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Ask the Life Insurance Expert
My mom passed away in 2003. She lived in West Virginia. Policy was never paid out. It was for 5,000 dollars. How much interest would there be after 10 years? The company just found they need to pay me.
According to West Virginia law, the life insurance company owes you interest since the date of your mother’s death. The statute states that the interest “shall be computed from the date of death at the current rate of interest on proceeds left on deposit with the insurer.”
If you need clarification on this, I recommend you contact the West Virginia department of insurance.