Life Insurance question

[MinnesotaMike]

My Mom purchased a policy for me when I was a kid, after I turned 18 or so I started making the payments on the policy. I've been making the payments for 29 years. A few years ago I called and wanted to get a copy of the policy to see what it covered and so on, they refused to give me a copy. They said that my Mom should have a copy.

So the other day I get a notice from the insurance company and they say that they did an audit and found out that my SSN is incomplete or incorrect.

They sent me a W9 to fill out and send back to them by July 22nd in thier words "So that we can continue to provide outstanding service...."

This just sounds fishy to me, Can anyone shed some light on this situation????

Thx,

Mike

[ozzie]

I would just call the agent that has the policy and deal with him/her directly. Your mom was/is the policyholder unless she signed a form to transfer to your name and is usually the only one that can make changes or get the information on the policy. It could very well be the case that they didn't have your ss# on file when they set-up the policy and are now trying to get that information. But like I said call the agent directly and give them your ss# and not some person that calls you. Sounds like the policy was set up 35+ years ago and they might not have required so much information from the insured at the time.

[MinnesotaMike]

Fair enough, I'll have to ask my Mom who the agent is/was so I can get this straightened out.

All of the notices I get are from the main insurance company and not an agency.

They sent me a request vs someone who just called.

Thx,

Mike

[Dylan33]

If you are the owner of the policy and the insured, they should give the info to you. It sounds like your mom might still be listed as the owner (which is how the policy would have been set up in this instance). If that is the case, your mom can call and request that info from the company. Direct contact with an insurance agent isn't needed, but it could save you some time tracking the info down.

[LightningBG]

Dylan is correct. She is still listed as the owner, you are the insured. You will not have any control of the policy unless she signs it over.

You should get the ownership transfered to you, so you can change beneficiaries. If you're paying, you'll probably want the money to go to your spouse/kids/life partner/charity or whoever.

[ozzie]

Well if it was a written request from the main company then I would call them directly and deal with the issue with them. They will also be able to point you in the right direction to getting the policy into your name if that is what you want to do.

[Tom7227]

Actually what you should do is talk to a financial planner and get the entire picture set out for you. That policy that you are covered under may be something that isn't worth keeping, or could be converted to something more useful to you. Life insurance rates fluctuate a lot with the economy and what was a good deal 29 years ago may not suit your needs any longer.

[MinnesotaMike]

Thanks Tom,

That's why I wanted to get a copy of the poicy to see what exactly it is.

Mike