My grandfather died in 1991. Recently, while going through family paperwork, my parents came across an old policy naming me as beneficiary for a policy taken out by my grandfather when I was an infant. How can I find out if this is still worth anything?
Dwight, Michigan
In Michigan, as in most states, unclaimed life insurance benefits are sent to the unclaimed property division of the state Treasurer's office. However, there is no Michigan statute that says how long an insurance company can hold on to unclaimed death benefits before it must turn the money over to the state. That varies by company.
Your first step is to contact the insurance company to find out whether the policy was still in force when your grandfather died, or whether he stopped paying premiums, which would cause the policy to lapse. If it lapsed, you will not receive a death benefit.
If it did not lapse, because your grandfather died 10 years ago, the money may well have reverted to the state treasurer's office. As the beneficiary, you still can claim the money. The Michigan Department of Insurance can assist you in making your claim. Find contact information on the DOI's Web page or call the DOI's toll-free number at (877) 999-6442.
For more, please read What happens to old lost life insurance policies?
Back to the Forum
Disclaimer: We are journalists, not financial planners or insurance brokers. Nothing we say should be interpreted as a recommendation to buy or sell any insurance product, or to provide other financial or legal advice. |
British Citizens:
Canadian Citizens:
