Commercial Insurance
Life Insurance

What if the insurance company is no longer in business?

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2010-11-02 18:49:28
2010-11-02 18:49:28

I am sorry for you and your mother's loss. I hope you are doing okay.

Take a look at the life insurance policy itself. There should be a phome number and address of the life insurance company stated somewhere on the policy.

You can contact the life insurance company and ask who is handling the servicing of your life insurance policy. You can also ask them what the cash value of the policy is and if the policy is paid up full.

If the company information is not available on the policy then contact the department of insurance in your state and asking them if they have the contact information for your life insurance company.

Do a search on the Internet for the department of insurance in your state.

AnswerIn Minnesota, insurance companies are required by law to contribute to a fund established just for such situations. In Minnesota, at least, a life policy will always be paid, no matter what.

Different states have different guarantee mechanisms. Minnesota does not guarantee that a policy with a value above $500,000 will be paid. But most policies are paid because the various State departments of insurance will step in and sell the assets of the failing company to another in order to fund as much payment as possible.

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