Death Benefit vs Cash Value in Life insurance

Agricola

Hi all,

My Dad passed away afew weeks back and I'm in the process of helping my mother with making a claim with Aviva on his whole of life policy.

My question is regarding the death benefit and the cash value of the policy. I've received advice from one financial consultant who believes that it may be possible to recoup the cash value (which is less than half the death benefit figure) as well as the death benefit itself.
On the other hand, I've spoken to an advisor at an accountancy firm where Dad used to do a bit of business and he believes the normal practise is to only pay out the death benefit OR the cash value, whichever is the larger of the two.

Could anyone shed any light on this for me?

gwalk

it will be whatever is outlined in the policy documents,

The J Stands for Jay

Agricola wrote: »

Hi all,

My Dad passed away afew weeks back and I'm in the process of helping my mother with making a claim with Aviva on his whole of life policy.

My question is regarding the death benefit and the cash value of the policy. I've received advice from one financial consultant who believes that it may be possible to recoup the cash value (which is less than half the death benefit figure) as well as the death benefit itself.
On the other hand, I've spoken to an advisor at an accountancy firm where Dad used to do a bit of business and he believes the normal practise is to only pay out the death benefit OR the cash value, whichever is the larger of the two.

Could anyone shed any light on this for me?

Just ask Aviva. Get the ball rolling rather than asking 3rd parties.