Old Paid Up Ins-company Out of Business?

Aug 19, 2015

  1. beevelbop
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    I've got a client who purchased a policy from me(yippee) who, when I delivered the policy showed me 2 old policies from companies that went out of business. Question is, is there a way to collect cash value on them? Does the state guarantee fund(they are small sizes) pay out?

    I told her we prob don't have a chance but I'd take a look into it. What say you experts???
     
  2. WinoBlues
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    Why cash them out? You do not know what they have.

    Call any phone numbers in the paperwork they have. Google the old company name to find who is administering the policies. Do a review.
     
  3. beevelbop
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    Hi Wino, she specifically asked to get whatever cash she could get. We also have the original policies so we see what the coverage is. We tried the phone numbers/contact info and got nowhere. I try to do a little(tiny bit) of work before I ask you guys for all the answers. Thanks for your help though!!!!!

    J
     
  4. WinoBlues
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    What is the name of the company?
     
  5. beevelbop
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    Lutheran Brotherhood and Home Life Insurance Co of America. And here is where a guy tucks his tail...I googled the names of both, found the servicers. So, after a little bit of a chase............we found that one policy had been surrendered by her father and the other can't be found!!!! lol...thanks for your help again.
     
  6. WinoBlues
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    Ha, well now you know how to hunt them down.

    No problem, pass it on, Lee
     
  7. BNTRS
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    As a reference for the future, one of the best ways to track down an old-now-defunct company is to look up its state of domicile and contact the DOI in that state. The DOI should have record of what ultimately became of the company's assets (i.e. policies) and can guide you.

    In the case of failure, the most likely scenario is that another company acquired the policies and now services them, the DOI can help point you in the direction of where to look next.
     
    BNTRS, Aug 20, 2015
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  8. beevelbop
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    Good stuff! Thanks...
     
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