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Too late. It was too late when the written request was sent in to and received by the insurance co. If it was a verbal request, I suppose you could be dishonest and lie. Whole life or Cash Value life insurance is for a persons "Whole Life" and therefor generally should not be cashed in unless it was planned that way from the start. The death benefit really helps at the time of....well...death. 4lifeguild

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โˆ™ 2007-11-28 20:31:06
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Q: What happens if death occurs after request for cash surrender and receiving and cashing the check pay out Can benefiicaries refuse money and collect death benefit?
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The correct grammar is 'cashing' a cheque, or to 'cash' a cheque.

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To cash in endowment policies, one must first contact the issuer of the policy to make sure of the surrender value and of the process required to cash in the policy. Then, the forms must be acquired from the issuer. These forms must be completed and returned to obtain a check for the surrender amount.

Do you need power of attorney to surrender to surrender a family members life insurance when it costs more than the insurance is worth?

The owner of the policy is the only person who can surrender a life insurance policy. Most of the time the insured is the owner but not always. You might want to speak with a tax professional before cashing in the policy as income taxes will be due on benefits but if the policy pays out at death it is tax free. Unless the policy is very very old the death benefit may be much higher than it says on the policy if there is that much cash in it. Check with the company before making decisions.

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If one does not have a bank account, they can still cash checks. They can go to check-cashing stores. They have to pay a fee for cashing their checks.

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You can find online check cashing services online at websites such as Money Tree and Union Bank. Alternatively, you can also get these services from the Check Cashing website.

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When considering cashing in an endowment, one of the first places to contact should be the life insurance company which it was purchased from. Be sure to obtain the current surrender value so it can be compared to the price policy purchasers would be willing to pay for it. Demand and prices for endowments change fairly quickly and you will normally not gain as much money as you would if you waited for the endowment to mature.

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The contact number for a lawyer who specializes in cashing in endowment cases is 1-800-526-4902. Alternatively, one can fax the lawyer regarding the cashing in endowment case.