by Darryl » Mon Mar 09, 2009 04:07 pm
My dad passed away some months ago. We recently came across a list of assets that included the name of an insurance company, (Crown Life Ins. Co.), Policy number and amount of insurance. However, we cannot locate the company. We want to determine if the policy still exists in order to gain access to it. Please help!!
Posted: Mon Mar 09, 2009 11:16 pm Post Subject:
Crown Life Insurance is out of Canada. I just googled the name and it came back with lots of hits.
Good Luck on this!
InsTeacher 8)
Posted: Tue Mar 10, 2009 05:14 am Post Subject:
Crown Life Insurance is out of Canada. I just googled the name and it came back with lots of hits.
Hey Teacher, I'm curious to know the options that the policy holder has in situations when an insurer goes out-of-business?
Posted: Tue Mar 10, 2009 05:16 am Post Subject:
Hey, Canada Life has taken over the Crown Life of Canada...you may try your luck there :)
Posted: Tue Mar 10, 2009 01:51 pm Post Subject:
Hello Darryl,
Go to the FindYourPolicy.com website and see if they can help you. Go to the "About Us" page and on the top right there is a banner that says "Locate New names of old life insurance companies." I am know that they can help you.
Michael
Posted: Sat Mar 14, 2009 08:06 pm Post Subject: When a life insurance company goes out of business
I can't say I know how it works in Canada, but generally, here in the U.S. when a company folds, one of two things happen to benefit policy owners and beneficiaries:
1. Another company buys the failing company and honors their existing contracts/policies because they now have those contracts on the books.
2. The state in which the policy was sold will have a guaranty organization (contact the state's Dept. of Insurance for information on it) which will cover the policy's benefit amount, up to a certain point.
Hope that helps,
Shayne
Shayne
Posted: Sun Mar 15, 2009 10:41 pm Post Subject:
Just for information. When a company goes out of business and a new company takes it over, the new company only takes over active policies. If it was a term policy that had run its course and no longer in effect then the new company will not have it on its books. This is an unfortunate thing that happens when companies get taken over. This is why people should find their life insurance as quickly as possible after a loved ones death. Register is on a central database.
Michael
Posted: Mon Mar 16, 2009 11:52 am Post Subject:
Go to the FindYourPolicy.com website and see if they can help you
It's a good site :!: I think you'll get the desired information there.
Posted: Mon Mar 16, 2009 01:23 pm Post Subject:
Thanks Horizon I appreciate the compliment. Any questions, please feel free to ask.
Michael
Posted: Tue Mar 17, 2009 05:10 pm Post Subject:
The information you have enough to dig out more. If the company exist or either taken over else, there is a regulatory board for every state which ensures your disbursement. If the policy continued till the death of policy holder, the benefits will be given to the nominee. Contact the bank's branch manager and ask for the statement of premiums paid, which will guide you on Type of Plan, benefits, premium and terms, was the policy active, etc. This information at hand will guide you. More information on policy plans can be taken from any agent of the company.
Posted: Mon Apr 06, 2009 08:08 am Post Subject: hi
company name changed. But you should try you will definetly get the benefits
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