|
First, check out WWW.POLICYLOCATOR.COM. They have a large database of
insurance applicants available to the public and the cost is relatively
cheap considering the value of what they might uncover. You will need to
provide a death certificate and a notarized application - probably a good
thing from a privacy perspective.
If the house and car were insured, start with the local agents who sold
those policies. Insurance companies usually keep track of customer names and
Social Security numbers.
If the policy was active, a premium notice eventually will come in the
mail. Look for cancelled insurance checks.
Private firms specialize in finding lost life insurance for a fee. Search
the Internet for "Life Benefits Search" or "Lost Life Insurance Finder."
Most life insurance companies have a suicide clause which states that
they will NOT pay if you commit suicide within two years of getting your
policy.
It depends on the type of "cash out" you applied for and which state you
live in. You should be able to obtain some form of written verification
regardless, so contact your life company.
Death benefits are usually not subject to federal income tax. There are
exceptions, though, if the IRS deems your insurance policy to be an
investment in disguise. Although 98% of the time, benefits are not income
taxable. The death benefit, however, is included in the value of the estate
of the deceased, which means that estate taxes could be owed on the death
benefit by the estate. Also, whenever a policy is sold (what's known as a
"transfer for value"), the benefits become income tax taxable
Normally, if the beneficiary has the policy, all they need to do is get a
copy of the death certificate and turn it in to the life insurance company.
The contact information for the company should be right on the policy, if
there isn't an agent close enough to work with. Any decent company will
honor the policy and make payment from within a few days to a few weeks, if
there is no suspicion of fraud.
You should expect to receive forms and information in 5 to 10 day. Once
the Death Certificate and forms have been returned payment should be issued
in the same time frame.
One rule of thumb is to buy an amount equal to five to seven times your
annual gross income. But the real question is how much your family will need
when you're gone.
No. In fact, the benefit will usually grow at interest until the
insurance company can locate a beneficiary. One thing that some people don't
consider is the fact that often an insured dies and no one knows he had
insurance. Since no claim is made, the insurance either assumes he is still
alive (in the case if a paid-up policy) or any unpaid premium notices will
alert the executor that there is a policy in force. If the policy had been
paid up and no one makes a claim, the insurance company will start looking
for a beneficiary at the time when the policy was to mature. (Usually at the
time when the insured would have been 95-100 years of age).
Yes you can. To get insurance, insurance companies, want to see an
"insurable interest." Since he is the father of your child, you have an
insurable interest on him.
Contact the Insurance Commissioner, they probably had the company taken
over by another company.
|
