are we sure the insurance company paid out ? I do know for a fact after working for lawyers 22 years that many insurance companies love love LOVE to get out of paying claims. If they had a clause in the policy that said they will not pay out if the deceased was murdered then, well there ya go she gets nothing. I am not sure if any proceeds were ever disbursed. If someone knows otherwise please advise but I bet they never paid out or at the very least they held off till the verdict., Just saying, ( I hate insurance compaines, I think you should goughe them every chance you get , they are the devil)
Q. Are there any limitations to the Grow-Up[emoji768] Plan policy?
If the Insured dies by suicide within two years from the Issue Date (one year in ND), the only amount payable by Gerber Life will be the premiums paid for the policy less any debt against the policy.
The plan will pay out either at the maturity date or upon the death of the policyholder, making it something of a term policy with a guaranteed payout. Gerber promises a payout of between $10,000 and $150,000, as long as premiums are paid. The amount of the payout depends on how much the parent decides to pay each month. Gerber states that the premiums will be invested carefully with low risk, this allows them to guarantee the policy payout.
In addition, life insurance is generally intended to cover things like lost income and debts when the insured passes away. Those things arent necessary upon the death of a child. Certainly the insurance payout can help to pay for final expenses and allow the family some time to grieve by covering lost wages. However, there are other ways to get that kind of coverage such as a rider on a family life insurance policy this option will cost less and provide more coverage overall. In general, juvenile life might not be the best use of your life insurance dollar
This type of claim generally requires forms and other documentation, which can take a while to have processed. Gerber does promise to make the claims process as smooth as possible, and since life insurance claims are never filed under pleasant circumstances, thats something any insurer should provide.
*******That all said, my best guess is that LT would indeed receive the payout as next of kin with RH now found guilty. I would also guess she could have received the benefits as soon as she was cleared of any implication.
I will say researching this was very sad and creepy and the plans aren't a great deal. They have a lot of complaints. I think anyone using them should probably just add kids onto their own insurance if they deem such a thing necessary. I've never understood the reason a parent would do this but that's just me.
