Updating in case of future readers:
This has been resolved. I wasn't aware of it, but Mom had a small life policy at the same company as the annuity. When I would call, I was being shunted over to the Life Co. instead of the annuity folks. Once I figured out what was happening, I got in touch with the right reps and they are sending me the necessary paperwork regarding the annuity. My brother was named a joint beneficiary on that life policy, so it was totally legit for them to contact him about it.
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Hello all - I'm kind of new to this so please let me know if I'm using incorrect terms etc.
My parents were badly injured in an auto accident 15 years ago. They took some of the settlement proceeds and bought an annuity policy from Big Ins. Co. to pay them a monthly benefit until December 2027, at which time they would be paid a final lump sum.
I am the only beneficiary on this policy, and the policy states that if both of them predecease me (both died this year, Dad in March and Mom in December), the policy continues in the same fashion except with payments to me as the successor.
Two questions. One is, they've sent me a claim form indicating that I'm owed $X, which is the same as the monthly amount my parents received. But it seems they're acting as if this is the sole amount they owe ("paying your claim in the amount of $X"), with no mention of continued monthly payments through 2027 and no mention of final payment. I've called 5 times and spoken to various people but no one seems to understand what the contract plainly states. Has anyone ever heard of something like this happening?
Two is, I just found out that they sent my brother the same claim form. He is not a beneficiary, and has not been in my parents' lives for the last 30 years, while I've been caring for them throughout most of this time period. Which is why they made him a nice (6-figure) gift in the will, but never told him about this annuity and did not make him a beneficiary. It seems to me as if Big Ins. Co. is interfering with my relationship as their beneficiary or interfering with their own contract with my parents (like I said, I don't know the proper terms). Similar question - has anyone ever heard of an insurance company going outside the contract to notify non-beneficiaries that they supposedly "have a claim"?
Thanks for any thoughts.