An annuity plan is a commonly chosen alternative to a life insurance plan. The main difference is that instead of benefiting your family, life annuity plans benefit the insured party.
Life insurance plans are there so the family and dependents are compensated in the event of the insured party’s death. The insured party pays for life insurance over a long period of time and the payout does not occur until their passing.
Life annuity plans are there to help ensure that the insured party does not outlive their accrued income. Life annuity payments are made over a period of time or a lump sum payment. When the time comes the annuity, recipient receives scheduled payments either for a determined amount of years, or for the rest of their lifetime.
What happens when the annuity insurance company fails to put all provisions in place, resulting in an insurance denial?
Case Scenario: Our Client’s father thought he had purchased a life annuity that would pay benefits to his children upon his death. Unfortunately, the financial institution/insurance company that was supposed to issue the annuity failed to put in the necessary provisions in place and upon his death all potential annuity benefits were lost.
At Daggett Shuler, we were able to enforce the terms of the annuity and recover the full amount of the life benefits payable to our client and his brother and sisters. Our clients would have received no benefits without our help, knowledge, experience, and intervention.
If you have questions about an annuity or life insurance plan and the financial institution or insurance company won’t pay your benefits, call Daggett Shuler for help at 336-724-1234. If your life insurance policy benefits were denied call Daggett Shuler for help. If you feel that annuity benefits are due, and you are not getting paid, call Daggett Shuler for help.
Our consultation is always free, and we will help guide you in the best possible direction based on your specific set of circumstances.
Daggett Shuler, We’ve got your back.