GRENALL

Jean M. Simes (Simes) died of cancer less than four months after purchasing an annuity that provided for monthly benefit payments as long as she lived. Plaintiffs Carol Grenall and Mike Sutton, the administrators of her estate (the Estate), sought to rescind the annuity based on a mistake of fact, namely, that Simes was unaware at the time of the contract that she was terminally ill. The trial court granted summary judgment in favor of the issuing company, defendant United of Omaha Life Insurance Company (United). We affirm because plaintiffs failed to establish an essential element for rescission based on mistake of fact.

Factual and Procedural Background

The essential facts are undisputed for purposes of appeal:

Simes submitted a signed annuity application to United’s agent on October 2, 2001, along with a single premium of $321,131. United then issued a policy for a single premium immediate annuity, effective the date of Simes’s application. Simes received a copy of the policy six weeks after her application. The cover page of the annuity policy includes the following provision: “READ YOUR POLICY CAREFULLY, ffl It includes the provisions on the following pages, [f ]…