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Old 12-16-2012, 10:19 PM   #1 (permalink)
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Default Life Insurance policy Question

I found a life insurance policy my grandfather had purchased for me as a baby through his work. It has a value of 5000.00. Can I cash this in ? How much would I get. I am 35 yrs old.


I personally have 0 kids of mine own and no Current Wife. Im thinking maybe breaking some wax!
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Old 12-16-2012, 10:25 PM   #2 (permalink)
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Well you are apparently still alive, so no.

Unless it is one of those rip offer Gerber policies. If he kept paying on it, I believe you can either roll it or might have some cash value, if it has not lapsed. Which it probably has if no one has been paying the premium.

I am assuming by the wording in your post you were the named insured. Not grandpa.
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Old 12-16-2012, 10:31 PM   #3 (permalink)
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yes im alive, Sad enough Gramps has passed. So Im SOL. So I guess someone else that I have no idea will get the Money. I have no Brothers or Sisters. And thank goodness no children I know of.
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Old 12-16-2012, 10:45 PM   #4 (permalink)
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Quote:
Originally Posted by peekaboo View Post
yes im alive, Sad enough Gramps has passed. So Im SOL. So I guess someone else that I have no idea will get the Money. I have no Brothers or Sisters. And thank goodness no children I know of.
That's the attitude!
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Old 12-16-2012, 11:57 PM   #5 (permalink)
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Quote:
Originally Posted by peekaboo View Post
yes im alive, Sad enough Gramps has passed. So Im SOL. So I guess someone else that I have no idea will get the Money. I have no Brothers or Sisters. And thank goodness no children I know of.
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Old 12-17-2012, 12:09 AM   #6 (permalink)
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Actually he might be able to. You don't have to be dead, but you will have penalties taken out.

Quote:
Originally Posted by sdoug76 View Post
Well you are apparently still alive, so no.

Unless it is one of those rip offer Gerber policies. If he kept paying on it, I believe you can either roll it or might have some cash value, if it has not lapsed. Which it probably has if no one has been paying the premium.

I am assuming by the wording in your post you were the named insured. Not grandpa.
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Old 12-17-2012, 11:32 AM   #7 (permalink)
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Kind of hard to say without knowing what kind of policy it is (term, whole, etc). If it is whole it may have some value, it just depends on how long he paid into it and if there has been enough cash in it to cover the premiums since he last made a payment.

Just call the insurance company, that is the only way to find out for sure.
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