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Who knows how a mature life insurance policy is worth?

RonnieB

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I have a policy that was paid in full and never cashed. It was written in 1942, paid in full by 1952 face value was 250 bucks. My state pays 9.5% on these. Is this after death? Or since it was written?
 

putembk

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IMO, life insurance is a rip off!!!! The agent that sells it to you says one thing and it never performs the way it is sold to you. Don't believe me.....check in on a policy after about 8 years or so. Compare the number with what is should be from what the agent told you and get a quote on the current cash value. You will be extremely disappointed. Sold all of my policies after. Then bought term life ins up until I turned 60 and now will relay on the good graces of God....ha ha!!

Ronnie, contact the company that wrote the police and ask for the current face value and you will get your answer.
 

RonnieB

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IMO, life insurance is a rip off!!!! The agent that sells it to you says one thing and it never performs the way it is sold to you. Don't believe me.....check in on a policy after about 8 years or so. Compare the number with what is should be from what the agent told you and get a quote on the current cash value. You will be extremely disappointed. Sold all of my policies after. Then bought term life ins up until I turned 60 and now will relay on the good graces of God....ha ha!!

Ronnie, contact the company that wrote the police and ask for the current face value and you will get your answer.
i did. This is a very old, mature, paid off policy. Hes supposed to call me back tomorrow. It was written in 1942. Do they gain interest from mature date, 1952? Or pay after the person dies? 9.5% on this since dad died is 5030 dollars. But if it paid 9.5 since 1952 itll be millions
 

RonnieB

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I believe life insurance gaines a little bit of interest over the years and then here in SC 9.5% after death. But could be wrong if its 9.5 since death it'll be 5030 dollars. Not including policy interest
 

Chad.Westport

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all I can make of this is - insurance, confusing since at least 1942 :)

Sorry you are dealing with this, usually not fun details to wrap up, but which ever equals the lesser amount would be my guess as to how it works. I just don't know.
 

RosterTheCog

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I got to the bottom of it. Wooo hooo!! They would not tell me the amount but said mom would be pretty happy.
Ron Sorry for your loss, is this recent or already in the past
Just wondering if that policy was found yrs later.
Again sorry
 

patwi

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As for as I can tell Ronnie is the policy is a whole life policy sold from a weekly payment system which was very common back then. Whole life policys are annuitys , which just means it's always good and continues to accrue small amounts of interest after the whole life policy has been paid up . Term Life policys are ones that you can buy or get from your job and they only last 30 days after your last premium payment and you never get any monies back unlike the whole life .
Your dad's premium was probably 10c or less per week back then .. even if the company went out of existence the policy's monies would have been put in the States trust for recovery by your dad but that company is still open for business.

Rooster, even if it was years down the road the policy would still be honored with a death certificate ..
 

RonnieB

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Ron Sorry for your loss, is this recent or already in the past
Just wondering if that policy was found yrs later.
Again sorry
I miss my Father and sincerely, thank you. He died in 2003, from a life of hard living. Smoking cigarettes and booze. He was a good man and quit smoking in his 50s, quit drinking in his 40s but the damage was already done. Losing Dad almost killed me. But i still have Mom. She'll benefit from this, not me. Shes 81 and doest understand a lot of this stuff. She just found the policy and asked me to look into it.
 

RonnieB

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As for as I can tell Ronnie is the policy is a whole life policy sold from a weekly payment system which was very common back then. Whole life policys are annuitys , which just means it's always good and continues to accrue small amounts of interest after the whole life policy has been paid up . Term Life policys are ones that you can buy or get from your job and they only last 30 days after your last premium payment and you never get any monies back unlike the whole life .
Your dad's premium was probably 10c or less per week back then .. even if the company went out of existence the policy's monies would have been put in the States trust for recovery by your dad but that company is still open for business.

Rooster, even if it was years down the road the policy would still be honored with a death certificate ..
It was .16 cents a week and was paid off in 1951. Face value is only 250 dollars but all those years of interest from 51 until 2003 (when he died) or maybe its still gaining interest? Either way it should be a chunk of change, right? Im not talking a fortune but am hoping for 1-2 thousand. Whats your best ball park guess? Policy was paid off in 1951, Premiums were 16 cents a week and face value if 250.
 

RonnieB

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I have the policy, and estate papers proving Mother is the beneficiary now. I asked the lady what it was worth and she would tell me. I asked if my mom would be super happy or waste of time happy. She replied pretty happy lol
 

RosterTheCog

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I miss my Father and sincerely, thank you. He died in 2003, from a life of hard living. Smoking cigarettes and booze. He was a good man and quit smoking in his 50s, quit drinking in his 40s but the damage was already done. Losing Dad almost killed me. But i still have Mom. She'll benefit from this, not me. Shes 81 and doest understand a lot of this stuff. She just found the policy and asked me to look into it.
I figured something like that Ron
You are a Good Son stay that way it makes you a better person than most, Nice knowing you bro,
I am glad you helped her out like that, others may have tried to steal it from her.
Good Man, I lost my Dad many yrs ago , 1st to alzheimer's disease while he was still alive, then to real death 10yrs later , but like I said it was like he died long time before he actually did.
Sorry for youe loss Brother.
 

RosterTheCog

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It was .16 cents a week and was paid off in 1951. Face value is only 250 dollars but all those years of interest from 51 until 2003 (when he died) or maybe its still gaining interest? Either way it should be a chunk of change, right? Im not talking a fortune but am hoping for 1-2 thousand. Whats your best ball park guess? Policy was paid off in 1951, Premiums were 16 cents a week and face value if 250.
Really have not a clue but sounds like a few thou to me also
 

RonnieB

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I figured something like that Ron
You are a Good Son stay that way it makes you a better person than most, Nice knowing you bro,
I am glad you helped her out like that, others may have tried to steal it from her.
Good Man, I lost my Dad many yrs ago , 1st to alzheimer's disease while he was still alive, then to real death 10yrs later , but like I said it was like he died long time before he actually did.
Sorry for youe loss Brother.
Im sorry for your loss too. Theres no way to describe that feeling of loss to anyone. It can only be experienced. Thank you for the kind words. I try to live my life in a way that would make him proud and Im a firm believer in the golden rule. Treat people how you want to be treated. Its very difficult at times because so many people are self serving
 

RonnieB

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Really have not a clue but sounds like a few thou to me also
Thats what im thinking. I hope she helps me with my electrical problem here. Ive lost all power to most of my house. All the breakers are good. I tested them, so the problem is inside. The entire fuse panel seems to be dead. Fortunately the game room has its own fuse box and has power. So with the help of extension cords, I have the basics. 1 lamp, tv, computer well pump, plant lights and ac. No fuses are blown either
 

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