Unclaimed money from insurance
@PointlessQuestions (15397)
United States
March 22, 2013 12:48pm CST
A friend of mine and her sister are getting paid for their dad's insurance. Her dad died in 1996. The man at Mutual of Omaha said the amount is $2,000 principal and there may also be interest paid also. This is unclaimed money. My friend didn't know about this policy. Anyway, they tracked her down through another relative. I'm not even sure when they discovered he died.
Anyway my friend had to pay $800 out if her pocket to have her dad cremated back in 1996. She is wondering how much interest will be paid on a $2000 policy from all those years.
Anyone in insurance can answer this? Thanks in advance.
3 people like this
5 responses
@CookingIsMyPassion (653)
• United States
22 Mar 13
It depends upon the type of policy - there are dozens of life insurance policies that could have been chosen from. Interest is determined with the payments of the policy and if cash value can be accrued. One can't exceed the other or the policy could lapse. Obviously that didn't happen since she was notified there is money payable out to the heir on the policy. Another thing, the interest is not free unless it is a veterans policy, she will have to claim the interest on her income tax.
2 people like this
@PointlessQuestions (15397)
• United States
22 Mar 13
The person at Mutual of Omaha said that the policy was a $2,000 as the principle and there was possible interest. I was hoping you would see this. I'll let you know how it turns out.
1 person likes this
@CookingIsMyPassion (653)
• United States
22 Mar 13
You must have had your ESP hat on today....curious to see how it turns out after all these years.
@winterose (39887)
• Canada
22 Mar 13
I suppose it depends upon the policy she has and the company she is dealing with and what investments they have invested in.
2 people like this
@PointlessQuestions (15397)
• United States
23 Mar 13
Hi Pose. It's probably not much interest. My friend on here used to be an insurance underwriter. She said the interest will never be more than the principle. I'll let you all know when she shows me when she gets the check.
@PointlessQuestions (15397)
• United States
22 Mar 13
Yes it is a good company. Yes, one of my friends is a former insurance underwriter. She already commented. I'll let you all know if she got interest.
@celticeagle (160064)
• Boise, Idaho
23 Mar 13
Should be a nice little chunk anyway. I wonder how long insurance companies have to try to find you. If there is like a statue of limitations or anything. Hmm.
1 person likes this
@celticeagle (160064)
• Boise, Idaho
23 Mar 13
I think that knowing about both parents help us to be better human beings. I think I have seen this same commercial you speak of. I see it online too. It would sure be nice to find some.
@PointlessQuestions (15397)
• United States
23 Mar 13
When I had TV i used to see notices for people to call to see if there was unclaimed money for them. I didn't ask but in wondering if that was how the relative found out.
