Life Insurance Beneficiary

[Hidester]

What is the name of your state? SC

My mother's life insurance beneficiary is no where to be found. My mother did not even know where the beneficiary was because they had lost touch years ago. What happens in this case if the beneficiary can not be found?

 

[Betty]

What is the name of your state? SC

My mother's life insurance beneficiary is no where to be found. My mother did not even know where the beneficiary was because they had lost touch years ago. What happens in this case if the beneficiary can not be found?

Many life ins. policies have a facility of payment provision which enables the insurer to select a bene if the named bene cannot be found within a reasonable time. Normally, the insurer would select someone who is in the immediate bloodline. If the policy has no such provision, then some cos. pay the benefit to the insured's estate. A few will "forward the proceeds to the state" to hold as an unclaimed asset. It would have been best if your mother changed the bene (if she was owner of the pol.) while she was alive to someone else since she was no longer in touch with the named beneficiary.

 

[Dandy Don]

The executor or insurance company must make a reasonable effort to locate the beneficiary, such as contacting a private investigator or genealogical researcher to conduct an official, professional search. I do this type of research and can assist you if necessary.

DANDY DON IN OKLAHOMA ([email protected])