A few years ago we stopped offering to the public a particular interest bearing checking account. It included account features such as a free safe deposit box for the first year and $5,000 24-hour accidental death insurance. We have a few remaining accounts carried on our system under this product type. The accidental death insurance is now no longer available and am I sure customers probably don’t remember or recall that the account had this feature tied to it. However, a question has arisen as to whether or not we are required to notify the customer of the fact the insurance is no longer available.

I would appreciate any input regarding this issue.

It depends on your original offer and the contracts involved. You'll find out when someone dies and their heirs show up on your doorstep. I wouldn't want to be in front of a judge and have to say: "Yeah, we sold the product with the life insurance included, but we cancelled it some time later and never took the time to tell the customer".