Life Insurance question(s)?

Question

We recently had a loss in our family and the little Life Policies he had really helped out with funeral costs. My question is, how do I find out if I have any insurance? I have paid several premiums thru the years with different jobs, do these benefits disappear when the job goes? Also, i had a whole life savings plan for many, many years, I allowed it to lapse, but I still get info from the company regarding it-could it be I have some money in it from the "savings" aspect?

Answer 1

If you don't convert them to private insurance when you leave a job, and pay the premiums every year, then yes, they disappear when the job goes.  

You're probably getting marketing info from the whole life company - if the policy really is lapsed, likely there's no "savings" left in it.  But you'll have to call them to be sure.

If you're asking, is there a central database that collects life insurance policy information, the answer is no.  It's private information.

Answer 2

It is possible that the cash value of your whole life policy is still paying the premiums and the policy is still in force for you. Depending on how long you paid and the type policy, you could still have some money left in the policy.  When they use the cash value to pay the premium, it goes as a loan against the policy and reduces the death benefit.  The only way to know for sure what is going on is to call the company and ask.

Answer 3

The money you gave to the companies only covered you while you were there.  If you're still getting statements then call the company and ask.