forgot about insurance policy

[71939]

missouri--policy was bought when I was 2yrs old by mother. It had a $ 2000.00 cash in at 20yrs. (1946-1966) During this time we had moved several times. Mother worked for government until 1970. Knowing that Insurance had all info on mother where she worked- SSnumber--and all other tidbits of info on her if they wanted to contact her. Anyway this well known company contacted ME after name change after marriage with no other info. on me wanting to know if I wanted to cash this policy for they we going to do some Internal Buisness changing and something to do with their stock policy. They offered me the $2000.00 plus $40.00 interest up to 1966. What my gripe is they kept this from 1966 to 2001 without trying to get to me or my mother. doesn't this keeping my money and everyone else's in my situation without REALLY trying to find,build their business.They must have really worked hard to find me in 35 yrs. When I asked them if they had any record on trying to find me the answer was NO and that they had to find everyone who were in the same way as I for their new Buisness decision. Should I report this to the State Insurance Commision.

 

[ALawyer]

Let me make sure I understand what your beef is.

Your MOTHER bought a life insurance policy. SHE put some oney in to it at first BUT THEN failed to notify the insurance company that you had moved.

Did you ever think that YOU or YOUR MOTHER might have had some responmsibility to notify the insurance company? The mailing address is how they contact you! It DOES NOT have to nromally engage in what is an expensive process to find you.

The policy provides what happens if the company loses track of you. And what that is depends on the type of policy.

Here I gather the company was undergoing demutualization -- as MetLife, Prudential, Principal, MONY, and others have done in recent years -- converting to an exchange traded stock company instead of one "owned by policyholders". As the policyholders were entitled to get an extraordinary benefit -- stock in the company (or cash in lieu of their stock) rather than what the policy provided, in the plan of demutualization the regulators approved the companies agreed to make an extra-ordinary (and expensive) search to find the policyholders to pay them their shares or cash.

You should thank your lucky stars the company converted, as you are getting a windfall instead of being punished for YOUR (or your mother's) irresponsible fgailure to notify the company about your change of address.