Question
What is the name of your state? California
My mom died of a prolonged illness in July of 2003. 18 weeks later, my dad died suddenly (probably of loneliness) on November 24. He was entirely lucid, etc.
For reasons that we do not know, my dad cancelled his life insurance policy for a very large benefit sum, by means of a hand-scrawled note that he dated November1, mailed to the insurer.
Does this mean that I have no right to pursue collection of the benefits? Is 24 days enough to cancel a policy? Did the letter that he sent definitively cancel the policy? I have heard "rumors" from amateur attorneys that there may be a 30 day waiting period before a cancellation takes effect, but I cannot find a good source for this kind of information.
Thank you...
Answer
You'll have to specify the type of insurance your father carried. If it was a term policy, then likely it immediately expired, unless he was paying on it quarterly, semi or annually.
If he carried a whole life policy there may be cash value built up inside that would be due to the beneficiary.