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| *Ostroff, Fair and Company>>>Insurance |
Life insurance.....? |
Hi all ... My wifes Granfather died last week ,,,,we have just found a Life insurance policy and have sent back the claim form.... Sum insured was 拢850,00.... this was taken out 21 years ago...So my question is how much will this claim be worth...?? Thanks . 3 answers:- 1. 拢850 as this is the sum assured. 2. If the policy is unit linked or with profits, then it will be the value of the units or 拢850, whichever is greater. 3. Nothing - if the policy lapsed (payments stopped) then the policy would have stopped in the month following the last payment. Depends on the type of policy as in the 80's endowment type policies were popular for providing life with a small lump sum of no claims made. As the life insured has died, then the next of kin will automatically be able to assume the rights to deal with the insurance company and get all details that are needed. This will usually happen after the insurance company have received the death certificate. Probably just the face value. Policies that old were generally whole life policies and unless he took a loan, quit paying premiums or cashed in the policy, it should be worth the face value stated. All things being equal, 850.00 pounds as that is the sum insured.. Why not do the sensible thing and phone the insurance company to ask them. If face value of the policy was $850,000, then that's what the claim is worth, IF the policy is still active. Sorry, I can't do the pound thingie on my keyboard. agent, 20+ years a lot it seems http://www.insurance-assurance.com/... |
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