Insurance Company Name Change

[OKIEDOKEY]

What would I do if I was paying an insurance company (life insurance) and they went under and was sold to another company and that new company doesn't have any records of this policy?

 

[ellencee]

OKIEDOKEY
Are you saying that even after you've taken your policy and your receipts with the policy number on them, they still can't find a policy or honor yours?

 

[OKIEDOKEY]

Yes. The new company says because they show nothing that was transferred from the prior company, they can't/won't recognize it.

 

[ALawyer]

EVERY state in the US has a Life Insurance Guarantee Fund, that in theory is supposed to operate somewhat like the FDIC does for banks. The laws vary a bit from state to state, but they do provide some some measure of protection.

Get the facts about your policy - a copy of it and some record that you paid premium and that it would still have been in force at the time the former company went insolvent. Then contact the fund in your state -- usually through the state insurance department in your state. Or contact the N'tl. Org. of Life & Health Insurance Guaranty Associations, which may still be in Herndon, VA - its phone number was (and may still be) 703-481-5206.

 

[OKIEDOKEY]

Thank you so much for the advice. I'll give it a shot.