Question
Can The Standard require a POA or Conservatorship/Guardian paperwork before releasing my daughter's benefits?
My daughter was hospitalized for a brain anuerysm over a month ago. I received a letter from Standard saying she is incapable of handling her finances and they will require a POA or Conservatorship/Guardian paperwork before they release her benefits. Can they do that? She has tons of student loans and bills that needs to be paid. I am afraid her credit score will be affected and her interest rates will increase due to nonpayment.
Answer
Sheree, First and foremost, my thoughts are with you and your daughter. Is your daughter capable of handling her finances? If so, I would have her contact Standard immediately. If not, it might be wise to get the paperwork in place so the benefits are released. The question of whether they can require the POA has no clear, easy answer, but I can tell you from experience that questions as to the ability to handle finances are often contained on insurance company claim forms so the fact they are questioning her abilities is not unheard of.
