Ask The Expert

Questioner: Lori

Question: My father-in-law passed away in 1988. We recently found an insurance policy on the mortgage loan. The envelope is marked in his handwriting 'If I should die before 1996 this policy guanantees payoff of house". The family never knew this policy existed and continued to pay on the mortgage for approx. 12 years after his death. The insurance company is Minnesota Mutual Life, under group policy number 3873-g, issued to The Michigan Savings and Loan League. There is also a loan number listed and an effective date of 12/13/1971. Do we have any recourse? What should I do first and whom should I contact? My mother-in-law is destitute and could use any money she might have coming to her. Thank you,

Answer: Good question and this is beyond my level of knowledge. However, common sense would lead me to contact the insurance company and ask them this very same question. Since this is a very old policy, I would venture to say that you need to be patient with the insurance company since they would have to do some research and find your policy. I would definitely bet that the insurance company he received this policy from sold out to another and so on. So he probably is not even in the system.

Give it a try. The worst that could happen is that you won't get the money. But you know what, you never had it.

Give it a try. Good Luck!!!!

Disclaimer | Privacy Policy | FAQS | Forms