When I Call The Insurance Company To File A Death Claim (20 Yr Paid Life), I’m Told They Have No Record Of The Policy Number. What Happens To Old Policies?

Multiple policies w/ multiple companies. They can’t say the policies were cashed in (cash value) or a claim had previously been filed. no record of policy number(s).

  1. 1313 POINTS
    Lenny Robbins
    Principal, LifeNet Insurance Solutions, Redmond, WA
    If the policy is still in force and premiums are being paid, I would simply contact a customer service manager at the company and explain your issue to them. They should be able to give you a satisfactory answer. If your not happy, you can always file a complaint with the Insurance Commissioner in the State of the policy owner. I suspect however that this policy is no longer in force.
    Answered on December 13, 2016
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  2. 21750 POINTS
    Jim Winkler
    CEO/Owner, Winkler Financial Group, Houston, Texas
    That is a great question - but it raises a few more. You mention that they are twenty year paid life policies, are they term life policies? If they are, and the twenty year period has been completed and time has passed since then, the policy would have ended, the money and coverage gone, and the company rightfully telling you that they have no record of the policy being active or in force. Term policies only cover the specified time period, and then end.
    If there have been premiums paid consistently up to the passing of your loved one, then that money has to have been going somewhere, and Mr. Robbins is right in referring you to a customer service rep. Perhaps it is one of those things where one insurance company absorbed yours, and the older policy is still listed under its previous policy number, and not under the parent companies numbers. The customer service rep should be able to help you sort it out. If not, contact (if possible) the agent listed on the policy, and see if they can help - probably a long shot, but if the office/agent are still around, they may be able to help also.
    I'm sorry for your loss, and hope you get this sorted out soon. May God hold you and comfort you in your time of sorrow. Thank you for asking your question.
    Answered on December 15, 2016
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  3. 12689 POINTS
    Ted Ratliff
    Owner, SFS Associates,
    If you cannot get help from the insurance company you may need to contact your State Department of Insurance. If the policy was absorbed by another company they may be able to help you find the company that acquired that particular book of business. You can also do an internet search on the company named on the policy and see if there is any record of the company being sold and to whom. If you are sure the premiums were paid, the policy was not lapsed for non payment, is a true 20 Pay Whole Life policy, and the company issuing the policy still should have that policy and has not gone been purchased by another company, then the question arises, was this premium paid direct to the company or to the agent. If the premium was collected each month by an agent, like many older policies were, then you may have to report this to the Department of Insurance Fraud department. This does not happen often but I have seen cases where agents collected the money and did not turn it into the company. I hope this didn't happen to you. Hope this helps
    Answered on January 5, 2017
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  4. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    Backing up to your general question, "What happens to old life insurance policies?" Old life insurance policies that are still in force (either through premiums still being paid, or the policy having been paid up at some point) are settled upon death. Old policies that have been paid up for decades are not discarded or terminated by the insurance company; they should still pay out.

    Which begs the question: are the policies still in force? If there are multiple policies and none of them can be located, it sounds suspicious that your loved one may have cancelled them. If you know the company, you should be able to locate the policy by giving them the insured person's social security number. If you are unsure of the company, there are some good articles on this website about how to find life insurance policies when you have nothing to go on.

    Great question, and your loved one had good intentions, to take out life insurance. You are on a good road and I hope you have success.
    Answered on September 19, 2017
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