by Guest » Thu Jan 10, 2008 05:20 pm
Now that I realize we have an insurance forum, I thought someone might have a thought on this! Around 40 years ago I had a job working for a company in NY. It was my first real job. I had a life insurance policy there that was payable in cash upon leaving the company. When I left the company I was supposed to receive a check from the insurance but I never did. Because it was only 30 or 40 bucks and I was wrapped up in all kinds of other stuff and young I never pursued it. A few years ago my wife called the company and asked them about it and they could confirm the fact that I worked there and I did have such a policy. They said to call the insurance company. That is where the red tape began and could not be unraveled. After 40 years I think that 40 bucks might be worth a hell of lot more. Does anyone think this is worth pursuing. If so how? I would appreciate any help!
Posted: Thu Jan 10, 2008 05:31 pm Post Subject: Searching for Lost Insurance Money
I had a life insurance policy there that was payable in cash upon leaving the company.
Personally, I have never heard of such an arrangement, unless you may have had an annuity or some other type of savings vehicle there, along with your life insurance policy.
Was this a permanent form of life insurance? If so, the company may have suggested that you cash surrender the policy upon your termination of employment. I just don't know.
As you probably already know, normally a life insurance policy is only payable at death.
A few years ago my wife called the company and asked them about it and they could confirm the fact that I worked there and I did have such a policy.
If your prior employer can confirm all of this information, then it would appear that they could advise you on what you could do to get your money, if there is any due you.
They said to call the insurance company.
Did you call the insurance company? What did they say? If the previous employer confirmed that you "did have such a policy", then they should have given you the policy number and the company should be able to track down this policy.
Posted: Fri Jan 11, 2008 08:38 am Post Subject: Can I afford to search for my insurance information?
If the previous employer confirmed that you "did have such a policy", then they should have given you the policy number and the company should be able to track down this policy.
Well, theoretically many things might come to our minds in order to settle such an issue. But when I think of it in real terms, I feel it might just be too much of hassles for an unknown figure! It may cost you quite a few bucks & you may end up with nothing at the end!
O'May
Posted: Fri Jan 11, 2008 08:54 am Post Subject:
It may cost you quite a few bucks & you may end up with nothing at the end!
Not only that, you ought to remember the long drawn follow up procedures that may seem never ending. All for the sake of a 40-years-old-dream!!
RicardoL
Posted: Fri Jan 11, 2008 11:42 am Post Subject: Can I afford to search for my insurance information?
It may cost you quite a few bucks
I don't know that it will actually cost you anything except time and maybe stamps...personally I'd probably pursue it 'some''....as to the forty turning into more, not sure about that! They won't necessarily owe you interest on it...if it were your responsiblity to request this payment at the time of your leaving...but maybe...do let us know if you don't mind how this turns out...It's quite an interesting situation...Posted: Sat Jan 12, 2008 03:19 am Post Subject: Can I afford to search for my insurance information?
The OP wrote:
I had a life insurance policy there that was payable in cash upon leaving the company. When I left the company I was supposed to receive a check from the insurance but I never did. Because it was only 30 or 40 bucks and I was wrapped up in all kinds of other stuff and young I never persued it.
There are certain qualified and non-qualified retirement plans that are funded through cash value life insurance policies. They are similar to old-style pension plans, and are normally subject to ERISA rule if effected prior to a certain date.
This is an extremely complicated area of an unusual type of employer-funded retirement plan for their employees, and you'll need to get us some particulars before we'll be able to give you any info. Can't believe that I actually ran into one of these here. Cool.
You'll need to find out if your ex-employer still has the policy number of the plan you were enrolled in. From your post, I'm not sure if you obtained that info. Also, see if you can get the plan's name. They almost always have cutesy little names for these things, and that might help your search. Next, if you can get the policy number, again contact the insurer and start to unravel the red-tape. Another thing you might want to see if you can get is your ex-employers "Employer Identification Number," or "EIN" or their "Taxpayer Identification Number" (TIN) depending on the company. The insurer may be able to research the issue through this number as well. Doubtful, but ya never know.
At this point, there's no need for me to try and explain the mechanics of this type of retirement plan, and I'm not entirely sure this is even the case. If it is, remember- this is a cash value life insurance policy. Cash value life insurance plans earn tax-deferred interest. Depending on the structure of the plan, and again...if this IS the kind of plan I'm thinking of- your share of the fund has been earning this interest for 40 years.
Does this answer the question of whether you should pursue this? Just checking.
To finish, there's no guarantee of any of what I mentioned in my post. Through your OP, it instantly hit me that this could easily be what you described, but remember- no guarantees. There is much more to this than meets this post, and lots of bad things could have happened in the meantime. On the other hand, lots of good things might have happened too! :D
The insurer should also have your SSN on file with them. Another possible way to go. Start looking.
InsTeacher 8)
Posted: Sat Jan 12, 2008 03:21 am Post Subject: Can I afford to search for my insurance information?
Sorry folks, that last post was mine. I thought I was logged in, and I guess that just wasn't the case. Stupid computer. Can you say "duh?"
InsTeacher 8)
Posted: Sat Jan 12, 2008 11:09 am Post Subject:
glad you cleared that up ins teacher! i was about to beg that poster to register! ha ha
Posted: Fri Jul 24, 2009 01:48 pm Post Subject:
i lost all my infom to the insurance company
Posted: Sat Jul 25, 2009 05:57 am Post Subject:
What do you mean that you have lost all information to the insurance company? What sort of information is this? Has your insurance company changed its name or got merged to another one?
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