by Guest » Mon Dec 31, 2007 01:28 am
My grandfather died in September. I am the executor's (my father's) designee for the purposes of handling the massive amount of paperwork my grandfather has amassed over the years pertaining to life insurance. I have boxes full of policies, certificates, letters about policies transferring from one carrier to another- and a lot of advertisements for insurance products grandpa may or may not have purchased.
As I sift throught the stacks, I am calling insurance companies with regard to specific policy numbers because I don't know how else to go about it. I have found a good bit of active insurance, but I have found a whole lot of inactive policies, too- ones that have either been paid off, have lapsed, or have been surrendered.
I've long since sorted the paperwork as best I could, but the other day I called an insurance company in regard to a specific policy only to find out grandpa had two other insurance policies with them which were in force at the time of his death. I have been through every sheet of paper in these boxes trying to find paperwork for these policies. It just isn't there. I've said all that in order to ask this question: Because I am concerned that there are policies in force for which I have no paperwork, how can I go about finding out about these policies? It almost seems like a fool's errand to continue in this manner.
(I am trying to get a list of his bank account activity in the months before his death and records from his dozens of credit cards in order to determine to whom he was making his premium payments, but I am concerned about paid off policies and companies with policies on Grandpa who don't have his most recent address.)
Any ideas would be much appreciated.
As I sift throught the stacks, I am calling insurance companies with regard to specific policy numbers because I don't know how else to go about it. I have found a good bit of active insurance, but I have found a whole lot of inactive policies, too- ones that have either been paid off, have lapsed, or have been surrendered.
I've long since sorted the paperwork as best I could, but the other day I called an insurance company in regard to a specific policy only to find out grandpa had two other insurance policies with them which were in force at the time of his death. I have been through every sheet of paper in these boxes trying to find paperwork for these policies. It just isn't there. I've said all that in order to ask this question: Because I am concerned that there are policies in force for which I have no paperwork, how can I go about finding out about these policies? It almost seems like a fool's errand to continue in this manner.
(I am trying to get a list of his bank account activity in the months before his death and records from his dozens of credit cards in order to determine to whom he was making his premium payments, but I am concerned about paid off policies and companies with policies on Grandpa who don't have his most recent address.)
Any ideas would be much appreciated.
Posted: Mon Dec 31, 2007 07:08 am Post Subject:
It almost seems like a fool's errand to continue in this manner. I am trying to get a list of his bank account activity in the months before his death and records from his dozens of credit cards in order to determine to whom he was making his premium payments
Your frustration is quite obvious but my friend, that seems to be the only solution_at_sight. Tk cr. :)
Posted: Mon Dec 31, 2007 07:31 am Post Subject:
Have you checked with the state insurance department? There you may get the necessary information.
At times, the other family members may possess the necessary information. Have you checked out with them? You can ask your grandmother, if she is still alive.
Being the executor of anyone's property is a messy job in itself and missing-documents are enough to screw it up more.
Posted: Mon Dec 31, 2007 10:13 am Post Subject:
good morning kamikaze483, and welcome...
I feel your pain, been through this mess myself, three times! Unfortunately there are none (to my knowledge) 'clearing houses' (for lack of a better word) that will have this information...However, one source might me this....all states have a site that has a list of ''lost'' money...in my state i think it is mo-money maybe, (i live in missouri). You should be able to find your states site by googling, not sure it will help but won't hurt. I'd be surprised if your stated dept of ins would be of any help on this matter at all.. Be sure to check with all the relatives re: grandpa talked about a policy/insurance company etc. Also check with his homeowner and car insurance companies many times people try and keep a lot of insurance with same company..I wish I had better info for you, but the way you are tracking it is about the only way to find it. I understand the paid up ones are the real problem!
Posted: Mon Dec 31, 2007 01:47 pm Post Subject: A heck of a mess (Estate/Insurance)
Hi kamikaze483,
First of all, Lori is correct, the state department of insurance will be of no benefit to you at this point.
The "Unclaimed Property" section that Lori mentioned is a very good idea, but it will take some time for your grandfather's information to show up there, if ever.
I've long since sorted the paperwork as best I could, but the other day I called an insurance company in regard to a specific policy only to find out grandpa had two other insurance policies with them which were in force at the time of his death. I have been through every sheet of paper in these boxes trying to find paperwork for these policies. It just isn't there.
Don't worry about finding these policies. The beneficiary of these policies can sign a "Lost Policy Certificate" and file the claim to receive the insurance proceeds. You do not have to have the original policy document to file a life insurance claim.
Check the appplications on the life insurance policies you have located. Normally the last page of the policy is the original application for the insurance and it is a common practice to list all life insurance policies in force at the time of the application. This could provide some policy numbers and then you will be able to call the appropriate insurance company.
I wish there was an easy answer, but it seems that your grandfather didn't pay much attention to organization and searching through his papers and documents is about all that you can do.
I don't know how old your grandfather was, but a lot of elderly people keep everything in the family Bible. It wouldn't hurt to look there also.
Did he keep any type of journal?
Just don't worry about the original documents, all you need is the policy number and the name of the company.
Good luck.
Posted: Tue Jan 01, 2008 08:18 am Post Subject: Form Letter
Be sure to send a letter of inquiry to EVERY company whos' litrature is in your policy drawer. Document your position as executor. Include grandfather's and grandmother's full name, SSN and any known addresses for the last 100 years. Ask for policy numbers of every policy in force.
Posted: Wed Jan 02, 2008 05:39 pm Post Subject:
You can check the Medical Information Bureau (MIB) database. This is a database of all applications for individual life insurance that were processed during the past 12 years but it does cost $75 per search. And even then you may not find everything. You can look through old bank books and canceled checks, check with his old employers and financial advisors.
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Posted: Fri Jan 04, 2008 06:14 am Post Subject:
OK, quick 1-2 here, it's late.
Regarding the MIB- it's gonna be tough to get info out of here without proof of executor's order furnished to the database. You and the information you are looking for must be the same person, with certain exceptions Give it a shot, though.
OPs are right, there are no databases in existence that house policy data. If anyone wants in on a start-up of one of these- let me know! As well, state repositories won't show up anything on your grandfather's assets for some time and the insurance division is no help here at all.
I would have to agree- grunt work is in order here. But look at it this way-you're finding in-force contracts. Grandpa was smart enough (unorganized, but smart enough) to buy life insurance. Keep digging through the paperwork, and by the way- I feel your pain as well. I have done so much of this that it gives me a cramp just thinking about it.
Lastly, this is something that will affect the gross estate value of granpa's estate. Any life insurance that is both owned by and covers the decendent will gross up the estate by an amount equal to the total of the death benefits paid. Unfortunately, it doesn't matter who the beneficiary is. Thank your IRS for this one.
Good luck, and good digging!
Ins Teacher 8)
Posted: Sun Jan 06, 2008 04:57 pm Post Subject:
Wow, I feel for you, let this be a lesson to all of us to keep these things more organized so that our loved ones don't have to go through all of this when we pass, and remember that we don't have to be elderly to pass, could happen to any of us at any time, so this information should be on our to do list.
You may want to just make a simple list of where everything is and the contact information for the companies, if the policies expire or are no longer valid get rid of them.
Hey Lori, what are your thoughts about starting thread on this Lori, are there any members here that specialize in life insurance or Lori, since you have been through it three times, it may be something you could come up with, if you would. Just a simple guide or list of what is where and who is who and all that stuff that this poster is going through right now.
Lori, you are just so thorough on everything, what are your thoughts on building a thread specific to this and we could all build a list? please let me know? See, I think you can do just about anything, LOL.
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