How Long Does It Take For A Change In Ownership On A Paid Up Life Insurance Policy?
Posted June 23, 2009 – 10:22 am in: structured settlements FAQMy parents took out a life insurance policy on me when I was a baby back in 1968. I’m not sure as to how long this was paid up & it has accured interest. They are both deceased & I have to send Met Life a copy of both of their death certificates before they can change it to my name & I can cash it in. I’m wondering just how long does this process take as far as the change in ownership?
Tags: Change, Does, Insurance, Life, Long, Ownership, Paid, Policy, Take
3 Comments
Usually a week or so, but Met service has been slow lately. How about talking with an insurance agent before you just assume that cashing it in is the best thing. You might find out, for instance, that you have a taxable gain in the policy and those funds are better used for life insurance that you already own.
Well, first of all, it rarely turns into a paid up policy. Did you call and confirm wtih Met that the policy is still even active? Most likely, it cancelled for nonpayment back when you were 21 or so.
If it IS paid up . . .and it’s a $5,000 policy – cash value is likely around $250.
Change in ownership should take about 3-4 weeks, if the policy is active. It’s the active part that I have doubts about.
It wil depend upon the policy in which you are in so better ask your agent