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unclaimed property

Q&A: A parent had life insurance, but the companies are gone. What to do?

September 2, 2024 By Liz Weston

Dear Liz: My mother died last year. I discovered she had two old life insurance policies written by companies that no longer exist. How can I determine which modern insurance company is responsible for policies written by these old companies? How can I submit a claim? My mother was born in 1932. The first policy began 1939 for $350. The second began in 1943 for $600.

Answer: It’s not a given that a modern insurer still has these policies, but it’s possible. You can start by entering the old companies’ names in an internet search engine to see whether new owners are mentioned in the results. If that doesn’t work, contact the insurance department in the state where the old company was headquartered because it will have records of mergers or other changes.

If the company went bankrupt, you’ll need to consult the guaranty association in the state where your mother lived. State guaranty associations protect policyholders when an insurer defaults or becomes insolvent. The National Organization of Life and Health Insurance Guaranty Assns. has a search tool you can use to find the correct association.

Another option is to check the life insurance policy locator service offered by the National Assn. of Insurance Commissioners at https://eapps.naic.org/life-policy-locator/#/welcome. You’ll need to input your mother’s Social Security number as well as her dates of birth and death.

Also check the unclaimed property offices of any states where she lived. You’ll find links at unclaimed.org.

Filed Under: Insurance, Q&A Tagged With: insurance companies, life insurance, missing money, unclaimed property

Monday’s need-to-know money news

June 21, 2021 By Liz Weston

Today’s top story: Are cash offers better for home sellers? Also in the news: A new episode of the Smart Money podcast on savings tips and the Child Tax Credit, 4 smart insurance moves for hurricane season, and how to find unclaimed money that’s owed to you.

Are Cash Offers Better for Sellers?
An all-cash offer for your home might seem like the golden ticket, but take the time to weigh all your options.

Smart Money Podcast: Savings Tips and Updates to the Child Tax Credit
Saving money can involve both cutting expenses and knowing how to make saving easier for you.

4 Smart Insurance Moves to Make for Hurricane Season
Checking your coverage and deductibles in advance can help you protect yourself financially.

How to Find Unclaimed Money That’s Owed to You
Finding your unclaimed property.

Filed Under: Liz's Blog Tagged With: cash offers, child tax credit, hurricane season, Insurance, real estate, savings tips, Smart Money podcast, unclaimed property

Tuesday’s need-to-know money news

December 19, 2017 By Liz Weston

Today’s top story: 6 ways the tax plan could change homeownership. Also in the news: Bad loans lurking under Christmas wrap, checking your state’s unclaimed property list, and robocalls soar to a new record.

6 Ways the Tax Plan Could Change Homeownership
Important things to know.

Bad Loans Lurk Under ‘Christmas’ Wrap
A payday loan wrapped in a bow.

Hey, Harold, Pick Up Your 300 Bucks
You could have unclaimed property waiting for you.

Phone spam soars to a new record
Fraud calls are at an all-time high.

Filed Under: Liz's Blog Tagged With: Christmas loans, Do Not Call list, home ownership, robocalls, tax plan, unclaimed property

Wednesday’s need-to-know money news

October 5, 2016 By Liz Weston

common-retirement-mistakesToday’s top story: How to tell if your 401(k) is a dud. Also in the news: How to find unclaimed property, great tax deductions for retirees, and how to sneak more savings into your budget.

How To Tell If Your 401(k) Is a Dud
Reviving your retirement fund.

Are You Owed Money From a Forgotten Bank Account?
You could have unclaimed property.

5 Great Tax Deductions and Credits for Retirees
Maximizing your deductions.

How to Sneak More Savings Into Your Budget
You won’t even notice it’s gone.

Filed Under: Liz's Blog Tagged With: 401(k), Retirement, Savings, tax deductions, unclaimed property

Monday’s need-to-know money news

March 10, 2014 By Liz Weston

Zemanta Related Posts ThumbnailToday’s top story: Seven things that won’t hurt your credit score. Also in the news: Discovering unclaimed property, seven ways to spring clean your finances, and how to get the best deal on buying a house.

Seven Things That Won’t Hurt Your Credit Score
Some of these may surprise you.

10 States Sitting on Billions of Dollars That Could Be Yours
A simple search can reveal if you have unclaimed property.

7 Ways to Spring Clean Your Finances
Time to get your financial house in order.

How to get the best deal buying a new house
The sooner you buy, the better.

Your 401(k) Plan: 3 Ways to Tell If It’s Any Good
How to find out if your compmany’s 401(k) is worth joining.

Filed Under: Liz's Blog Tagged With: 401(k), buying a home, credit report, Credit Score, real estate, spring cleaning, unclaimed property

Old check may still have value

February 25, 2013 By Liz Weston

Dear Liz: You recently answered a question from a reader who found an old refund check that couldn’t be cashed. You pointed out that checks typically must be cashed within six months or they’re worthless. But your reader should check the unclaimed-property department of his state. Each state has laws that all companies must follow that typically require them to turn over or “escheat” amounts from uncashed checks, dormant checking accounts, unclaimed utility deposits and other accounts. The consumer should write a letter to the company that issued the check (sent certified mail) with a copy of the front and back of the check to find out whether they escheated the funds. The consumer should also check Unclaimed.org and talk to the state that the company is based in along with his current state. Please encourage him to keep the check and not give up. Unclaimed-property laws are not well known, and they are there to protect the consumer.

Answer: Thanks for your suggestion. Not all companies follow the laws regarding unclaimed property. If this company had, it presumably would have referred this customer to the appropriate unclaimed-property department when he called asking for a replacement check. Still, checking the state treasury departments on Unclaimed.org is relatively easy and certainly worth a try.

Filed Under: Q&A, Saving Money, The Basics Tagged With: banking, escheat, unclaimed property

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