KNOXVILLE, Tennessee (WATE) – A World War II veteran can breathe easier over an insurance policy he bought in 1994. Merrill Campbell spoke with WATE in March about the burial policy that ‘He bought it 27 years ago when he learned that the police would only have a payment of $ 23 at the end of November 2022.
Campbell bought the burial policy for $ 5,000 to ease the financial burden on his wife and family. His monthly payment is $ 25.51 and since purchasing the policy he has paid over $ 8,000. He was extremely upset with the Jacksonville, Florida insurance provider when he learned that the plan had a cash value of just $ 23.
Campbell mentioned the plan to his State Farm agent, Linda Kilgore, who insures his boat. She asked him to bring the police so she could examine him. Kilgore was able to contact the Florida agency that holds the police.
“She said it would pay to keep paying because in the end they told me to write them a letter and they would send you a check, you don’t have to die,” Campbell said. “They will send you a check for $ 5,000.”
Campbell says he plans to live well beyond November 2022 and is very grateful for fixing the issue.
An insurance expert saw WATE’s previous story with Campbell and wanted to share some tips for people considering life and funeral insurance. Tony Martin of Choice Mutual says that over the past 20 to 25 years there have been improvements in the way burial plans are conducted and explained. Funeral insurance, also known as funeral insurance or last expense insurance, is essentially a life insurance policy, but with a much lower benefit amount than traditional life insurance.
“The most important thing is that you understand what is being offered to you. Because you can talk to your agent, he can offer you a whole life, but the other agent can offer you a temporary life, the third agent can offer you a universal life which is a hybrid of the two. So a person has to understand the type of policy they get, ”Martin said.