How can I find out if my Mom had a life insurance policy that we could access to help pay for health care now?
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You are looking for clues: review bank statements for withdrawals; contact friends; did she have an insurance advisor?; etc.
Once found a review of the policy will determine if there is coverage or cash value that could be used.
If you have further questions please do not hesitate to contact me.
The Accelerated Death Benefit Rider is included in most policies these days at no charge - if you're unsure if it's in her policy, you can contact the carrier to find out if it's included in her coverage. Please note, when the rider is activated, there can often be a fee due for activation. The rider provides funds prior to death to be used for medical care, funeral arrangements, and other items and features an interest rate charged to the amount provided. Upon the death of the insured and a claim is made on the policy, the proceeds paid to the beneficiary will be the face amount less the amount provided prior to death and the interest generated from the loan.
Another avenue is cash value if it's a permanent life insurance policy (whole life or universal life insurance) - this money can be borrowed against the policy as a loan. However, it's expected to be paid back. Should the death of the insured occur prior to repayment, the outstanding balance and any interest due would be deducted from the face amount and the difference paid to the beneficiary.
If she is not terminally ill and is in need of long-term care, then you would be looking to determine if she has a long-term care insurance policy in place or a life insurance policy with a long-term care rider and what the benefits are under those programs.
If you're unsure if there are any existing policies on her and are trying to determine whether she has any coverage in place, the Medical Information Bureau (MIB) may be able to help identify a carrier she has applied for coverage with in the past (however, I believe they can only go up to a 7-year look back), but due to privacy laws, she may need to do that herself. If you have documentation noting your authorization to review her input, then you may be ok on that matter. Otherwise, you may need to review past financial documents to determine whether she's been paying premiums for a policy (e.g. input can be found via her bank statements).
If you know what carrier she has her coverage with, you can contact them to determine whether any of the above items are available under her policy. Please note, you would need authorization to do so or at the very least have her on the phone with you - due to privacy laws.
I hope the information is helpful - please feel free to contact me for help with coverage and if you have any other questions. Thanks very much.
First is the NAIC or National Association of Insurance Commissioners. There website is free at http://naic.org/state web map.htm this site will lead you to her state's DOI site where the policy should be registered as to the carrier purchased so you will know who to call.
If that one is empty, the next step is to try the MIB Solutions website at http://www.mib.com/lost life insurance howto.htm . This website boasts a 30% success rate in finding lost policies and charges $75 per search. Just be careful if choosing a life settlement company to check on the company's reputation. Unfortunately, there are a lot of scams involving these actions. Good luck!