What is the cashout value of a 5000.00 insurance policy that was brought back in 1982-83?

Question

My grandmother took some insurance out on me when I was born and it was paid out when I was 20 years old. I am now 26 and would like to cash it in because I have insurance of my own. She also has dementia and if something was to happen to me.. she couldn't take care of the final expenses and that's why I decided to get my own policy. I could really use the money now to help pay for the 24 hour nursing that she needs. Please help me out!

Answer 1

I think you mean the policy is paid up.

If your grandmother is still the owner of the policy you will need power of attorney to make any changes.

All you need to do is call the company and they can explain who the owner is and what options you have. A guess on the value would be $750?

Answer 2

It was paid out?  You died six years ago?  I don't think so!

The OWNER of the policy can call the company and ask what the cash surrender value is.  It *might* be as high as $250.  It's not going to go very far.