Who is responsible when you pay more than the value of the policy?

[Cindy Hicks]

What is the name of your state (only U.S. law)? Kentucky

I am not sure I am doing this correctly however here goes...
My father is ill and had a resent scare which made me realize I had to make sure all his affairs were in order. While going through some old paperwork I found a life insurance policy from 1969. The value is 2500.00 however he has been paying on it since that time and has paid almost 8000.00. No one contacted him over the last 40 years from the company. Does the company have any responsibility here or is the money simply lost. After talking with 5 people they have offered a cash value of 3400.00.What is the name of your state (only U.S. law)?

 

[anteater]

Have you requested a policy statement from the agent or the insurance company?

Without a review of the policy, I would be speculating. But, my guess is that the death benefit is greater (probably much greater) than $2,500 or the $3,400 that those 5 people have offered.

 

[robsam]

As I think if you have chosen your insurance policy through any agent then whole responsibility goes of with him .But if you've visited the insurance company directly then its the responsibility of yours only partially company is also responsible for that .