my father passed june of this year. he had a life insurance

Message Author
ampm-bookmark
delicious-small Add to delicious
yahoomyweb-small Add to YahooMyWeb
blinklist-small Add to BlinkList
PostPosted: Thu Aug 13, 2009 5:39 pm   Post subject: my father passed june of this year. he had a life insurance  

my stepmother willl not give me the insurance policyt that my father had on me. how do i go about finding out what is the name of the insurance company.

kamillaedmond
New member
Leave a quick message



Joined: 13 Aug 2009
Posts: 1


1.77 Dollars($)

PostPosted: Fri Aug 14, 2009 12:45 am   Post subject:   

What do you mean by, "that my father had on me"?"



Who is the owner of the policy? Who is the beneficiary of the policy? Who is the insured on the policy? Is your dad alive?

InsuranceExpert
Senior member
Leave a quick message



Joined: 05 Apr 2009
Posts: 662


142.74 Dollars($)

PostPosted: Wed Aug 19, 2009 8:33 pm   Post subject: life insurance policy  

My father took out a life insurance policy on me years ago. he was the beneficiary of the policy. I am the insured. He died June of this year 2009. My stepmother has the actual policy but she will not give me the papers. what can I do to find the name of the insurance company so that I can get a copy of the policy mailed to me. My father was the owner of the policy. not my stepmother


_________________
Register Now to have your Insurance queries solved.
edkam3
Guest







PostPosted: Wed Aug 19, 2009 10:07 pm   Post subject:   

The insurance company won't give you a copy unless you are now the owner of the policy.



Does the insurance company know that your father is dead?



I don't want to give a wrong answer. I think that I know, but I'm not certain. Who becomes owner of the policy when the owner dies?

InsuranceExpert
Senior member
Leave a quick message



Joined: 05 Apr 2009
Posts: 662


142.74 Dollars($)

PostPosted: Wed Aug 19, 2009 10:10 pm   Post subject:   

Most of us can just beat up their stepmothers - no problem.



Just kidding,

Mark



_________________

Please feel free to go to my website at www.markcolbert.com or, if you have a specific question, you can email me directly. I hope I can answer any questions you might have. If not, I can certainly find an answer right away.
InsInvestigator
Community Consultant
Leave a quick message

InsInvestigator

Joined: 13 Oct 2007
Posts: 624

Location: Central California
42.47 Dollars($)

PostPosted: Wed Aug 19, 2009 10:53 pm   Post subject:   

Mark, do you know the answer to my question?

InsuranceExpert
Senior member
Leave a quick message



Joined: 05 Apr 2009
Posts: 662


142.74 Dollars($)

PostPosted: Thu Aug 20, 2009 12:34 am   Post subject:   

In most cases, the insured becomes the new policy owner.



_________________

Please feel free to go to my website at www.markcolbert.com or, if you have a specific question, you can email me directly. I hope I can answer any questions you might have. If not, I can certainly find an answer right away.
InsInvestigator
Community Consultant
Leave a quick message

InsInvestigator

Joined: 13 Oct 2007
Posts: 624

Location: Central California
42.47 Dollars($)

PostPosted: Thu Aug 20, 2009 1:02 am   Post subject:   

Why? How is this determined?



Is this because in most cases, the owner is the spouse?



As an asset of the owner, it is part of the owner's estate. Therefore, why wouldn't the policy ownership be based upon what his will says. Absent a will, shouldn't it be determined by the intestate laws of the state?



What say does the insurance company have in all this?



Mark, I pride myself on my knowledge, but even more so on knowing what I don't know. This is definitely one of those areas.

InsuranceExpert
Senior member
Leave a quick message



Joined: 05 Apr 2009
Posts: 662


142.74 Dollars($)

PostPosted: Thu Aug 20, 2009 2:03 pm   Post subject:   

Usually, a successor owner can be named in the insurance application, however, as you proably well know this is very rarely done. A signed Notice of Intent can also be provided to an insurance company regarding ownership information.



The successor owner will become the new owner when the owner dies, that is if he/she dies before the Insured.



If no successor owner survives you and you die before the Insured, your estate will usually become the new owner.



But never underestimate the the power of a claims department. I've seen them take the position of, "We have no clear understanding of the situation and will therefore pay anyone we choose to pay and there's nothing you can do about it. Get a lawyer if you have a problem with that."



_________________

Please feel free to go to my website at www.markcolbert.com or, if you have a specific question, you can email me directly. I hope I can answer any questions you might have. If not, I can certainly find an answer right away.
InsInvestigator
Community Consultant
Leave a quick message

InsInvestigator

Joined: 13 Oct 2007
Posts: 624

Location: Central California
42.47 Dollars($)

PostPosted: Thu Aug 20, 2009 2:04 pm   Post subject:   

Usually, a successor owner can be named in the insurance application, however, as you proably well know this is very rarely done. A signed Notice of Intent can also be provided to an insurance company regarding ownership information.



The successor owner will become the new owner when the owner dies, that is if he/she dies before the Insured.



If no successor owner survives you and you die before the Insured, your estate will usually become the new owner.



But never underestimate the the power of a claims department. I've seen them take the position of, "We have no clear understanding of the situation and will therefore pay anyone we choose to pay and there's nothing you can do about it. Get a lawyer if you have a problem with that."



_________________

Please feel free to go to my website at www.markcolbert.com or, if you have a specific question, you can email me directly. I hope I can answer any questions you might have. If not, I can certainly find an answer right away.
InsInvestigator
Community Consultant
Leave a quick message

InsInvestigator

Joined: 13 Oct 2007
Posts: 624

Location: Central California
42.47 Dollars($)

PostPosted: Thu Aug 20, 2009 2:04 pm   Post subject:   

Usually, a successor owner can be named in the insurance application, however, as you proably well know this is very rarely done. A signed Notice of Intent can also be provided to an insurance company regarding ownership information.



The successor owner will become the new owner when the owner dies, that is if he/she dies before the Insured.



If no successor owner survives you and you die before the Insured, your estate will usually become the new owner.



But never underestimate the the power of a claims department. I've seen them take the position of, "We have no clear understanding of the situation and will therefore pay anyone we choose to pay and there's nothing you can do about it. Get a lawyer if you have a problem with that."



_________________

Please feel free to go to my website at www.markcolbert.com or, if you have a specific question, you can email me directly. I hope I can answer any questions you might have. If not, I can certainly find an answer right away.
InsInvestigator
Community Consultant
Leave a quick message

InsInvestigator

Joined: 13 Oct 2007
Posts: 624

Location: Central California
42.47 Dollars($)

PostPosted: Thu Aug 20, 2009 2:05 pm   Post subject:   

Usually, a successor owner can be named in the insurance application, however, as you proably well know this is very rarely done. A signed Notice of Intent can also be provided to an insurance company regarding ownership information.



The successor owner will become the new owner when the owner dies, that is if he/she dies before the Insured.



If no successor owner survives you and you die before the Insured, your estate will usually become the new owner.



But never underestimate the the power of a claims department. I've seen them take the position of, "We have no clear understanding of the situation and will therefore pay anyone we choose to pay and there's nothing you can do about it. Get a lawyer if you have a problem with that."



_________________

Please feel free to go to my website at www.markcolbert.com or, if you have a specific question, you can email me directly. I hope I can answer any questions you might have. If not, I can certainly find an answer right away.
InsInvestigator
Community Consultant
Leave a quick message

InsInvestigator

Joined: 13 Oct 2007
Posts: 624

Location: Central California
42.47 Dollars($)

PostPosted: Thu Aug 20, 2009 2:21 pm   Post subject:   

Ok, thanks, so your understanding is the same as my guess.



The claims department wouldn't have anything to do with this because the insured is still alive.



I'm going to research this a little further.

InsuranceExpert
Senior member
Leave a quick message



Joined: 05 Apr 2009
Posts: 662


142.74 Dollars($)

PostPosted: Thu Aug 20, 2009 2:23 pm   Post subject:   

Ok, thanks, so your understanding is the same as my guess.



The claims department wouldn't have anything to do with this because the insured is still alive.



I'm going to research this a little further.

InsuranceExpert
Senior member
Leave a quick message



Joined: 05 Apr 2009
Posts: 662


142.74 Dollars($)

PostPosted: Thu Aug 20, 2009 6:14 pm   Post subject:   

I have confirmation. If the owner died, and a successor isn't named, the policy will go into the estate of the insured. How it gets disposed of from there would be the same as any other asset. If it is in the will, it will go the person named in the will.



Regardless of whether there is a successor owner or not, the policy will still be part of the taxable estate of the owner.

InsuranceExpert
Senior member
Leave a quick message



Joined: 05 Apr 2009
Posts: 662


142.74 Dollars($)

Quick Reply
Your Name
Subject
Message body
All times are GMT
Page 1 of 1


Get a Quote
Ask Community Experts

flash plugin

Quick Links

Must See

Community

Hot topics in forums

Latest in blogs

AmPmInsure on Facebook



Page loaded in 0.268 seconds.