Life Insurance Policy

Bud · by **Bud** » 10 Jun 2009, 12:27

Life insurance policy was purchased 24 yrs ago and the company is now closed. What are my options?

I found out thru the BBB that the business has closed and there was no forwarding address or phone numbers left for the company. The policy is paid up till age 25, however now that I am trying to find out info to take it over I am finding out the company is closed. I am planning to contact the dept of insurance for the state tomorrow but what are my options legally? Did the company have to legally transfer my policy or did they have to insure my policy in case of the company going bankrupt? What happens now?
The company closed.I don't believe it was particularly purchased thru an agency. Although I'm not 100% sure because it was purchased by my grandparents for me back in 1983.
Oh and.it was purchased by them when they lived in Oklahoma.I lived in Oklahoma at the time also. The company was based out of Chicago, IL (which is also why I don't believe they necessarily went thru an agency) and I currently live in Ohio. Should I call IL, OH or OK? I'm guessing IL but not sure.

Emelda · by **Emelda** » 10 Jun 2009, 12:27

This is a very frustrating situation. I ran into a similar problem as the executor of my father's estate. It took persistence and a lot of time (phone calls, letters, etc.), but I finally collected on an old policy he had bought back in the 40s, despite the fact that the companies over the years had closed and/or changed multiple times. The State Commissioner of Insurance is definitely the best place to start, and they should be able to advise you as to where to go and what to do next. Stick with it! Good luck!

Minda · by **Minda** » 10 Jun 2009, 12:28

How can I locate a life insurance policy from 20th Century life Insurance Company bought in 1967?

The Company was bought out several times and I am unable to locate where it is now.

Diann · by **Diann** » 10 Jun 2009, 12:28

Try the National Assoc. of Insurance Commissioners http://naic.org or your state's department of insurance. Once you find the company that now holds those obligations, don't let a front-line customer service person tell you it's not them. They often don't know the answers to non-routine questions.

Debby · by **Debby** » 10 Jun 2009, 12:28

How do you discuss a life insurance policy with your grandparent?

My grandmother is almost sixty years and she does not have a life insurance policy. We were talking and I asked her what she had in place in case of a situation. She said nothing. Her plan is for us to sell her house and split the money.

Melida · by **Melida** » 10 Jun 2009, 12:28

She has no need of life insurance. She has no dependents. Stop thinking about her death as some kind of windfall profits day for you. She owes you absolutely nothing.

Ronna · by **Ronna** » 10 Jun 2009, 12:28

Is there a life insurance policy that allows for payment before death?

I heard this one a financial channel but I can't find any information on it. Any insurance experts out there? Can you guide me to a website?

Casandra · by **Casandra** » 10 Jun 2009, 12:28

If the policy has cash value you can usually borrow against the cash value or take a partial withdrawal against it.

Many policies have an option that allows you to collect a certain percentage of your face amount before you die if you are diagnosed with a terminal illness.

There are also companies that are willing to buy your life insurance policy.

Other than these options you cannot access the death benefits until after you die.

Shayla · by **Shayla** » 10 Jun 2009, 12:28

He is already 63 years old, a smoker, and not so great health. I don't want a million dollar policy just enough to cover a funeral and his last debts as I will be the one to take care of this. Any ideas?

Herbert · by **Herbert** » 10 Jun 2009, 12:28

I have never seen a policy that cost the same as it is going to pay out. If you know you will live forr 20 more years then wait until year 19 to buy insurance. Since no one knows when we will die insurance is the only way to protect your family from coming up with the cash for your final expenses.

I suggest you look for a local broker that can help you sort through the different companies available.You can us yellowpages.com to search for life insurance brokers in your area. A Broker represents multiple carriers and can help you sort through all the different insurance companies and plan options in your state. You can call your auto and home agent they specialize in property and causality insurance and usually have a good knowledge of life insurance. But you may have better luck with someone that specializes in life insurance. These areas of insurance even require separate licenses. Plus you auto agent will sell you the brand they represent when a broker has more flexibility in the plans they can sell.

Life Insurance Policy

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