I have three old insurance policies that are paid up. I want to cash them in for the face value. But the insurance company from which they were purchaced no longer has a listing in any directory. Where do I go to get my money?
2006-08-03 09:15:25 · 7 answers · asked by nemisismine 1 in Business & Finance ➔ Insurance
Unless a life insurer has liquidated (which is very, very rare)...there is going to be a successor company.
In almost every state, there is an insurance trade association.
You should find the one for the state you are living in and call them. They have books that have successor companies in them and most trade associations can find out which company is now obligated to handle your claim.
Once you find out, call the successor company and tell them you wish to make a claim against a predecessor company.
They'll gladly pay the claim. Good luck!
2006-08-03 18:24:58 · answer #1 · answered by markmywordz 5 · 0⤊ 0⤋
life insurance contract is a binding contract so no company can just cancel a policy without reasoning even if the go out of business. All your premiums should of been refunded or something. Contact your state insurance regulatory company or NAIC to see what's up. And the face value of your isurance is what is paid when you die. You cannot cash in a policy unless it accumulates a cash value, which only certain types of insurance has, and the cash value is not equal to face amount unless specified iin a certain number of years. It is not complicated but I suggest you read up on the type of policy you have.
2006-08-04 17:45:02 · answer #2 · answered by Just Say NO to 9-5 Jobs 1 · 0⤊ 0⤋
Most life insurance companies do not go out of business, they are bought by other companies. Contact your state insurance commissioner's office and they should be able to tell you who bought the company. They will honor your contracts.
2006-08-03 09:42:15 · answer #3 · answered by deep5223 4 · 0⤊ 0⤋
Face value is how much you get if you die, not how much you can cash them in for. You'll have to ask the company how much they are worth to cash in.
You can check at www.ambest.com to track down the new company name, if there was a name change.
2006-08-04 01:30:01 · answer #4 · answered by Anonymous 7 · 0⤊ 0⤋
what happened to the insurance company?
if they were bought by another company, that new company must honor the policy.
if they went bankrupt, you can make a claim against any assets they have left. talk to a lawyer.
2006-08-03 09:20:10 · answer #5 · answered by Kutekymmee 6 · 0⤊ 0⤋
Hi......I'm in the Insurance business...Tell me what state you are in and I will get you in touch with the right people in your state to help you. E-mail me at RBC INSURANCE @
les.caldwell@libertyagency.com
2006-08-03 09:49:29 · answer #6 · answered by lescaldwell1951 1 · 0⤊ 0⤋
i feel sorry for that, perhaps you cannot get your money back.
you can see these suggestion about insurance saving.
http://www.bernanke.cn/insurance-saving-tips.html
Wish it will help you.
Good Luck!
2006-08-03 16:27:52 · answer #7 · answered by good_firefox 3 · 0⤊ 0⤋