Washington family, business receive record $34 million life insurance payout
A Washington family and a Seattle business have received a beyond-healthy payment after a dispute over life-insurance benefits.
With the help of Washington State Insurance Commissioner Mike Kreidler, a Washington family recovered a record $34.7 million in life insurance benefits following a death in Japan.
In August, a family filed a complaint with Kreidler’s Consumer Protection Program, after Security Life of Denver Insurance Co. denied paying benefits because it claimed it had no certified proof the man who bought two policies had died in October of 2018.
Records show that the deceased man had bought two separate policies in 1999 and 2003. The man’s two daughters and a Seattle business, cited as beneficiaries, filed claims in January 2019 that were denied by the insurance company.
The Consumer Protection program began asking the company questions after receiving the family’s complaint.
The company in late September relented, saying it would grant a one-time exception and accept the previously provided documents as proof of death. As a result, the company announced a payment of $30 million dollars with an additional $4.7 million dollars of interest.
This story was originally published October 27, 2020 at 5:45 AM.
