Beneficiary Or Not?

[Ethrin]

[email protected]

IN 1992 I WAS MADE BENEFICIARY OF A PREPAID LIFE INSURANCE POLICY. 2 YEARS LATER TO POLICY OWNER DIED AND I HAD MOVED AND FORGOT ALL ABOUT IT. HOW DO I FIND OUT IF I AM ENTITLED TO THE PAYOUT OF THE POLICY AFTER ALL THESE YEARS? WE BOTH LIVED IN COLORADO AT THAT TIME.

 

[ALawyer]

Contact the insurance company and get a claim form and file it with a certified copy of the death certicicate.

Even though substantial time has lapsed, you'll get the policy proceeds if the policy was in force at date of death, assuing the insured was truthful on the application. USUALLY YOU'LL ALSO GET INTEREST FROM DATE OF DEATH.

The key issue will be whether the insured had made any material missatement about his health on the policy application. If an insured dies within 2 years of the date the policy was issued the policy is subject to challange and "contest" by the company based on any misstaements. Also, if the insured committed suicide within 2 years that will be an issue, although the laws vary from state to state.

 

[Ethrin]

Thank you for responding, the problem is that I do not remember the Insurance Agency's name. The policy holder was a friend of my parents who I took care of ..did housework, called the doctor, ect. His policy had been prepaid for a number of years but I'm now living out of Colorado and have no way of finding them. If I lived there still I remember basically where it was..but not the name. He had 2 sons who were estranged from him and I have no idea who they are either. Is this a lost cause?

 

[ALawyer]

If you don't know the name of the INSURANCE COMPANY or the Agent you may want to look at a list of all insurance companies licensed in Colorado and see if it refreshes your recollection. Or you could ask the 10 largest companies (MetLife, Prudential, NY Life, Equitable, John Hancock, etc.) if they have anything on file. Or ask the CO Department of insurance if they have any information to help you -- for example if you knew the amount of the policy that may give them a clue as not every company wrote every sized policy on a single pay, paid up basis..

 

[Ethrin]

frustrated

Well, I did as you suggested, I sent off letters to the top Insurance Companies in Colorado, so far nothing...I'm beginning to think this is a lost cause..I do appreciate all the suggestions you have provided..thank you

 

[lildevil719]

re: Beneficiary or not

If you remember basically where it is, maybe you could have a friend who still lives there drive through the area and write down the names and addresses of all the insurance companies, and try it that way. Good Luck