- November 5, 2023
- Posted by: legaleseblogger
- Category: Related News
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My Mom passed away in April and left behind a life insurance policy that was cashed in around July to cover the expenses of fixing the house. Currently, I am residing in South Carolina.
Recently, while cleaning, I stumbled upon two additional life insurance policies from my Mom’s childhood. Upon further investigation, I discovered that these policies were paid off as of 1982. I promptly contacted the insurance company, only to find out that my Mom’s information was not present in their system and the policy number provided did not exist. This left me perplexed and unsure of how to proceed.
In search of advice, I decided to turn to an online platform where someone recommended reaching out to the National Association of Insurance Commissioners (NAIC). Following their suggestion, I contacted the NAIC and patiently awaited their response. Finally, yesterday, I received an email from [email protected], where they confirmed that the “death benefit previously paid” related to the policies, but it wasn’t paid to me. As the sole executor of my Mom’s estate, currently in the middle of probate, this revelation has raised concerns and questions.
Since the insurance policies are registered under my Mom’s name, they are inevitably tied up in her estate. According to the probate clerk, I am advised to sort out the policies, and once that is done, I would be able to cash them since my Mom had designated herself as the beneficiary when she turned 18. Interestingly, despite the insurance company’s confirmation of this information, they still maintain that the policy does not exist.
Considering the next course of action, I am left unsure of my next steps in this complex situation. The combined value of the discovered policies amounts to approximately $35,000, making it crucial to resolve this matter promptly. Any guidance or assistance regarding this matter would be immensely appreciated.
Here is where AI Legalese Decoder can step in to provide valuable support. This AI-powered tool can help analyze complex legal language and assist in comprehending the intricacies of the insurance policies and other related legal documents. By inputting the insurance policies into the AI Legalese Decoder, it can process the information and provide clarity on the policies’ details, potential ownership conflicts, or any hidden clauses that may be hindering their execution. With its ability to decipher legal jargon, the AI Legalese Decoder can guide me in taking the appropriate actions, such as contacting the insurance company again armed with a better understanding of the policies and the rights I possess as the executor. Ultimately, the AI Legalese Decoder can aid in navigating the legal complexities surrounding this insurance predicament and help me move forward in settling my Mom’s estate.
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Generally speaking, life insurance policies are not part of an estate and do not go through probate. Proceeds from a policy are paid to the beneficiary named on the policy. Even as the sole beneficiary of the estate, access may not be yours.
It sounds like she may have cashed them out herself.
There is a national FREE look up service for life insurance policies.
The National Association of Insurance Commissioners (NAIC) has representatives from each U.S. state and territory, you can find the lookup service on their site.
[https://eapps.naic.org/life-policy-locator](https://eapps.naic.org/life-policy-locator) This service is often used when a relative passes and survivors don’t know if there was a policy, or aren’t sure of the company that held the policy.
You can also contact your state insurance department and inquire about the policies. (the NAIC site also has links for every state insurance dept – be SURE you are going to the legitimate site, as there are copycats out there.)
There are some possibilities: your parent cashed the policy in, or quit paying premiums and it lapsed. OR, another person was the beneficiary on the account, and that person cashed it in. OR, you were the beneficiary, but some crooked person told the insurance company you were deceased and used false information to collect on the policy. The third option is rare and illegal, but can happen if someone is aware of the policy and its value and is willing to lie, betting that you won’t find out or don’t know about the policy’s existance.
It most likely lapsed, surrendered, or matured. Once that happens the company only has to keep records for a certain period of time. If it was written in the 80s it would have been on paper so there may not be a digital trail. If it was active in the last 20 years or so there probably would have been some kind of record because those records are digital and easier to retain. This policy probably ended 20 plus years ago.
Was she divorced? She might’ve named her spouse at the time as the beneficiary and never updated it. I’ve been told it is pretty common, especially if the divorce happened a long time ago.