Life insurance: late claim possible?

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jefmafnl
Posts: 482
Joined: Sun Mar 25, 2007 7:11 am

Life insurance: late claim possible?

Post by jefmafnl »

My mother has dementia, and my brother is going through her papers.

He discovered 2 life insurance policies on my father, who died in 2002. One of them was National Service Life Insurance, and we don't know whether she notified them at the time so as to receive the payment.

If she did not, would it still be possible to make a claim and receive payment?

Thanks!

J
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Stinky
Posts: 5915
Joined: Mon Jun 12, 2017 11:38 am
Location: Sweet Home Alabama

Re: Life insurance: late claim possible?

Post by Stinky »

jefmafnl wrote: Sun Nov 22, 2020 4:57 am My mother has dementia, and my brother is going through her papers.

He discovered 2 life insurance policies on my father, who died in 2002. One of them was National Service Life Insurance, and we don't know whether she notified them at the time so as to receive the payment.

If she did not, would it still be possible to make a claim and receive payment?

Thanks!

J
Yes, you should submit claim forms and other information as requested, like death certificate.

If the life insurance was in force at date of death, I expect that the claim will be paid.
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bberris
Posts: 1572
Joined: Sun Feb 20, 2011 9:44 am

Re: Life insurance: late claim possible?

Post by bberris »

They might even pay you interest from that date.
Also check your state unclaimed property. It may have been turned over.
Spyder59
Posts: 19
Joined: Fri Apr 21, 2017 7:13 pm

Re: Life insurance: late claim possible?

Post by Spyder59 »

State law commonly requires insurers to pay interest from the date of death for "proceeds left on deposit". You should have no trouble submitting your claim, and likely will get interest at a set statutory rate, depending on your state law. Insurers were the subject of multiple regulatory actions for failing to monitor "death rolls" and affirmatively reaching out to beneficiaries even if a claim had not been made. I suggest you contact your state insurance department if you have any problems. Last, if the insurer asserts that the money has escheated to the state, I would certainly contact your insurance department to ensure that the insurer followed state law and properly discharged its duties to find a beneficiary. Good luck!
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