Hi, All: Quick question. Mom died in 2018 at the age of 97. I was the executor of her estate. I gathered the assets, paid the debts, disbursed the remainder according to her will, and closed the estate. All of that was done with a lawyer and accountant.
Today, I received a "maturity check" on a life insurance policy she had with Colonial Penn L. I. Co. (I kept her old P.O. Box going and the check showed up addressed to her at her old address -- they don't know she's been dead these past five years). In all my investigations, I never found any paperwork to hint at the existence of this policy. The check is small -- very low four figures -- more trouble than it's worth (any payout will be distributed among several grandchildren). I called CPLI to ask what this was about. I explained that the beneficiary died in 2018 and the estate had been closed. They were very, very interested in having me immediately mail this check to them so they could void it and issue a new check payable to the estate. I explained that I wasn't about to do that until I spoke with my lawyer. "That's okay, we understand. Just give us YOUR address and we'll void the check on this end and mail you a replacement check." I thanked them for the offer and said I'd get in touch with them soon.
I inquired as to what sort of policy this was and if there was a death benefit. "That doesn't matter" they assured me "because the policy has already matured." They explained that there WAS a death benefit . . . but the policy had now matured.
I suspect this is a small policy from her (deceased) husband's union benefits -- it was probably for $10 - $20K and meant to cover funeral expenses and such and, if not used, would mature and payout a few thousand dollars. Had I known of its existence at the time of her death I would have made the claim. Mom didn't have any paperwork on it and she never mentioned it. That's understandable as Dad was in the union back in the 1960s and 70s and by the time the policy matured she'd have been 102.
So, I'm just now starting the letter-writing process and will get to the bottom of this. I wanted to post in this subreddit just to see if anyone might be able to offer any insight or suggestions for pitfalls to avoid?
Today, I received a "maturity check" on a life insurance policy she had with Colonial Penn L. I. Co. (I kept her old P.O. Box going and the check showed up addressed to her at her old address -- they don't know she's been dead these past five years). In all my investigations, I never found any paperwork to hint at the existence of this policy. The check is small -- very low four figures -- more trouble than it's worth (any payout will be distributed among several grandchildren). I called CPLI to ask what this was about. I explained that the beneficiary died in 2018 and the estate had been closed. They were very, very interested in having me immediately mail this check to them so they could void it and issue a new check payable to the estate. I explained that I wasn't about to do that until I spoke with my lawyer. "That's okay, we understand. Just give us YOUR address and we'll void the check on this end and mail you a replacement check." I thanked them for the offer and said I'd get in touch with them soon.
I inquired as to what sort of policy this was and if there was a death benefit. "That doesn't matter" they assured me "because the policy has already matured." They explained that there WAS a death benefit . . . but the policy had now matured.
I suspect this is a small policy from her (deceased) husband's union benefits -- it was probably for $10 - $20K and meant to cover funeral expenses and such and, if not used, would mature and payout a few thousand dollars. Had I known of its existence at the time of her death I would have made the claim. Mom didn't have any paperwork on it and she never mentioned it. That's understandable as Dad was in the union back in the 1960s and 70s and by the time the policy matured she'd have been 102.
So, I'm just now starting the letter-writing process and will get to the bottom of this. I wanted to post in this subreddit just to see if anyone might be able to offer any insight or suggestions for pitfalls to avoid?
