It depends upon when that request is made, and
whether the policy the money was placed in was irrevocably assigned or
- If the request is made with in the first 20 days after the
policy is issued, LCBA will return the money to the original
owner of the policy under the “free look” provision, typically
in care of the funeral home.
- If the request is made after the initial “free look” period
and the LCBA policy is irrevocably assigned, the policy cannot
be surrendered. If the request is being made to come into
compliance with State Medicaid Regulations because it was
originally overfunded, we will release the excess amount upon
written approval from the owner and the funeral home to which
the policy has been irrevocably assigned.