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
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
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.
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.
It will pay the cash value, which is the death benefit + whatever it’s grown in value - any loans.
You get the death benefit. And it should be paid within a few weeks of filing the claim in good order.
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.
Are you confusing initial death benefit? A policy can’t have more cash value than death benefit. Probably a PAR with PUA.
I saw the statement…it was done in 1962…so the cash value increased the DB to more than the initial face.
Of course. A policy can’t have a higher cash value than it’s death benefit.