Life insurance question.

RanchersWife

There is so much knowledge here. Hoping for some help. I don’t have many details so I need do do some brainstorming with you guys. LO purchased a life insurance policy in the 90s. It was paid in full around 2015. My sis in law is the beneficiary. She has a piece of paper with the details. When she tries to contact the company they can’t find the policy. The company has been bought several times. Sis in law feels like she’s at a dead end. Anyone else been through this? Any ideas? So far we’ve thought to contact current insurance agent to see what they might be able to recommend. Other ideas include a state legislator, insurance commission, state education department (It was sold through the school employment.) estate lawyer? We might go back through old bank statements to see how it was paid…There are lots of papers! 

This money has to be somewhere! It’s 75k

Quilting brings calm

Try this site:

 https://eapps.naic.org/life-policy-locator/#/welcome

Also contact the state treasurer where it was written, or where she lived when she died. They normally end  up with the proceeds of unclaimed life insurance policies so they may have  a means to help you.  I think your problem is not uncommon actually 

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RanchersWife

Thanks Quilting and Victoria. I haven’t seen the paperwork yet. I know it was offered by the public school she worked for…maybe offers to all public school teachers.

Palmetto Peg

If it was a public school life insurance policy, you should be able to get information from the last school district where she worked.  The paperwork should have her employee pension number on it.  Public school pensions are normally administered through the state department of education under its Treasury department.   They don't expire or get cancelled like private company pensions do.  It doesn't matter if the company administering the fund is different now - there should be a paper trail you can follow.  Start with last school district and ask to speak to the payroll or benefits supervisor.  Schools districts are required to keep personnel records forever!

Palmetto Peg

I forgot to say that these kind of pensions are normally part of regular employee payroll deductions, so it is unlikely you will find anything in a bank statement.  If your LO took a pension and didn't continue the life insurance benefit through cash payments, there will likely not be a benefit remaining.  Again - check with the last school district.

I know this because I was a School Administrator in charge of pensions and benefits, among other things.  Good luck!

JDancer

I love the way members of this forum share their various areas of expertise. I've learned so much from all of you.

kojicraps

Did you manage to restore this life insurance? The situation really looks like a dead end, and I would go to court immediately because it’s not a small sum, and it could just get lost.
Maybe you might have some more information on lifeinsuranceblog.net– it’s a website about insurance in general, and there are many articles on the topic. There’s also a forum where you can discuss the issue and maybe get some help from professional insurance lawyers. I think you would use some juridical help in such a case.
It does look like the company’s a bit of a mess, but they still should be held accountable for this.

DLM122

RanchersWife, sorry to hear about the difficulties you’re having finding this life insurance policy.  If your loved one is deceased, the naic website provider in an earlier post will be your best bet.  If your loved one is still alive, I think your best bet might be asking your insurance agent to assist you.  I’ve helped a few clients in this area and it’s often a matter of tracking the policy as each carrier was bought by another company.  Also, as mentioned above, this assumes the policy is a private, personally owner policy versus an employer provided group policy.  If you continue to have difficulty finding the policy, please feel free to DM me and I’ll help if i can.  Best of luck to you.