If my father had a life insurance policy since 1959 and he just passed away at 65 then what will be the cash out? Assuming it’s a whole life insurance policy
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Most of the policies that I’ve seen from that period of time have been 500 a thousand the most I’ve seen is 2500
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It depends on the policy’s face amount and its terms and conditions. Do you have a copy to review? You can also contact the company that the agent worked for or reach out to the insurance company directly for help.
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Thank you for your response. Here’s my dilemma: My grandmother took out the policy on my dad a year after he was born, and I assume he kept it active. I also assume that not much was paid into it in 1959. Another issue is that she was listed as the beneficiary, but she passed away in 1998. So, I can’t get any information right now.
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It will pay the cash value, which is the death benefit + whatever it’s grown in value - any loans.
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You get the death benefit. And it should be paid within a few weeks of filing the claim in good order.
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Once you determine who the beneficiaries of your grandmother’s estate are or who the contingent beneficiary on the policy is, that person can request a copy of the policy. I had a client with a policy from 1962. The death benefit was $10, but the cash value ended up being around $40K.
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Are you confusing initial death benefit? A policy can’t have more cash value than death benefit. Probably a PAR with PUA.
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I saw the statement…it was done in 1962…so the cash value increased the DB to more than the initial face.
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Of course. A policy can’t have a higher cash value than it’s death benefit.