Unclaimed life insurance (1 Viewer)

[Terminalxylem]

Received notice from Govrecover in the mail, regarding an unclaimed life insurance payout. It claimed the account was dormant since 1992, the date of my dad’s death. He definitely had life insurance, but not with Nationwide, as stipulated in the letter.

My gut told me this was a scam, but the website looks legit, receiving an A- from the Better Business Bureau. I mean, I guess it’s possible my father had a second policy, unbeknownst to the rest of the family.

Anyone have experience using one of these asset recovery companies? Or would it be useful to contact the insurer directly, realizing I have little info other than my dad’s name, birth and death dates? Are there state databases where I could access the information?

 

[STEADYMOBBIN 22]

No advice but I hope it all works out for you GB.

 

[fruity pebbles]

Think I’d start by contacting Nationwide directly and see if they have a record of him. Quite possible he had a policy through work or something.

 

[bcat01]

Check for yourself on the states unclaimed funds website.

 

[Psychopav]

Received notice from Govrecover in the mail, regarding an unclaimed life insurance payout. It claimed the account was dormant since 1992, the date of my dad’s death. He definitely had life insurance, but not with Nationwide, as stipulated in the letter.

My gut told me this was a scam, but the website looks legit, receiving an A- from the Better Business Bureau. I mean, I guess it’s possible my father had a second policy, unbeknownst to the rest of the family.

Anyone have experience using one of these asset recovery companies? Or would it be useful to contact the insurer directly, realizing I have little info other than my dad’s name, birth and death dates? Are there state databases where I could access the information?

I doubt the insurer would be able to help at this point. If it's legit it sounds like the benefit eschewed to the state.

 

[Mrs. Rannous]

Received notice from Govrecover in the mail, regarding an unclaimed life insurance payout. It claimed the account was dormant since 1992, the date of my dad’s death. He definitely had life insurance, but not with Nationwide, as stipulated in the letter.

My gut told me this was a scam, but the website looks legit, receiving an A- from the Better Business Bureau. I mean, I guess it’s possible my father had a second policy, unbeknownst to the rest of the family.

Anyone have experience using one of these asset recovery companies? Or would it be useful to contact the insurer directly, realizing I have little info other than my dad’s name, birth and death dates? Are there state databases where I could access the information?

I doubt the insurer would be able to help at this point. If it's legit it sounds like the benefit eschewed to the state.

Escheat.

 

[Psychopav]

Received notice from Govrecover in the mail, regarding an unclaimed life insurance payout. It claimed the account was dormant since 1992, the date of my dad’s death. He definitely had life insurance, but not with Nationwide, as stipulated in the letter.

My gut told me this was a scam, but the website looks legit, receiving an A- from the Better Business Bureau. I mean, I guess it’s possible my father had a second policy, unbeknownst to the rest of the family.

Anyone have experience using one of these asset recovery companies? Or would it be useful to contact the insurer directly, realizing I have little info other than my dad’s name, birth and death dates? Are there state databases where I could access the information?

I doubt the insurer would be able to help at this point. If it's legit it sounds like the benefit eschewed to the state.

Escheat.

Escheated?

 

[Terminalxylem]

Received notice from Govrecover in the mail, regarding an unclaimed life insurance payout. It claimed the account was dormant since 1992, the date of my dad’s death. He definitely had life insurance, but not with Nationwide, as stipulated in the letter.

My gut told me this was a scam, but the website looks legit, receiving an A- from the Better Business Bureau. I mean, I guess it’s possible my father had a second policy, unbeknownst to the rest of the family.

Anyone have experience using one of these asset recovery companies? Or would it be useful to contact the insurer directly, realizing I have little info other than my dad’s name, birth and death dates? Are there state databases where I could access the information?

I doubt the insurer would be able to help at this point. If it's legit it sounds like the benefit eschewed to the state.

Escheat.

Escheated?

Eschat

 

[dino259]

Check for yourself on the states unclaimed funds website.

This. It is a process that takes some time but I would check the state site first. Not sure what cut that other company gets.

 

[Deepster]

Received notice from Govrecover in the mail, regarding an unclaimed life insurance payout. It claimed the account was dormant since 1992, the date of my dad’s death. He definitely had life insurance, but not with Nationwide, as stipulated in the letter.

My gut told me this was a scam, but the website looks legit, receiving an A- from the Better Business Bureau. I mean, I guess it’s possible my father had a second policy, unbeknownst to the rest of the family.

Anyone have experience using one of these asset recovery companies? Or would it be useful to contact the insurer directly, realizing I have little info other than my dad’s name, birth and death dates? Are there state databases where I could access the information?

He could have picked up a policy on his own. Some unions or associations (like AAA or AARP) offer pretty cheap policies. I would start with Nationwide, not with Govrecover.

To file a Nationwide life insurance claim, you can call them at 1-800-848-6331. Alternatively, if you're looking for help navigating life insurance or want to discuss your options, you can speak with one of their life insurance specialists by calling 1-866-207-9160 or scheduling a call.

 

[-fish-]

Received notice from Govrecover in the mail, regarding an unclaimed life insurance payout. It claimed the account was dormant since 1992, the date of my dad’s death. He definitely had life insurance, but not with Nationwide, as stipulated in the letter.

My gut told me this was a scam, but the website looks legit, receiving an A- from the Better Business Bureau. I mean, I guess it’s possible my father had a second policy, unbeknownst to the rest of the family.

Anyone have experience using one of these asset recovery companies? Or would it be useful to contact the insurer directly, realizing I have little info other than my dad’s name, birth and death dates? Are there state databases where I could access the information?

Every state has a database of unclaimed property.

The asset recovery firm just crawls the website and sends letters to the people who are in the database, and then charges you for making the claim, which you could do yourself in about 30 seconds.

 

[Terminalxylem]

I searched the database. The policy is legit. Claiming may not be super easy though, as it involves several pieces of supporting documentation I don’t have.

Death certificate I can get, but I also need proof my dad lived in my childhood home. My parents were divorced when I was 3, and he never lived with us.

Also have no idea of policy number, from life insurance purchased several decades ago.

 

[Mrs. Rannous]

I searched the database. The policy is legit. Claiming may not be super easy though, as it involves several pieces of supporting documentation I don’t have.

Death certificate I can get, but I also need proof my dad lived in my childhood home. My parents were divorced when I was 3, and he never lived with us.

Also have no idea of policy number, from life insurance purchased several decades ago.

Should still be doable. What state are we talking about?

Were you all in that home during the US Census? That would be proof. If he voted, that might do it, too.

 

[Terminalxylem]

I searched the database. The policy is legit. Claiming may not be super easy though, as it involves several pieces of supporting documentation I don’t have.

Death certificate I can get, but I also need proof my dad lived in my childhood home. My parents were divorced when I was 3, and he never lived with us.

Also have no idea of policy number, from life insurance purchased several decades ago.

Should still be doable. What state are we talking about?

Were you all in that home during the US Census? That would be proof. If he voted, that might do it, too.

Georgia. Not together during census. I was born in an election year, and he moved out before I was 3, so unclear if he registered to vote at that address while I was alive.

 

[Mrs. Rannous]

If he had a driver's license, that would show his address. Maybe your DMV can help. Or testimony of a family friend.

 

[matttyl]

I searched the database. The policy is legit. Claiming may not be super easy though, as it involves several pieces of supporting documentation I don’t have.

Death certificate I can get, but I also need proof my dad lived in my childhood home. My parents were divorced when I was 3, and he never lived with us.

Also have no idea of policy number, from life insurance purchased several decades ago.

Life insurance agent here. No idea why you would need proof that he lived in your home.

If you know the carrier of the policy, they may tell you policy number if you have his name, ssn and dob.

The life insurance policy is just a contract. He pays premiums to carrier so that if they pass, a benefit is paid to the beneficiary they choose. If all named beneficiaries (both primary and contingent) have passed when they pass - it’s typically paid to his estate (which may be closed at this point). Not only that, assume a named beneficiary was alive when he passed, but they themselves have since passed - should then be paid to that beneficiary’s estate. Could get very complicated.

 

[Terminalxylem]

I searched the database. The policy is legit. Claiming may not be super easy though, as it involves several pieces of supporting documentation I don’t have.

Death certificate I can get, but I also need proof my dad lived in my childhood home. My parents were divorced when I was 3, and he never lived with us.

Also have no idea of policy number, from life insurance purchased several decades ago.

Life insurance agent here. No idea why you would need proof that he lived in your home.

If you know the carrier of the policy, they may tell you policy number if you have his name, ssn and dob.

The life insurance policy is just a contract. He pays premiums to carrier so that if they pass, a benefit is paid to the beneficiary they choose. If all named beneficiaries (both primary and contingent) have passed when they pass - it’s typically paid to his estate (which may be closed at this point). Not only that, assume a named beneficiary was alive when he passed, but they themselves have since passed - should then be paid to that beneficiary’s estate. Could get very complicated.

Thanks.

As far as I know, my dad only had two children, me and my sister, likely his only beneficiaries. We’re both alive. I called her yesterday to see what documents she has, but it sounds like it may be worthwhile to contact the insurer as well.

 

[matttyl]

I searched the database. The policy is legit. Claiming may not be super easy though, as it involves several pieces of supporting documentation I don’t have.

Death certificate I can get, but I also need proof my dad lived in my childhood home. My parents were divorced when I was 3, and he never lived with us.

Also have no idea of policy number, from life insurance purchased several decades ago.

Life insurance agent here. No idea why you would need proof that he lived in your home.

If you know the carrier of the policy, they may tell you policy number if you have his name, ssn and dob.

The life insurance policy is just a contract. He pays premiums to carrier so that if they pass, a benefit is paid to the beneficiary they choose. If all named beneficiaries (both primary and contingent) have passed when they pass - it’s typically paid to his estate (which may be closed at this point). Not only that, assume a named beneficiary was alive when he passed, but they themselves have since passed - should then be paid to that beneficiary’s estate. Could get very complicated.

Thanks.

As far as I know, my dad only had two children, me and my sister, likely his only beneficiaries. We’re both alive. I called her yesterday to see what documents she has, but it sounds like it may be worthwhile to contact the insurer as well.

I hate to say it, but you can’t assume you were the beneficiaries. He could have listed someone else, or (if it was through his employer) he may have never listed one or the documentation of who he listed was kept by that employer and is likely now lost. The carrier should be able to tell you if you are the beneficiary or not (but if you aren’t, they likely won’t tell you who is).

 

[Mrs. Rannous]

Also, your birth certificate should have their names and address on it, which would establish that you are who you say you are. And your sister, for that matter.

 

[the moops]

You should see if you can find out how much money it is which will help determine how much energy you will want to put into this

 

[Dickies]

You should see if you can find out how much money it is which will help determine how much energy you will want to put into this

I have a life insurance license and have delivered a number of checks. In my experience they will not give policy details to the beneficiaries outside of the policy number for the purposes of filing a claim. They will not tell you the death benefit or the percentage you will get.

 

[matttyl]

You should see if you can find out how much money it is which will help determine how much energy you will want to put into this

I have a life insurance license and have delivered a number of checks. In my experience they will not give policy details to the beneficiaries outside of the policy number for the purposes of filing a claim. They will not tell you the death benefit or the percentage you will get.

This is correct. Also, many carriers will actually apply interest to the death benefit from the date of death. It’s normally pretty small, maybe 3%, but that compounded over this timeframe could be substantial. Not sure if that interest keeps accruing indefinitely.

 

[Psychopav]

You should see if you can find out how much money it is which will help determine how much energy you will want to put into this

I have a life insurance license and have delivered a number of checks. In my experience they will not give policy details to the beneficiaries outside of the policy number for the purposes of filing a claim. They will not tell you the death benefit or the percentage you will get.

This is correct. Also, many carriers will actually apply interest to the death benefit from the date of death. It’s normally pretty small, maybe 3%, but that compounded over this timeframe could be substantial. Not sure if that interest keeps accruing indefinitely.

I assume it depends on the state but also that the obligation to calculate and pay interest ends once the benefit has escheated to the state.

 

[bcat01]

It can be extremely difficult proving that you are the one to get the money. At least you are not in Ohio. The state just gave $600 million in unclaimed funds to a billionaire to build a stadium.