Long story short, both my parents passed away when I was ten years old. I went to live with my grandparents and they were under the assumption my parents didn’t have any sort of life insurance policy. Fast forward 20 years. A few weeks ago I was searching for some unclaimed property for my wife and stumbled upon an unclaimed life insurance policy belonging to my father. I submitted all the required documentation to make the claim and I made a search through NAIC and they confirmed he had a policy as well. They also informed me the reason for non payment was due to: “Death Benefit Previously Paid.”
I’m assuming my mother would have been the benefactor. Would the insurance company pay out the death benefit to her, possibly not knowing she had passed away as well? Since the payout was never deposited or dealt with is this how it ended up in unclaimed property? Are there any issues I should look out for due to the 20 years that has passed since he died? Any advice or firsthand experience dealing with this sorta thing?
Any advice you guys can give will be greatly appreciated. Thanks in advance.
Submitted April 14, 2021 at 04:41AM by MnM1225 https://ift.tt/3arCZRR
