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My aunt died in 1990 and had small insurance policy that I just found out about.

Discussion in 'Life Insurance, Annuities & Other' started by lotsaquestions, Oct 12, 2010.

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  1. lotsaquestions

    lotsaquestions Law Topic Starter New Member

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    Hi ,this is a topic that is probably rare. My sister and I were going through some old books and things of my late great aunt when we came upon some old letters. In these letters my aunt mention to another one of my relative an insurance policy for 2500 dollars with me as beneficiary. There were no details of this so with a little detective I found out the company info and called them. They said that indeed she had a policy there . This was a term policy and it had been cancelled due to lack of payments. The question I`m wanting to know am I entitled to this after so many years and could I get it without actual policy. She had alzheimers and was very forgetfull in her latter years and somehow misplaced it. Another thing that comes to mind if I am entitled to it would I get any interest on the money?If so how much ? Thank you for listening.
     
  2. army judge

    army judge Super Moderator

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    There is no policy, if it was canceled for non-payment.

    No policy means no money!
     
  3. lotsaquestions

    lotsaquestions Law Topic Starter New Member

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    A policy was issued and was in effect at time of her death ,but was later cancelled due to non payment. She paid yearly and must have paid the full year only 3 months before her death. I don`t have the policy ,but I got a policy number that the lady at the insurance company sad was the number.So the question that I was wondering about would they still pay me after all these years? Is it also possble they may pay some interest?
     
  4. army judge

    army judge Super Moderator

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    I doubt you'll receive anything.

    But, why not ask them?

    The worse they can say is no.
     
  5. briandz

    briandz New Member

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    If she died while the policy was still active I believe that you have a right to the funds plus interest.
    That insurance company took the risk of her outliving the policy not of a beneficiary finding out and laying claim to it.
    I would not ask for the money, I would demand it.
    Get a copy of the death certificate, and a copy of the insurance policy.
    Present those documents with a time line and insist that they pay up. or Figure out what standard interest rates apply
    and add up all that you believe they owe then go to city hall and file a small claims law suit. All the forms are readily available.
    The only way they can keep the money is if the policy goes to term or by lack of funding, and not by lack of funds due to death.
    Lets face it ...isn't that what the policy was for ???. you said it yourself she had paid for an entire years premiums upfront and three months later she had passed. technically they possibly owe you 9 months worth of unnecessary premiums (depending on how the payment schedule was structured).
    Give it a shot... put everything in the suit......don't go to arbitration!......let the judge figure it out ( thats his job)
    and if they force arbitration on you... go ....just politely decline to lower your case value no matter what.
     

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