OMG! Received a beneficiary letter!

[jensen]

I'm anxious to hear how this one turns out - good luck to you!

 

[khphillips]

Hope it's $$$$ .

Subbing...

Kim
Alabama

 

[parrotheadmom]

Good Luck! Let us know how this turns out!

 

[talicskai]

I'd be happy with $10 bucks right about now so enjoy whatever comes your way

 

[SusieStone]

The company is MetLife (FYI) so I'm thinking we're good to go. Also, I think MAYBE we'll take a little trip. Haven't been down to the world since May of 2007 and we DID get a code for free dining....... Guess we'll know by Wednesday what the amount is. I'm thinking..........

I have been dealing with METlife for my son when his father died.

What you are describing is the same paperwork that I filed out. Mt attorney looked at it and it was fine. I had laready called the Clerk of Court.

 

[Tine731]

I hope is lots-o-money!!!

finally a new thread to get involved in....I am still disapointed about the "neighbors" thread.

 

[lailah]

Ok, I'm really thinking now that it won't be that much. But let me ask you guys. She paid for a life insurance policy that was totally paid up in 20 years. She would have picked an amount of insurance upon death, right? So whatever she chose would be the amount of disbursement. Am I correct on this? I was making the calls for my DH, but I think maybe I'll make him call tomorrow and see if they give him anymore info. Probably making too much of this, but, yes, even 10 bucks would get me some TP and a few rolls of papertowels!

 

[ajh88]

Ok, I'm really thinking now that it won't be that much. But let me ask you guys. She paid for a life insurance policy that was totally paid up in 20 years. She would have picked an amount of insurance upon death, right? So whatever she chose would be the amount of disbursement. Am I correct on this? I was making the calls for my DH, but I think maybe I'll make him call tomorrow and see if they give him anymore info. Probably making too much of this, but, yes, even 10 bucks would get me some TP and a few rolls of papertowels!

If it was completely "paid up" after 20 years, it could be (and sounds like it might be) a whole life policy - or something that accrues cash value through dividends, etc. while you own the policy. So while you choose a death benefit when you buy the insurance (which is guaranteed), that benefit *should* increase over the years (but an increase is not guaranteed). If it was a simple term policy, then the death benefit she chose is the death benefit you'll get - but I didn't think those ever got "paid up" (which is why they are so much cheaper than other policies).

In NO WAY am I an expert - I probably only know enough to be dangerous - but I'm still wishing you lots of good vibes!

 

[TiggerTails57]

Most people would want enough $$$ when they die for their relatives to bury them.
My Dmil has about $6,000 insurance. Not a lot by todays standards. But, plenty when she took it out, years ago.

 

[lailah]

Yes ajh88. I think that was what she was telling me! Policy was totally paid up and any dividends that were accrued would be added. That's why she told me that it had to be recalculated. Now I'm beginning to understand. Hope all the paperwork went in correctly! I haven't told you guys yet, thank you for all of your help and I'll keep you posted!

 

[ladycollector]

subbing - good luck! =)

 

[penni520]

I am in this is very exciting............Good luck

 

[angwill]

We have a policy like this for our DS it is $20,000 and paid in full in 10 years and does accrue interest. We had the choice of $10,000 or $20,000 about 8 years ago. I also knew an elderly woman who bought a similar policy worth $1,000 because back then that was enough to bury your loved one. I would guess your aunts policy would be about the amount of what a burrial cost when she bought the policy. Remember I am just guessing. HTH

 

[Calliaz]

We have a policy like this for our DS it is $20,000 and paid in full in 10 years and does accrue interest. We had the choice of $10,000 or $20,000 about 8 years ago. I also knew an elderly woman who bought a similar policy worth $1,000 because back then that was enough to bury your loved one. I would guess your aunts policy would be about the amount of what a burrial cost when she bought the policy. Remember I am just guessing. HTH

Since there are two policies, my guess is that one is a whole life policy and the other is a burial policy.

The whole life could have converted to shares in stock over its lifetime, too. My mother had a policy bought in the 1950's that converted to stock about 10 years ago. She's made quite a bit from it in dividends each year.

 

[chrellis]

Ok, I'm really thinking now that it won't be that much. But let me ask you guys. She paid for a life insurance policy that was totally paid up in 20 years. She would have picked an amount of insurance upon death, right? So whatever she chose would be the amount of disbursement. Am I correct on this? I was making the calls for my DH, but I think maybe I'll make him call tomorrow and see if they give him anymore info. Probably making too much of this, but, yes, even 10 bucks would get me some TP and a few rolls of papertowels!

I don't want to really, really get your hopes up, but my husband sells life insurance, and he thinks you could be looking at quite a bit of cash. He just saw a whole life 20-year paid-up policy that a man had taken out in the 40's. The original value was for $5000, but with the dividends accrued it is now worth about $30,000. He says those 20-pays were amazing policies and have even put companies out of business because they ended being worth a lot more than anyone expected.

He says there is no reason to be suspicious that it took them this long to find your husband. He sees that a lot. A lot of times the addresses they have for beneficiaries are not correct. They usually don't go looking for the beneficiary until the person would have turned 95. Many of those 20-year pay policies were set up to mature at age 95 (meaning the person would get the value of the policy at age 95 if they lived that long). Sometimes they send paperwork to the policy holder at age 95 about claiming that money, and if they don't get a reply they know to search for the beneficiary.

I think you're going to Disney!

 

[dakcp2001]

Now you have to tell us how it goes!

 

[krismom]

Pixie dust for good news!

 

[lailah]

Oh cr**! (sorry!) Now I have to get excited again..... I can't imagine it being that, but here's hoping...and wishing...and.....of course praying! I know you shouldn't pray for that, but we could sure use it. DH is sleeping right now, so imagine when I give him a little information tomorrow!
Would the insurance "man" encourage her to get enough insurance to possibly live to be 95? And you know what? She was 86 when she passed away almost 10 years ago, so that would make sense! But again, whatever comes will be most welcome.

 

[fraggie]

Good luck.... and didn't you say that there were two policies? Imagine if they both were that much. Wouldn't that be fabulous?

 

[DaisyD]

My mom just told me the other day about an old policy she has for me. Her and my dad bought policies years ago when the agent would come to the house and collect for it every 3 months. I remember the Sun man coming over and chatting. Anyway, she said she had a $25,000 that is now close to $40,000 because it has been for for many years. I imagine $25,000 30 years ago was a lot of money. She told me that was enought to bury her and 3 years of going on Disney trips. LOL!