Old Life Insurance Policy

[sally shoemaker]

What is the name of your state? Minnesota

My father has recently died, We have since discovered all life insurance policies have lapsed except for 1 for 100k in my sisters name only. We all know our dads wishes were to split everything between the 4 daughters and specifics were given to grandchildren. He did have a will but it did not specify this policy or any other in it. This policy was written when he had a very large policy with all of the daughters names on it and the youngest daughter who is named on the 100k policy solely was under the age of 18. This was some 12 years ago and we do not believe he wished this daughter to be the beneficiery of 80% of the estates money while the rest is going toward paying off outstanding bills and house payents while in probate. Is there any way to contest this or is it just black and white with insurance companies?

 

[Betty]

Life ins. proceeds pass outside the estate & go to the beneficiary named in the policy. Do you know if any of the lapsed policies had any cash values built up that might still be available for distribution?

 

[sally shoemaker]

No, unfortunately none of them were term policies.

 

[Dandy Don]

You can't say that this is not your father's wishes--of course it is because that is what he designated. You are just angry because you won't be getting anything. Blame your father for letting the policies lapse.

 

[Betty]

You are saying none of them were term policies - term policies don't have cash values - whole life/permanent policies do - were any WL or permanent? Did the ins. co. tell you there were no cash values available - that they lapsed w/o value?

 

[sally shoemaker]

betty- I will have to check into that thank you. dandy don- I think I know my father and the wishes he voices before his death better than you so if you dont have anything constructive to say about the question at hand please keep your comments to yourself.

 

[Zigner]

betty- I will have to check into that thank you. dandy don- I think I know my father and the wishes he voices before his death better than you so if you dont have anything constructive to say about the question at hand please keep your comments to yourself.

Sally - I'm sorry for your loss. I know you may not want to hear what Dandy Don had to say, but in the eyes of the law, it is correct. In your case, the law says "the wishes of the deceased are spelled out in writing".

 

[moburkes]

Sally - I'm sorry for your loss. I know you may not want to hear what Dandy Don had to say, but in the eyes of the law, it is correct. In your case, the law says "the wishes of the deceased are spelled out in writing".

Yep. A written contract will always outweigh a verbal "promise". It is not the court's responsibility to interpet the "wishes" of someone who neglected to formalize those wishes by getting them in writing. The insurance company is doing exactly what they are supposed to do. DD is also correct in that, if he was really concerned, your father should not have let the other policies lapse.

Sorry for your loss.