Life Ins In Force. Company can't find policy.

[lalawtn]

What is the name of your state (only U.S. law)? TN

Life insurance company, Monumental has been informed of my daughter's passing. It recognizes the policy number. The company withdrew via autopayment from my bank the premium last month and has sent a prorated share of the premium (around $4) to us, however, the company says it cannot find a copy of the $25K policy. Monumental says it will forward $5K to the living spouse. We are happy for the spouse to have the money, but we did not purchase a $5K policy. Unfortunately, we can't locate a copy of the policy either although it was taken out April 1982 and the premium has been paid monthly since that time. We know it was a $25K policy, but cannot prove it without the policy. Again, the company says the policy is intact and was active at the time of death, but they have no copy of the policy. Can you suggest a course of action, please? Thank you.What is the name of your state (only U.S. law)?

 

[Betty]

I don't know who you talked to at the ins. company but I would ask to speak to a manager or director. You need to ask them how they came up with 5k & how do they know the beneficiary was the spouse. If they have a policy #, they should have/be able to find info on the policy.

 

[Kiawah]

Doesn't the owner of the policy get a letter every year, which states the current status/value of the policy?

Your posting title makes it sound like the insurance company is some big bad guy and doesn't have a copy of the policy. You acknowledge however, that you are trying to say the policy is a higher value than they have loaded in their systems, but you have no proof of a copy of the policy either.

There's a big difference between the monthly payments of a 5K and the monthly payments of a 25K, that would be the first big indicator of the policy value.

 

[lalawtn]

Keep the ideas coming

Thanks for the responses. I will 1) get a letter off to the CEO/manager and 2) send of copy of the autowithdraw from the bank account.

Any additional ideas or guidance will be appreciated.

Our family

 

[Betty]

That sounds fine (start by trying that).

 

[cindy612]

Monumental merged/bought out several life insurance companies over the last 20-30 years. Check your daughter's paperwork and see if any you can find anything from Peoples Life Insurance, Sun Life Insurance, Aegon, Washington National, Commonwealth, Reliable, Capital Security, Transamerica, Providian, etc.

Here is a link to their history:

https://www.monlife.com/ml/history.asp

We had Peoples Security Life Ins and it ended up as Monumental. They called us and said they didn't have a copy of our insurance policy as well. Something happened in the merger that "lost" policies, or description of coverage on policies. They never failed to send a bill requesting our payment.

 

[Betty]

Did you buy the policy from Monumental? It sounds from your post
like you might have. You don't mention another company. If you bought it from another co., you will want to let Monumental know.

Good luck. You might have already resolved your problem since your
original post.