Old life insurance policies

[angelbank]

What is the name of your state? Kentucky

My family recently found an old life insurance policy in a safety deposit box. It belonged to a relative that died 76 years ago. The policy was for a $1000. What I'm wondering is if this policy has or can collect interest and if its worth anything today?

Thanks

 

[krispenstpeter]

And what did the insurance company or the State unclaimed property office tell you?

 

[Dandy Don]

What is the name of your state?

Yes, checking with the unclaimed property office of the state where he died is a start to check using the name of the decedent. However, some insurance companies are lax about turning in unclaimed policies--if you will send me an e-mail giving the name of the insurance company, policy number and name of decedent and date of death, I can research to find if the company was perhaps bought out by another company that is now honoring the policies.

DANDY DON IN OKLAHOMA ([email protected])

 

[Bigfoot]

A few things to think about: Who is the beneficiary? Is the beneficiary living? If the beneficiar(ies) are brothers, sisters, etc. it could get very time consuming. And, was the life insurance in force at the time of the decedent's death?

And, has a claim already been made?

Hope it works out for you.

 

[angelbank]

State unclaimed property are the ones who brought the policy to our attention. The beneficiary listed is my Great Grandfather, my Grandmother is the closest living relative.

 

[Dandy Don]

The insurance company should have tried to make an honest effort to locate the heirs before they turned this money in to the state, but I'm sure they would say they were too busy to do it or couldn't afford it or some other weak excuse. It won't do any good to contact the insurance company now since the state has the money.

Visit the State of Kentucky's Unclaimed Property Department website (via www.naupa.org) and look at the instructions for filing a claim form and print out one for your grandmother to fill out so she can claim this money or ask them to mail her a form.

DANDY DON IN OKLAHOMA (e-mail: [email protected])

 

[Bigfoot]

Don, you are truly dandy and a dear.

 

[angelbank]

claimant

Who or what is the claimant?

This is whats the policy says after the name of the beneficiary...

"If living, otherwise to the executors, administrators or assigns of the Insured upon due proof of the interest of the claimant."

Thanks