Hold on life insurance check?

Question

I received a check from a very old friend that I did not have any idea that they had named me as a beneficiary. That was a month ago. The bank has not released the funds and they say that the hold is not on their end. From what I can tell, this is legit-but why the hold up? Now I am waiting for addl. ppw. Why would the check be sent before the ppw. Just making sure I am doing all that I can do.

Answer 1

you can contact the insurance compnay directly. get their phone number from your telephone directory (in case the letter you got is bogus) and ask them all the what, why, how, and when questions you need to. you should get some answers that will clear things up for you. ALSO be careful what you say because your call will be recorded.

Answer 2

With all the scams going on they are prob putting a hold until they confirm the death was legit and that all is good.

Answer 3

Friends as beneficiary's is always a hold up especially if it's for a large amount. The insurance companies always question that one and the agent should have stated on the policy the reason you ( a friend ) were named as beneficiary. That's an FYI for the future.

Since you did not give the death certificate to the insurance company I assume someone else did. Possibly a family member and in such cases they can contest your claim to that money. But the real question you need to ask is why is it being held?

Have the insurance company email or fax you the info you need to clear up this matter.

Answer 4

I know a man that had to wait about six months for funds to clear for him, to be able cash a check.  I would check with the attorney if any, call the bank and ask for a time frame about funds will be released I mean the bank or insurance company that issued the check.  If it is a large amount, I wouldn't tell to many about it, EVERY OLD FRIEND AND FAMILY MEMBER will remember your name and number.  Be careful and I'm sorry for the lost of your friend.