Once they die you have to cash it if you want to get the benefit of it.
The policy does gain any more value after they die so its in your best interests to make the claim and get the payout.
if someone died and left an insurance policy and named me beneficiary how can i find out
My name is Gwendolyn Watkins Jefferson. Did my mother, Pearl C. Watkins have a policy on me?
When an insured person dies, presuming the policy is "in force," and the contestable period is past (two years from the date of issue), the insurance company pays the death benefit to the beneficary(ies). Cashing in a policy usually can only be done by the owner of the policy, or by someone to whom the policy has been assigned, prior to the death of the insured.
If you are over 21 you are now the owner and can do whatever you want. Be careful, if you are young I am certain your reasons for cashing it in are for fun and frolic rather than reason. Your grandfather bought you the life insurance for a reason and I am sure it is a fine policy. Do not now go doing something stupid. Is it in your bnest interest to cash in the policy? Seriously?
The owner of the policy can change beneficiaries at any time. The owner can also determine whether to continue making premium payments, take a policy loan, or take back the cash value of the policy. If the primary beneificiary died there may no longer be a need to keep the policy. You can change beneficiaries, or cash out the policy.
mom died need to know if she had a policy.
Locate the name of the insurer that issued the policy; from there you can contact the insurer to start a claim, even the policy number is unknown. Search through files, safe deposit boxes and other areas where your loved one might have kept insurance documents. If you can't find evidence of the policy there, try to find out the name of the life insurance company that issued the policy.
Not unless you are named on the policy.
If you are allowed to look at the person who died personal records, you want to check bank statements with withdrawals to an insurance company. You must be legally allowed to do that though!
every 1 died every 1 died
5000 contestability period is two years
It depends on the situation, the beneficiary set up, if he's dead or not, and what kind of life insurance you had. If he died and left the money to someone else, you don't have a claim on it at all.