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Should we cash the check?
Old 12-18-2017, 11:02 AM   #1
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Should we cash the check?

Does cashing a life insurance policy exclude you from collecting further benefits if we find out the amount is not correct.

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Old 12-18-2017, 11:32 AM   #2
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I think you need to elaborate a little on this.

Wild Bill shoulda taken more out of his IRA when he could have. . . .
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Old 12-18-2017, 11:55 AM   #3
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This may be something that's better to discuss with a lawyer than a bunch of anonymous yahoos on a message board.
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Old 12-18-2017, 11:59 AM   #4
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Your recourse for the wrong amount might be to correct that check. I don't think while you are in that process that the policy would still remain in effect. (i.e. no death benefit or loans)

I wouldn't cash the check until everything was worked out to some agreement.

but..... more info please.
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Old 12-18-2017, 12:15 PM   #5
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Originally Posted by dtbach View Post
I think you need to elaborate a little on this.
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Old 12-18-2017, 12:18 PM   #6
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Originally Posted by dtbach View Post
I think you need to elaborate a little on this.

A great deal depends on the magnitude of the check, the magnitude of the dispute, and whether the back of the check includes a release.

If serious money, an attorney is much better than SGOTI.

If not serious money, I would call the insurance company's customer service and get them to say that it's ok to cash the check, then verify with the rep that you are on a recorded line. Get the rep's name and employee id, then log the time and make notes of the conversation. Better, record it. In many states it is legal to record a conversation if either of the parties is aware of the recording. But since they are recording anyway, I would go ahead and do it regardless of state law.

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