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 Posted: Tue Jan 06, 2009 12:59 pm Post subject: |
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| is there a statute of limitations on when you can collect on a policy or does it just linger on until it is claimed? |
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goodnatured
Senior member
Joined: 04 Nov 2007
Posts: 1213
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| Posted: Tue Jan 06, 2009 1:32 pm Post subject: |
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Yes the MIB is actually a good website to go to. However, I have done some research on them and found that their records (even though they are over 100 years old) only go back 7 years. I do not know why, but if your loved one took out a policy further back then that, it will not be found.
Also Bandit Baby, with LostPolicy.com they do go to the top 100 life insurance companies but there are over 500 Life Insurance companies in the United States alone. I found one place where it is said to be over 800 (Not sure if that is correct). Also, keep in mind that the insurance company does not have to respond to your request even if it is in writing. These are reasons that we developed FindYourPolicy.com, as a consumer protection service.
Michael |
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FindYourPolicy
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Joined: 23 Mar 2008
Posts: 114
47.75 Dollars($)
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| Posted: Tue Jan 06, 2009 1:35 pm Post subject: |
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Hello Good Natured,
There is no statue of limitations on life insurance. If you can prove who you are and also prove that the deceased passed while the policy was in force, they have to pay you, usually with interest.
Michael |
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FindYourPolicy
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Joined: 23 Mar 2008
Posts: 114
47.75 Dollars($)
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| Posted: Tue Jan 06, 2009 1:43 pm Post subject: |
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I don't think there is a central repository for unclaimed life insurance policies , but if a claimant shows up after a long time for a permanent life policy for which "all premiums were paid" up till the time of death , then they will receive the death benefit.
However, if a permanent life insurance policy lapses due to or before the death , then most life insurance companies convert it to an "extended term" or a "reduced paid up" policy.
If converted to an extended term policy , the cash value of the policy is used to convert it into a term life insurance.If the policy holder dies within that term , then the beneficiary would still receive the death benefits , but not if the policy holder has outlived that term.
In case the company decides to convert it to a reduced paid up , the company will reduce the death benefits , but the beneficiary will still get some benefits.If the policy goes unclaimed for a long time , then the money is sometimes transferred to the state where the policy was purchased. |
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Unicorn
New member
Joined: 06 Jan 2009
Posts: 26
9.54 Dollars($)
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| Posted: Tue Jan 06, 2009 1:58 pm Post subject: |
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Hello Unicorn,
Yes you are correct. There is no National, Statewide or Government Database that anyone can go to for help. This is confirmed by many authorities in the industry. This is due to the privacy issues that the Life Insurance companies have. They cannot and will not make any of this information public. Please keep in mind that the only time a life insurance is escheated to the Government is when two things are completed. 1. The insured person must have turned the age of 95 or close to the mortality table and 2. the policy must still be in affect. If it is a term policy and it is over and done its job, the insurance company has no legal right to escheat it to the government. So you will never find it.
There is however an alternative. FindYourPolicy.com.
FindYourPolicy.com is a registry database where members list their name and address and then the company name (only) that holds their life insurance. They never ask for your Social Security number, policy number or any amounts. All a loved one needs to find a policy is a company name. Searching for a policy is free to anyone that has the proper information to do so. Take a look at FindYourPolicy.com because it is a consumer protection service that will allow everyone with life insurance to guarantee that it will be found when the time comes.
Michael
FindYourPolicy.com |
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FindYourPolicy
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Joined: 23 Mar 2008
Posts: 114
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| Posted: Tue Jan 06, 2009 2:29 pm Post subject: |
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Hi Michael,
Although I am not familiar with their service , but, at a glance, it seems like a cheaper option at that price and definitely less costlier than MIB's Policy locator service at $75 or having to run through the bank checks, income tax details or monitoring the mailbox.And yes, the policy indeed has to be in force and unclaimed for a very long time before it can be escheated to the state. |
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Unicorn
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Joined: 06 Jan 2009
Posts: 26
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| Posted: Wed Nov 11, 2009 6:07 am Post subject: |
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| If your stepmom is not the evil kind of stepmother we use to see in fairytales, then maybe it's ok to ask her. she's the one who has access to your dad's stuff... and maybe she has indeed found some documents. |
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choco
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Joined: 07 Jul 2009
Posts: 61
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