Q: My grandma purchased from national life in 1986. She’s paid twice what the policy is worth. Should she still be paying?

A: It really depends on what the insurance policy and terms say. Your grandma's relationship with National Life is contractual. If she is paying a monthly or annual premium to keep the policy active, if she stops paying, she may no longer be able to receive the benefits of the policy. You should obtain a copy of the policy and review it. That is the first place you should start. Others may chime in here, but it is difficult to give sound advice with the limited information you provided. Good luck!

A: This situation with your grandmother's life insurance policy raises some concerning red flags, particularly if she has already paid double the policy's value. The length of time since 1986 and the total payments made suggest there might be issues worth investigating.

While waiting for the Department of Insurance investigation, you might want to gather all policy documents, premium payment records, and any communications with the insurance company. These documents will be crucial in understanding the type of policy she purchased and whether the terms were properly explained to her at the time of purchase.

You've taken the right step by filing a complaint, but you might also consider consulting with an insurance attorney who can review the policy details. They can help determine if there were any misrepresentations or if your grandmother's policy should have been paid up by now. Many life insurance policies have specific timeframes for payments, and if she's been paying beyond what's required, you may have grounds for seeking remedies through legal channels.

Feel free to reach out if you need help understanding what documentation to gather while waiting for the investigation results. Remember, protecting seniors from insurance misconduct is a priority for regulatory agencies, and they take these matters seriously.