Find Life Insurance Policies

Gigabyte / P35-ds3r
October 25, 2010 at 04:48:35
Specs: Microsoft Windows 7 Professional, 2.667 GHz / 3582 MB
My Mom passed away 10 years ago in Dec. Her paperwork was in such a mess I never went through a lot of it and now it's mostly gone. So an insurance co contacted me and said, "Hey, you got some money coming." This triggered a thought, my Mom and Dad had thing about getting policies for insurance throughout their lives. All my Dad's stuff went to my Mom as he passed away first.

But, I'd like to know if anyone knows if there is a way to track down an unknown policy and if anyone knows why it would take the insurance co 10 years to get back to me as I haven't exactly been hiding out.

I ask here because of the diversity of our fellow Computing.net friends is one of the best communities around.

Thanks In Advance

When they discover the center of the universe, a lot of people will be disappointed to discover they are not it.
- Bernard Bailey


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#1
October 25, 2010 at 05:11:19
This question should really go to an insurance agent. They understand this far better than the large majority of the members of this forum.

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#2
October 25, 2010 at 05:33:27
It's the lounge, I see no problem with this question being here. And who's to say no one on here is an insurance agent?

My name is JRComp, and I approve this message.


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#3
October 25, 2010 at 06:10:57
I agree that there is nothing wrong with asking the question here. But if you want a good answer this isn't the best place to ask.

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#4
October 25, 2010 at 12:16:36
Lmiller7,

You'd be surprised at the kind of info available here. I know it seems odd for a computing forum, but we don't live and die computers here. We have lives. So I'm taking the shot that someone might know at least provide me with a lead on where to go.

When they discover the center of the universe, a lot of people will be disappointed to discover they are not it.
- Bernard Bailey


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#5
October 25, 2010 at 13:06:18
re: "why it would take the insurance co 10 years to get back to me?"

Obviously, the insurance company that contacted you would be the proper source of that answer, but a couple of things come to mind...

The first question I would have is this:

Who were the Primary and Contigent beneficiaries on the policy?

It's possible that you weren't the Primary beneficiary and whoever was chose to retain the policy (or purchase a new one with the funds) and named you as the beneficiary (primary or contingent).

Perhaps that person (and all beneficiaries ahead of you) have now passed away and you get the funds.

Another possibility is that the beneficiary of the policy was a Trust in which you were named as the beneficiary . That Trust may have had a distribution clause that stated that you can't receive the funds until you attain a certain age or a specified period of time has passed.

Did you just hit an age milestone - like 21, 25, 30, etc.?

As far as finding other policies in which you might be named a beneficiary, I'd, once again, ask the ins co that contacted you. While they might not have any more policies that name you on their books, they might know what channels to go through to get an answer.

As far as I know, the "statute of limitations" (so to speak) for an ins co to find a beneficiary is something like 6 or 7 years. After that the funds get turned over to the Insurance Department of whatever State the policy was written in. You might try contacting "them", "them" being the Insurance Department(s) of the State(s) where you parents lived.


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#6
October 25, 2010 at 13:53:43
Excellent. No on the age thing unless 62 is a milestone to them.

I was the only beneficiary.

Thanks for the all the great info. As soon as they get back to me, I just sent them some requested paperwork, I'll follow up with the questions.

Thanks DerbyDad.

When they discover the center of the universe, a lot of people will be disappointed to discover they are not it.
- Bernard Bailey


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#7
October 25, 2010 at 16:25:01
seawatch, yours is a good post and I hope you get the policy stuff in due time! Being the only beneficiary you deserve it...Thumbs Up to You! I hate seeing government get that, they take enough as it is ;-)

Some HELP in posting on Computing.net plus free progs and instructions Cheers


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#8
October 25, 2010 at 16:49:32
Thank you. I wasn't expecting it, so it will come in handy. I'll try to keep you folks updated.

When they discover the center of the universe, a lot of people will be disappointed to discover they are not it.
- Bernard Bailey


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#9
November 7, 2010 at 06:37:14
If anyone is still following this thread.

Received the benefits from the policy plus interest over the ten years which nearly double the amount. Turns out it wasn't the insurance co that slipped up on the paperwork, it was the employer who finally after 10 years, found the policy and notified the insurance co.

So it all worked out well. Actually better than I would have thought.

When they discover the center of the universe, a lot of people will be disappointed to discover they are not it.
- Bernard Bailey


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#10
November 7, 2010 at 06:47:50
Since it came from an employer, it sounds like it was a 403(b) or some other type of Retirement Account as opposed to an "insurance policy". It may have been designated as a "Retirement Annuity". Annuities are insurance company products.

The retirement plans at schools, hospitals and other "public service" type employers are usually designated as 403(b) accounts which are typically handled by insurance companies.

A private company or business would typically use a 401(k) which are usually not run by an insurance company.


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#11
November 7, 2010 at 06:56:14
congrats seawatch! I knew you deserved it.

Some HELP in posting on Computing.net plus free progs and instructions Cheers


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#12
November 7, 2010 at 08:29:40
Don't know if I deserve it or not, but I can't tell you what a change this makes in my life.

Thanks to all for the help and information.

What a wonderful resource, even beyond computers, computing.net is.

When they discover the center of the universe, a lot of people will be disappointed to discover they are not it.
- Bernard Bailey


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