death benefits

[luvday1]

What is the name of your state? wisconsin
My aunt who is 85 told me of insurance policy ( she threw it away after 7 years) but rembered the insurance name......her brother died a number of years ago and she received nothing!.. Iam was shocked to find she could still collect on such policy. But now she wishes not to pursue the matter any further....Iam the beneficiary in her will. If she wishes not to step further and claim such policy. What happens when she dies, is such money goes to her
beneficiary, or is it lost? She lives on a limited income and fears she will lose all and have to pay the income all back. Also her case aid has told her recently that her brothers home ( the one she lives in) has a 7 thousand mortgage on ( yet the home is in her name and she has never seen such bill)
And to me things just dont make sense. ...????

 

[Dandy Don]

Is your aunt receiving any type of payment from Medicare or Social Security?
She does not need to fear losing any income if she cashes the policy in, but you may need a third party (friend or attorney) to tell her this.

If she doesn't cash in the policy the insurance company may decide not to pay anyone and it most certainly won't go into her estate.

She or you needs to find an attorney who can get all of her questions answered before she cashes the policy in. It would be a shame to miss out on money that could be helping to pay off the mortgage.

 

[luvday1]

Yes, my aunt is receiving SSI benefits....... and the policy would, iam sure be
consirdered an asset. Can we trace the policy ourselves with out an attorney
We have already checked with unclaimed property nothing!
Any help will be appreciated ....... Thanks..

 

[Dandy Don]

So ask her for the name of the insurance company and contact the company to have them research it, or if she doesn't remember it, there is a company called LOST LIFE INSURANCE (www.L-LIFEINSURANCE.com) that will contact the top 400 insurance companies in America to search for the policy for about a $100.00 fee.