Desai

I. Background

A. The Life Insurance Policies Pravin Desai owned three life insurance policies issued by The Lincoln National Life Insurance Company. One insured his life, one insured the life of his son, Prashant, and one insured the life of his son, Raj. (Docket Entry No. 33-2 at ¶¶ 1–4). When Desai purchased the Policies in April 2014, he paid approximately $35,000 in premiums. The Policies were “flexible premium adjustable life insurance polic[ies].” (Id. at ¶ 6). The premiums that Desai paid would contribute to the “Policy Value[s],” while Lincoln’s monthly deductions for “the cost of providing the coverage” would decrease the policy values. (Id.). The Policies, by their terms, would terminate if the policy values fell below the cost of monthly deductions. (Id.). Each Policy also provided that if the policy value was insufficient to cover the monthly

deductions due, “[a] grace period of 60 days will be allowed for payment of the amount needed to continue the policy.” (Id. at ¶ 9). The Policies required Lincoln to notify Desai at his “last known address,” as well as “any assignee of record[,] at least 30 days before the end of the grace period of the amount…