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My father recently passed away and we are unaware of any will or life insurance policy?

My father recently passed away and we are unaware of any will or life insurance policy? Topic: My father recently passed away and we are unaware of any will or life insurance policy?
June 20, 2019 / By Dayna
Question: Where would we start to look for this information. Neither my step mom or mom know of where anything might be. Any thoughts on where we could find out?
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Best Answers: My father recently passed away and we are unaware of any will or life insurance policy?

Briar Briar | 3 days ago
If mom and step-mom don't know if there is a will, there probably isn't one (and this creates a mess). If mom and step-mom don't know if there is insurance, again, probably didn't have any. For insurance: 1. Ask at his job if he was still employed. 2. Go through every slip of paper in the house. Not particularly useful unless dad filed everything. 3. Go through 3 years of bank statements and credit cards looking for premium payments. 4. Pay $75 for a database search for life insurance applications in the past 20 years. Won't show if he actually got it, but narrows down search. 5. Write the top 20 insurance companies with his name, address(es), dob, dod and ssn. Some 1960s policies were full paid during the 1960s and would still be in force (but worth $5K at most). As for a will, check files, safe, safety deposit box and ask his lawyer. If he doesn't have a lawyer, he might not have one. There is NO central database for insurance policies. Wills are filed after the person dies, not before, so if you can't find it, it doesn't exist.
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Briar Originally Answered: Should I keep my Horizon Life Insurance Policy through American-Amicable Life Insurance Company of Texas?
You probably already know this, but the American-Amicable Life Insurance Company of Texas was sued by the Securities and Exchange Commission for engaging in shady selling practices. It involved the Horizon Life line of products that was part of the “Building Success” program. The settlement calls for $10 million to around 57,000 military personnel and a refund of $1.4 million to Fort Benning soldiers for a program sold there. (link below to the SEC litigation release). I would look elsewhere for investment and life insurance since this company appears to have been involved in less than upright business dealings. I would think about what you want out of a life insurance plan and what you would want out of an investment before you speak to anyone about either product. Talk to friends and make sure you understand any investment or insurance plan you might be considering. MostChoice.com has articles explaining the different types of life insurance and annuities, and you can also compare plans through the site and speak to multiple state-licensed insurance agents without cost or obligation. Before you speak to an insurance agent, tell him/her exactly what you want and don’t settle for anything less than that. You can find MostChoice.com here: http://www.mostchoice.com/life-insurance.cfm Hope this helps, [email protected]
Briar Originally Answered: Should I keep my Horizon Life Insurance Policy through American-Amicable Life Insurance Company of Texas?
This Site Might Help You. RE: Should I keep my Horizon Life Insurance Policy through American-Amicable Life Insurance Company of Texas? I'm a soldier and bought this policy 6yrs ago. Got a letter and check in the mail today saying the company had a settlement with the government.
Briar Originally Answered: Should I keep my Horizon Life Insurance Policy through American-Amicable Life Insurance Company of Texas?
It depends. The best thing to do is take your policy to a life insurance agent in your town. Have him/her review your policy. Ask the same question. By reviewing the policy, the agent will have a better idea of the type of policy you have (term or permanent). They can tell what kind of company Horizon Life is (financial strength, claim history, reputation, etc.) By informing you of the information and with some guidance, you are in a better position to answer your question. I strongly recommend a life insurance specialist-- As opposed to multi-line agents (i.e. auto, home insurance, etc.) If you are considering replacing the existing policy, NEVER CANCEL it until your are approved by the new company. Good Luck. Let us know what you decided!

Alexus Alexus
I am so sorry for your loss, this is a difficult time I am sure. As for your question, it's doubtful your father had a will if his close family members were unaware of it. If he did, check the home safe or wherever important documents are housed, check with his attorney (if he had one) or close friends. In most states the assets revert to the current spouse so he may not have considered leaving items to individuals. You can probably research if he had life insurance by going through his homeowners or car ins (since most people add life insurance to their current carrier) or through his bank, since bank's also offer it and finally his employer if he was still working.
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Alexus Originally Answered: Can I liquify a Life Insurance policy?
Hi, your friendly insurance guy here, again! A little humor - to liquify a policy, stick it in the blender with some Vermouth and turn it on. :) Ok, serious answer: If it is a cash value policy you can liquidate it any time you want. There are two main ways you would do it. 1. Call the insurance company and request the forms needed to surrender the policy. You return the papers, they process them, cancel the policy and mail you a check for the cash value less surrender charges and loans, if any. 2. Exchange it for an annuity. Most cash value life insurance can be exchanged for an annuity (a series of periodic payments, usually received monthly for your entire lifetime.) I generally recommend against this option. Beofre surrendering the policy, find out if you are still insurable. Do a proper needs analysis with a good, reputable, local independent agent. Then find out if you can qualify for that amount by applying for a new policy and having the medicals done. If you get approved, figure out if getting a term policy will suit your needs. That may allow you to keep the same amount of coverage while paying enormously less. That's probably your best option if you actually have a need for life insurance. Feel free to message me with any questions you may have, I'll be happy to help.
Alexus Originally Answered: Can I liquify a Life Insurance policy?
Life insurance should not be part of your investment portfolio, BUT it is part of your financial plan. Before you make a quick decision, go back and look at why you originally took out the policy. If your unsure, talk to the advisor that helped you make the decision. And never cancel a life policy until you have other coverage in place. You never want to be without coverage.

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