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Do You Know Where Your Life Insurance Policy Is?

Funeral Insurance, Term Insurance and Burial Insurance

Do You Know Where Your Life Insurance Policy Is?

Postby Rahim » Mon Apr 17, 2017 9:06 pm

My Mother passed away and I was unaware that I was on her policy as beneficiary.I could not find the policy after her death, and signed a "lost policy" document at the funeral home.Moms premiums and the amount paid differed by $5000.00 but I could not argue the point.Do you know where the policy is and if you are the beneficiary?You need to.
Rahim
 
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Do You Know Where Your Life Insurance Policy Is?

Postby Wacuman » Wed Apr 19, 2017 2:03 pm

Excellent point.
You CAN get copies of her old checks, to find out the NAME of the insurance company she was paying.
Then you can contact them with her name, and they'll be able to send you claim forms.

Another problem, is that people tend to accumulate a lot of different accounts where there money is - different brokerage houses for each employer, maybe 3-5 different savings accounts.
It's VERY VERY easy to overlook one of them, if you're not intimate with the financial condition of the deceased.

Because *I* handle all the money/investments in my family, I have a "master document" that I update every six months.
It has the name and contact information for both life insurance companies, the insurance agent's contact info, all the bank accounts with account numbers and contact info, and the different IRA/401K accounts.
It ALSO has important password info - like email account, online billpaying stuff, and of course, LOL, the EBAY password.
Hubby knows where it is, and my sister knows the hard copy exists so if we BOTH kick off, she will look for it.
Wacuman
 
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Do You Know Where Your Life Insurance Policy Is?

Postby Tristin » Wed Apr 19, 2017 11:50 pm

What you probably signed at the funeral home was an assignment form authorizing the life insurance company to pay them (the funeral home) rather than you (the beneficiary.)

It is normal for a life insurance policy to pay less death benefit than the premiums paid in IF it is the type that is "payment for life" and the death benefit does not have an increasing death benefit IF the insured lives for a long time.

The funeral home should have the information you need about the policy and SHOULD gladly review it with you.
Tristin
 
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Joined: Mon Feb 24, 2014 9:22 am

Do You Know Where Your Life Insurance Policy Is?

Postby culann36 » Thu Apr 20, 2017 4:07 pm

Review the insured's bank book for insurance payments.


Look for credit card statements with monthly insurance charges.


Contact their bank, tax preparer, lawyer and auto and homeowners insurance agent.


Try their past employers. There could be group life insurance that provides some coverage.


If the life insurance was a whole life policy, it is possible that it was paid up many years ago. Ask the bank if they have a safety deposit box. Search the house for filing cabinets, a safe or a fire box.
culann36
 
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