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.

 

[thecatch]

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.

Every state uses unclaimed funds as a piggy bank to varying degrees. Unclaimed property revenue makes up like 10% of Delaware's operating budget.

 

[Deepster]

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.

Agree with this and jumped on to post the same thing. Life insurance is not contingent on what house you lived in at any point in your life. A copy of a death certificate (they may need one with a raised seal) and proof of any beneficiary information (your SSN (be careful sharing that and make sure this is legit) or any probate documentation outlining who's the beneficiary of his estate) is more than enough.

 

[Mookie]

Sounds like this is unclaimed property that has been turned over to the State by the insurance company. If so, you need to provide the state with evidence showing them that you are entitled to the unclaimed property.

I did this a few years back when I found a stock certificate in my mother's stuff that had been given to me by my grandmother. 10 shares of Exxon stock in 1988 and additional dividend checks had been turned over to the state of Connecticut in the early 1990s. The certificate was in my name for full first and middle name, but my last name began with the wrong letter - thanks MeeMaw. Address was correct (it was my sister's place but I hadn't lived there in decades), and I had nothing that proved I had lived there.

I sent Connecticut a packet (DL, copy of passport (included my full middle name), affidavit from me stating where we had lived and providing context as well as full name, and affidavit from my sister that she had lived there and let me use the address as my residence - I believe CT also had records of her living at that address). It took a while, but they sent a check for the $, but the stock had been liquidated when it went to State, so I didn't get the benefit of 30+ years of Exxon stock appreciation, which stung.

 

[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.

Agree with this and jumped on to post the same thing. Life insurance is not contingent on what house you lived in at any point in your life. A copy of a death certificate (they may need one with a raised seal) and proof of any beneficiary information (your SSN (be careful sharing that and make sure this is legit) or any probate documentation outlining who's the beneficiary of his estate) is more than enough.

This is directly from the state of Georgia:

SECTION C: Documentation Required


A copy of the deceased owner's death certificate.

A copy of the final order of Letters of Testamentary or Letters of No Administration (Probate Documents).

Funeral Bill serves as proof of responsible heir for the deceased for assets are under $2,500, should there be no probate.

Proof of account may be a statement or a letter referencing the account number -- OR -- proof of address

Proof of address may be any document that shows the address of the "Owner - Original Reported Address" for each property in Section A. (Proof of Account -- OR -- Proof of Address is required)

Copy of Claimant's Drivers License, ID Card, or Passport.

Copy of the Owner's Social Security Card or printed document proving Social Security Number.

Completion of Section D to include: Signature of all claimants and signature and seal of the notary.

In lieu of a death certificate, provide a copy of the obituary notice. May be used at the discretion of UCP.

Shares must be transferred directly into a brokerage account. If there are shares on your claim, please provide your Broker Name, Name(s) on Account, Account Number and DTC Number.

The way it’s presented, looks like they want all of the required documentation, if applicable.

My father had no will, and no one filed for probate (though I suppose it must have happened). His mother paid for the funeral, in another state, and is long deceased.

So, the best I can probably do is death cert and my identifying info.

 

[fatness]

So, the best I can probably do is death cert and my identifying info.

Start with that and see what else they want, what they'll settle for in the way of documents, and see if you can talk with a real person.