old, they should not be asking about his prior health, as it would not matter. Credit life it the worst insurance you can every buy. I hope it pays off the car for your mom. My condolences on the passing of your dad.
The policy is legit. If he passed based on one of the illness's in the contract they will pay off the debt owed on the vehicle and mom will get the car paid for. The policy is then no longer in effect.
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Send the insurance company a copy of the death certificate stating cause of death – any other ancillary illnesses are inconsequential.
Your mom can't change the title as long as their is a lienholder (GMAC), she needs a release of lien, which GMAC will provide to her after the vehicle is paid off.
Check to see the value of the policy – because your mom may receive the additional payout if the amount of insurance is > than the balance owed.
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If the policy was less than two years old and they lied on the application about your dad's health, it may not pay at all. If it was over two years old, they should not be asking about his prior health, as it would not matter. Credit life it the worst insurance you can every buy. I hope it pays off the car for your mom. My condolences on the passing of your dad.
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