by ezelna » Wed Feb 02, 2011 07:23 am
I'M A BENEFICIARY TO A POLICY MY MOTHER TOOK OUT WHEN I WAS A SMALL GIRL. SHE DIED SIX YEARS AGO BUT THE AGREEMENT WAS THAT I ONLY RECIEVE THE MONEY WEN I TURN 21.
I TURNED 21 NOVEMBER 2010 AND WE PHONED THE POEPLE HANDELING MATTERS TO ASK WHAT NECESARRY DOCUMENTATION WE SHOULD SEND THEM.
AFTER WE SEND THEM ALL THE DOCUMENTATION, WE PHONED THEM AGAIN ASKING IF THEY HAVE RECEIVED IT AND THEY SAID NO SO WE SEND THEM THE DOCUMENTS AGAIN.
YESTERDAY DAY THEY SAID THAT THE POLICY HAS BEEN CALLED UP AND NOW I WANT TO KNOW WHAT DOES THAT MEAN, AND HOW LONG WILL THEY STILL TAKE TO PAY OUT THE MONEY TO ME.
I TURNED 21 NOVEMBER 2010 AND WE PHONED THE POEPLE HANDELING MATTERS TO ASK WHAT NECESARRY DOCUMENTATION WE SHOULD SEND THEM.
AFTER WE SEND THEM ALL THE DOCUMENTATION, WE PHONED THEM AGAIN ASKING IF THEY HAVE RECEIVED IT AND THEY SAID NO SO WE SEND THEM THE DOCUMENTS AGAIN.
YESTERDAY DAY THEY SAID THAT THE POLICY HAS BEEN CALLED UP AND NOW I WANT TO KNOW WHAT DOES THAT MEAN, AND HOW LONG WILL THEY STILL TAKE TO PAY OUT THE MONEY TO ME.
Posted: Wed Feb 02, 2011 09:08 am Post Subject:
WE PHONED THE POEPLE HANDELING MATTERS
This statement is a bit disconcerting to me.
If you are dealing with an INSURANCE COMPANY in the United States, a check will usually be written within 7-10 days of receiving the Death Certificate. Elsewhere in the world . . . who knows?
THE POLICY HAS BEEN CALLED UP
Probably indicates that they found the necessary paperwork to issue a death claim check.[/quote]
Posted: Wed Feb 02, 2011 11:43 pm Post Subject:
My hunch is that the death benefit was paid out roughly 6 years ago and was likely paid to some sort of trust arrangement... hence the "I get the money when I turn 21" deal.
Could we be dealing with trustees instead of the insurance company? My hunch is that the death benefit has already been paid... somewhere.
InsTeacher 8)
Posted: Thu Feb 03, 2011 01:03 am Post Subject:
My hunch is that the death benefit has already been paid... somewhere.
Could be, but insurance companies also provide owners/insureds with the option to stipulate certain db payouts.
It doesn't make a lot of sense that a trustee, even if using a trust company would need paperwork. Traditionally they have instructions and execute those instructions. Of course, it would also be strange for a policy with a specified db payout to require any kind of paperwork.
Posted: Fri Feb 04, 2011 02:20 pm Post Subject:
It doesn't make a lot of sense that a trustee, even if using a trust company would need paperwork.
Quite true. If a trust has been set up, only the most inept lawyer/CFP who wrote the document would fail to indicate on what date the money would be accessible by the beneficiary.
This whole post is bizarre, and like so many others, the OP has not returned with any clarifying information.
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