How do we claim the proceeds from my late father’s insurance policy?
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How do we claim the proceeds from my late father’s insurance policy?
I just received a letter from the state treasury department that said an unknown insurance policy from my father’s estate from 18 years ago, that probably should have had my late mother as the original beneficiary, is still waiting to be claimed. What would be the process for me, my brother, and my stepsister to follow.
Asked on November 14, 2015 under Estate Planning, Michigan
Answers:
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
On your state's website, click unclaimed property. Enter your father's name. The claim number and information about the documents you need to file to claim the proceeds of the insurance policy along with your state's procedures should appear. Procedures for obtaining unclaimed property vary from state to state but the information you need should be available on your state's website under unclaimed property.
The insurance company was required by law to turn over the unclaimed property to the state after a certain period of time had elapsed. Therefore, contacting the insurance company won't help you to obtain the proceeds.
If you receive any letters from companies offering to obtain the unclaimed property for you for a fee, ignore those letters. You don't need to pay anyone to obtain the unclaimed property. It is very easy to follow your state's procedures on the website to obtain the proceeds from your father's insurance policy.
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