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 Posted: Thu Nov 17, 2011 4:55 pm Post subject: How do I find the policy my father left? |
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My parents were divorced and both of them married again around 16 years back.
As a result I didn't get a chance to be close to my father.
However I was always in touch with him. He passed away 7 months ago to add to my unhappiness.
Several years ago my father had told me that he's bought a life insurance policy worth a good deal, and I am it's sole beneficiary. He has three children from his second wife, but he specifically mentioned that he means the money to come only to me and no one else.
It had slipped out of my mind and upon recollecting about it I had discussed with my mother, and she also says that my father did let her also know about the fact.
The problem is I don't have any idea where the policy is and can't file a claim. Is it possible that my Dad's second wife and the children have already collected the benefits? If not, how can I find out and get the benefits my father meant for me?? Please Advice. Thanks in advance.
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UnfortunatEric
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| Posted: Fri Nov 18, 2011 11:27 am Post subject: |
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I'm really sorry for your loss.
There are several ways that can help you to locate a lost policy. You may consider the following:
1. Speaking to your father's attorney or financial advisor, if you know them.
2. Checking with his previous employer, for any group life insurance plan that he might have enrolled under.
3. Procuring information from MIB, for they store data of medical information of life insurance applicants of several companies, over the last 12 years.
4. Using the 'Policy Locator' service from different companies that's available for a fee.
For further details on this issue, you may also go through my article in the community blog.
http://www.ampminsure.org/blog/mysteryof-lifeinsurancepolicy/
Good luck! |
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Monawayne
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Joined: 12 Sep 2011
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Location: Arizona
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| Posted: Tue Nov 22, 2011 7:25 am Post subject: |
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The good news is that if you are the named beneficiary, his wife and children will not be able to claim the death benefit.
The bad news is that unless you can find the policy, it may be very hard to claim the death benefit. Companies are supposed to monitor the Death Master File which is maintained by the Social Security Administration. However, the company may not have your correct contact information and it may not have been updated with your father's death. Additionally, not all companies are proactive about monitoring the DMF.
Check with local banks and see if your father had a safe deposit box, it may have been stored there.
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UTFan
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| Posted: Sun Nov 27, 2011 5:45 am Post subject: |
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| Good answer Monawayne |
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TaxFreeIncome
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