How long can an annuity company delay payment?

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Latest post Mon, Dec 21 2009 3:19 PM by adjuster jack. 3 replies.
  • Mon, Dec 21 2009 2:58 PM

    • Donovan123
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    How long can an annuity company delay payment?

    How long can an insurance/annuity company delay payment to the beneficiary(ies)? 

    It's been well over 3 months since a loved one passed, and the annuity company continues to say that their policy is to wait until they receive paperwork from all beneficiaries.  I understand for accounting reasons it might make it easier to wait for everyone, but from a valuation of the policy I can't see where it would make a difference and due to deductions I would have liked to claim the income on this year's taxes.

    When I ask who didn't send it in, I'm told because of privacy laws they can't tell me.  When I ask how many they don't have, they don't tell me for the same reason.

    I faxed a request for despersement prior to all beneficiaries' submitting paperwork (2nd request) and am told it will take 10-15 days to review.

    My question is, are there laws/guidelines for how long they can delay payment? 

  • Mon, Dec 21 2009 3:03 PM In reply to

    • mudpie
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    Re: How long can an annuity company delay payment?

    If you know who the beneficiaries are, why not ask them yourself? I guess you can ask the state insurance commision concerning state code otherwise the details should be included in the contract itself.

     

    Adjuster Jack probably knows the answer and insider tips and cacht words to throw back at the insurance company.

  • Mon, Dec 21 2009 3:08 PM In reply to

    • Donovan123
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    Re: How long can an annuity company delay payment?

    Thanks Mudpie.  To answer your question, I did ask the beneficiaries and they say all paperwork has been submitted.  I suppose it's possible there may be more than the obvious beneficiaries, but again, privacy laws prohibit disclosing that information. :-)

    Question, would I ask my state insurance commission or the commission where the annuity company resides?

  • Mon, Dec 21 2009 3:19 PM In reply to

    Re: How long can an annuity company delay payment?

    Donovan123:
    are there laws/guidelines for how long they can delay payment?

    Not really. And it wouldn't matter if there were. Depending on the way the policy was written and any complications like multiple beneficiaries, it could take a lot longer than 3 months.

    Answer ALL of the following questions and I may be able to give you a better idea of what's going on and what to do.

    First of all, who has or had the original of the annuity policy and where is it now?

    Did the policy list more than one beneficiary?

    Or did it list the estate as beneficiaries or no beneficiary at all?

    Who is the executor/administrator of the estate?

    What, exactly, has been sent to the annuity company and who sent it?

     

     

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