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Anyone here sell life insurance or know how to go about finding an old policy?

  Author:  36901  Category:(Discussion) Created:(2/26/2012 9:06:00 AM)
This post has been Viewed (999 times)

I am in desperate need of a new car (newer than my 21 yr old Toyota anyway). I was talking to my mom. She offered to help me. She also told to about a 5k paid in full life insurance policy that she and my dad purchased when I was 3. She told me to make some calls and find out how I can cash it in to use as a down payment. When she and my dad split, she let the policys with him (bank deposit box). He says they aren't there. She says the policy is with either Mutual of Omaha or another one that has Omaha in the name. I can't remember the 2nd one, but I did contact both. Got no help from either.

Anyone have any suggestions as to how I can find someone who can help? I want to get this done before my car dies. We are in the process of buying a house, so my money is tied up in that. The extra 5k will be a great start for a new car.

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Replies:      
Date: 2/26/2012 9:08:00 AM  From Authorid: 27705    If you have already contacted them with no luck I am not sure what else you can do. I wish i could be of more help  
Date: 2/26/2012 9:12:00 AM  ( From Author ) From Authorid: 36901    The other is United of Omaha. It was purchased in the late 70s.  
Date: 2/26/2012 9:17:00 AM  From Authorid: 15228    My guess is it was allowed to lapse or it was cashed in already.  
Date: 2/26/2012 10:49:00 AM  ( From Author ) From Authorid: 36901    It was paid in full, so I know it didn't lapse. I also know it wasn't cashed in. It was in my mom's name, so she would have been the only one who could have cashed it in. If she'd have cashed it in, she wouldn't have told me I could cash it. When I turned 18, I became the only one who could cash it in.

I sent an email to the website and just heard back from an agent. He gave me his number and extention. Said to call him tomorrow. He will find the policy and send me the paperwork. He said a policy that old isn't in their new computer system and most agents don't know how to find them. Hopefully, he can help.
  
Date: 2/27/2012 2:00:00 AM  From Authorid: 8024    I had thought the same thing and but to my suprise found out that I did have a policy a few years back I cashed it in chaaa-ching don't give up on it..I found mine searching the internet.. oddly my mom told me of the old policy as well..c  

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