Going through my parent’s estate, I found their life insurance policies which were probably purchased in the 1950’s. I called the insurance company, but the agent I spoke with had no idea what was talking about when I gave the policy number. He said their records only go back 20 years. I’d like to know if I can cash them in, for how much and if that are even still valid – they may have lapsed. Do I have any other recourse?
Home | Insurance | Blog article: How can I find out if an old life insurance policy is still in effect?
mbrcatz 2:02 pm on July 17, 2010
You need to call the insurance COMPANY, not the agent that issued it, and ask for claim forms, and file a claim.
You cannot "cash in" a policy that you do not own, and the owner’s name is written on the top of the policy.
It’s EXTREMELY unlikely that the policies are valid. If your parents are deceased, most likely, the claims were filed, or the poliices lapsed YEARS ago. You COULD check through cancelled checks, the policies WOULD have to be paid, at least once a year.
They’d be worth the death benefit listed, IF there was no loan against them, and IF the policies were in force on the date of death of the insured.
SEAN W 2:02 pm on July 17, 2010
You could pass the matter onto the insurance regulator. Insurance companies generally need to keep records for much longer than 20 years….let the regulator do the work for you.
car253 2:02 pm on July 17, 2010
You can call the Department of Insurance in your state for help.
You might want to post what state your in.
StephenWeinstein 2:02 pm on July 17, 2010
File a claim and see what happens. If they pay, then assume it was valid. If they deny the claim, look at the denial letter and see what reason it gives for denial.
Katlady 2:02 pm on July 17, 2010
Were they paid off, or were they making payments? If you can prove they were paying on the policy, it’s still in effect. If not, you have to see how long it was valid for. I’d call again, sometimes you get another person who knows what they are talking about. You can send them a certifed letter asking for payment, and possibly take them to court over it. Sorry about the loss of your parents.
Flower 2:02 pm on July 17, 2010
It sounds like the policies lapsed since they stopped paying premiums. What is the date of the policy and what was the term of the policy? You should try calling again and ask some general questions. If possible go into the local office of the company. Records go back further than 20 years but that person did not know what to do.
Max 2:02 pm on July 17, 2010
lifeinsurance.awardspace.info – try this one. I have their insurance and, as remember, they can provide such a service.
People are reading:
how to find parents life insurance policy, how can I find out if my policies are term or whole life, how can you find out about an old insurance policy, how to find a old policy, how to find out if a liffe insurance policy is active