On aug 2 my friend cancelled his life insurance with any family members knowing 7 days later he passed. Can anything be done to reinstate the insurance? I think he had dementia.
Why do I think "your friend" is not just "your friend", and "any family members" is you? There is much more to your question than what's on its face.
The reason I say this is that it is now August 12th. He died on August 9th, and canceled his life insurance on August 2nd. Three days after his death, and his family would most likely be dealing with the funeral home, wake & funeral---that takes up at least 2-3 days. How would you know, as his "friend", 3 days after his death whether or not he canceled his life insurance policy? And if he was your "friend", why do you "think" he had dementia and not KNOW FOR A FACT THAT HE HAD DEMENTIA? And why would you be asking ask a bunch of people you don't know whether or not anything can be done to reinstate the insurance policy? If his "family members" wanted to know if anything could be done to reinstate of policy, they can call the insurance company & find out what the rules are. Unless you are the beneficiary, it's none of your business what his "family members" do.
There's something very fishy with your question, in my humble opinion. Unless you are the beneficiary of the policy, mind your own business.
There are several questions that need answers. How do you know that he cancelled his insurance? Did someone contact the insurance company and the company said that he had cancelled? How did he do this? Did he stop paying? Did he write and say "cancel". Did he go through an agent? Did he give an effective date, since many policies are paid in advance.
What type of life insurance did he have? Was it group or individual? Individual term, group term (union, association, pension, etc.) whole life, universal life, or what?
Once you know that you will know the best person to contact at the issuing organization.
Are you the beneficiary? Does the man have a will or trust? If an attorney is involved perhaps that office can assist you.
IMO, if you are not a beneficiary, or responsible for any remaining bills, you do not have standing in this situation.
Call an elder care attorney right away because if the person was not deceased, the insurance company would probably say there is a "grace period" for the payment and If it was paid immediately, they would re-instate it but due to the fact that the policy holder cancelled it and then passed soon after, they will know they would be liable to pay and would probably tell you there is nothing they can do. An attorney can help you especially if you have a doctor attesting to the fact that he did have dementia.
You should contact an elder law attorney. Explain to the lawyer that your husband wasn't in his right mind when he made the life insurance decision. Also point out the 7-day timeframe. Push or at least attempt to "not to take no for an answer," e.g. work with the attorney.
The reason I say this is that it is now August 12th. He died on August 9th, and canceled his life insurance on August 2nd. Three days after his death, and his family would most likely be dealing with the funeral home, wake & funeral---that takes up at least 2-3 days. How would you know, as his "friend", 3 days after his death whether or not he canceled his life insurance policy? And if he was your "friend", why do you "think" he had dementia and not KNOW FOR A FACT THAT HE HAD DEMENTIA? And why would you be asking ask a bunch of people you don't know whether or not anything can be done to reinstate the insurance policy? If his "family members" wanted to know if anything could be done to reinstate of policy, they can call the insurance company & find out what the rules are. Unless you are the beneficiary, it's none of your business what his "family members" do.
There's something very fishy with your question, in my humble opinion. Unless you are the beneficiary of the policy, mind your own business.
So sorry for your loss!
What type of life insurance did he have? Was it group or individual? Individual term, group term (union, association, pension, etc.) whole life, universal life, or what?
Once you know that you will know the best person to contact at the issuing organization.
Are you the beneficiary? Does the man have a will or trust? If an attorney is involved perhaps that office can assist you.
IMO, if you are not a beneficiary, or responsible for any remaining bills, you do not have standing in this situation.
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