by gjanamarie » Thu Aug 26, 2010 07:18 am
Hello, I did a search for unclaimed funds and found that my father had an insurance endowment that matured in 1994. I assume it was started in either 1968 or 1969 as he was drafted in '69 and died in '70. I read that when the policy matures any unpaid premium's would have to be deducted, is this correct? What other fees will or could be associated with this? Thank you.
Posted: Thu Aug 26, 2010 08:05 am Post Subject:
I read that when the policy matures any unpaid premium's would have to be deducted
Did you read this in the contract or on this (or another) website?
If the policy was an endowment, although it could have "matured" in 1994, "maturity/endowment" really occurred on the occasion of your father's death in 1970. There would be no unpaid premiums to deduct unless any preceded your father's death.
No other "fees" would be deducted. If a death claim was payable in 1970, but the insurance company never learned of the death, the policy might have lapsed for nonpayment of premium, and the present value of the policy eventually escheated to the state.
You need to contact the insurance company that issued the policy back in 1968 or 1969 (or whenever) and ask for their advice in pursuing this. If less than the face amount escheated to the state, that money (with interest) needs to be returned by the state to the insurance company, and the insurance company owes the full face amount (plus accrued interest) to the named beneficiary that existed at the time of death.
Let us know what happens.
Posted: Thu Aug 26, 2010 01:52 pm Post Subject:
MaxHerr, Thank you for your quick response. I read about the premium's on the VA website, though the policies, there are two of them, are from MetLife. This has been rather complicated. If the notice of the policies was listed on the NYS Comptroller's website, as being abandoned or what have you, would the issuing company even have any information? My mother was not aware of the existence of any additional policies.
Posted: Thu Aug 26, 2010 06:21 pm Post Subject:
If the notice of the policies was listed on the NYS Comptroller's website, as being abandoned or what have you, would the issuing company even have any information? My mother was not aware of the existence of any additional policies.
The insurance companies ALWAYS have a record of policy information. The only things that has gone to the NY State Comptroller is the money.
If the insurer receives a valid claim, they can recover the money from the Comptroller, and pay it to the proper beneficiary.
MetLife is one of the largest insurance companies in America. They'll work with you and your mother to straighten this out.
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