Life insurance.....?

Question

Hi all ... My wifes Granfather died last week ,,,,we have just found a Life insurance policy and have sent back the claim form.... Sum insured was 850,00.... this was taken out 21 years ago...So my question is how much will this claim be worth...??

Answer 1

I hope your wife was listed as the beneficiary on the policy. These questions could have been answered by the insurance company when you obviously contacted them for the claim form, why is everyone afraid to talk to the insurance company? Any who, if the policy was paid up or premiums were currently being paid then it is what it is an 850.00 sum, that's it. These type policies were common 21 years ago where companies would issue face amounts of 500.00, 800.00 or 1000.00. I remember the days when a complete funeral was under 1500.00. My, how things have changed. So sorry about your wife's grandfather. Best wishes.

Answer 2

3 answers:-

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Answer 3

This sounds like a paid up $850 life insurance policy.  If so, the benefit would be $850.

Answer 4

the amount on the face of the policy

Answer 5

Provided that the policy was in force (i.e. either paid up or in a premium paying mode) at the time of death, the policy should pay $850.  However, this amount would be reduced if any loans against the cash value have been taken, either directly or via automatic premium loan (due to a missed premium payment).

The easiest way to find out what the benefit will be is to call the insurer.