Life Insurance Value?
My father bought a Prudential Life Insurance policy on me in 1965, it was a ,000 policy listing my mom and dad as the beneficiaries. Both my mom and dad have now passed away and the policy was given to me. It says "20 Year Premium"…not 20 year term. Is it worth anything now? How do i cash it in?
Additional info based on "Insurance pickles" reply to this question.
My PARENTS WERE THE BENEFICIARIES, they have both passed away, if i die there is no beneficiary and nobody to receive the money…THATS why im cashing it in.
I cannot find anywhere on the policy where it says who the owner of the policy is. Its just says "Insured" and lists the beneficiaries.
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September 15th, 2010 at 8:15 am
You can easily check life insurance quotes in internet, for example here – lifeinsurance.awardspace.info
September 15th, 2010 at 8:15 am
Why do you want to cash it in? Your parents bought you a life insurance policy…if they wanted to give you a few hundred dollars then they would have probably done that. But, if you want to cash it in you would 1) call Prudential and 2) tell them you want to cancel your policy.
September 15th, 2010 at 8:15 am
Probably it is Whole Life policy and the premium was payable for only 20 years. Check the policy to find out who is the owner (an owner is the person who makes decisions about the policy) of policy now since your father was the previous owner and has passed away. I’d suggest call the insurance co. and find out if you’re the owner now and also arrange to change the beneficiary(ies)
September 15th, 2010 at 8:15 am
It could be a 20 year paid up policy.
As long as the ownership of the policy has been transferred to you (note, not posession of the paper, but that the NAMED OWNER on the policy has been changed, at the insurance company, to say YOU are the named owner), you can cash it in if you want.
If you are the named owner, you can ALSO change the beneficiary clause to someone else. And, of course, you can call the insurance company and they’ll tell you what the "surrender value" is – the amount they pay you, if you cancel the policy.
If you are NOT the named owner, you cannot cash it in, and you cannot change the beneficiary clause.
September 15th, 2010 at 8:15 am
You personally do not cash in the policy, if you do not own it. If the owner is deceased, then the executor of the estate of the owner must cash in the policy and distribute the money to the heirs of the deceased owner.
You personally cash in the policy only if you have documentation showing either that you are the executor of the estate of the deceased owner or that you are the owner.