I lost my mother in '06, I'm sure she took out a policy on both my sister and me. how can i cash in and find info on where this policy is?
Total Comments: 2
Posted: Mon Oct 31, 2011 04:29 am Post Subject:
Look into your mother's bank statements to find about the insurance company to which premiums were paid.
look for copies of any policy in safety deposit boxes, strong boxes etc.
If you are still at a loss, try MIB or other private companies that offer a service known as the ‘Policy locator service’ for a fee.
Once you know with which company the policy was, you need to notify your mother's death and enquire about the beneficiary. You've already waited too long, so find out if the money has already been turned over to the state's unclaimed property.
Posted: Wed Nov 02, 2011 01:18 pm Post Subject:
I'm sure she took out a policy on both my sister and me.
I read this differently than Mona does. I read this as Mom purchased life insurance naming the girls as insureds, not Mom purchased life insurance and named the girls as beneficiaries. But I could be wrong.
If the policies were juvenile policies on the girls, they would probably be continued in force under a Waiver of Payor's Premium provision. But the insurance company needed to know of Mom's death.
If the only thing the insurance company knew at the time was that the premiums were no longer being paid, the policies would have eventually lapsed for nonpayment of premium or lack of cash value.
The MIB probably has no record of juvenile policies, but you can spend $75 to find out using their Lost Policy Locator Service. Tracking down the insurance company might only happen by looking at bank records in the months prior to Mom's death to see if any checks were written or debits were made to pay for life insurance.
You've already waited too long, so find out if the money has already been turned over to the state's unclaimed property.
This statement could easily be wrong, too. If the insurance company is unaware of a person's death, it has no reason to escheat anything to the state. A few years ago, I filed a death claim on behalf of a corporate client for an insured who died six years prior. No one knew she had died until her name came up on the Social Security Master Death Index. Both the corporation and the insurance company were under the impressions that the former company employee was still alive, the policy was still in force, and the claim was paid.
In this case, if we are talking about a policy with Mom as the insured, the policy may have lapsed for nonpayment of premium, and nothing would have been sent to the state. But the death claim would still be payable because the contract says "upon presentation of due proof of death while this policy is in force." It does not state, "a claim must be presented before the policy lapses for nonpayment of premium if the death occurred while the policy was in force."
Mona attempts to provide correct information, but is frequently incorrect.
Posted: Mon Oct 31, 2011 04:29 am Post Subject:
Look into your mother's bank statements to find about the insurance company to which premiums were paid.
look for copies of any policy in safety deposit boxes, strong boxes etc.
If you are still at a loss, try MIB or other private companies that offer a service known as the ‘Policy locator service’ for a fee.
Once you know with which company the policy was, you need to notify your mother's death and enquire about the beneficiary. You've already waited too long, so find out if the money has already been turned over to the state's unclaimed property.
Posted: Wed Nov 02, 2011 01:18 pm Post Subject:
I'm sure she took out a policy on both my sister and me.
I read this differently than Mona does. I read this as Mom purchased life insurance naming the girls as insureds, not Mom purchased life insurance and named the girls as beneficiaries. But I could be wrong.
If the policies were juvenile policies on the girls, they would probably be continued in force under a Waiver of Payor's Premium provision. But the insurance company needed to know of Mom's death.
If the only thing the insurance company knew at the time was that the premiums were no longer being paid, the policies would have eventually lapsed for nonpayment of premium or lack of cash value.
The MIB probably has no record of juvenile policies, but you can spend $75 to find out using their Lost Policy Locator Service. Tracking down the insurance company might only happen by looking at bank records in the months prior to Mom's death to see if any checks were written or debits were made to pay for life insurance.
You've already waited too long, so find out if the money has already been turned over to the state's unclaimed property.
This statement could easily be wrong, too. If the insurance company is unaware of a person's death, it has no reason to escheat anything to the state. A few years ago, I filed a death claim on behalf of a corporate client for an insured who died six years prior. No one knew she had died until her name came up on the Social Security Master Death Index. Both the corporation and the insurance company were under the impressions that the former company employee was still alive, the policy was still in force, and the claim was paid.
In this case, if we are talking about a policy with Mom as the insured, the policy may have lapsed for nonpayment of premium, and nothing would have been sent to the state. But the death claim would still be payable because the contract says "upon presentation of due proof of death while this policy is in force." It does not state, "a claim must be presented before the policy lapses for nonpayment of premium if the death occurred while the policy was in force."
Mona attempts to provide correct information, but is frequently incorrect.
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