Charlene1215 Posted April 26, 2019 Posted April 26, 2019 I have 5 policies that are written to me and my siblings and the company in which it originated from has been merged, shut down, and umbrella-ed into so many companies till no one now wants to give us our money for our father's policies; or they are claiming they can't find the policies because each company has originated new policy numbers. I got in touch with Alabama Department of Insurance, and they claim that it was merged or umbrella-ed into Colorado Department of Insurance. They are 14,000 to 16,000 policies; each one on outside of policy has American Prefered Life Insurance . Profit sharing life insurance contract. How and who can I contact? I really could use some help.
david rigby Posted April 26, 2019 Posted April 26, 2019 Google get you this: https://www.bizapedia.com/tn/american-preferred-life-insurance-company.html Tennessee Department of Insurance: https://www.tn.gov/commerce.html I don't know this company, so am unsure if it's what you need. I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
justanotheradmin Posted April 27, 2019 Posted April 27, 2019 Trying to understand a bit better... Were these policies tied to a retirement plan for a company your father used to work for? And his former employer no longer exists, nor do the insurance companies that issued the policies? If the policies were part of an old profit sharing retirement plan, its quite possible the plan cashed out the policies and your father was given a distribution ( cash or rollover) of the money if the plan closed down, or he elected a withdrawal either when he stopped working for that company, or reached retirement age. Life insurance policies in retirement plans used to be more popular, but they aren't anymore and over the years I see plans reducing or eliminating the life insurance part of their profit sharing plans. Charlene1215 1 I'm a stranger on the internet. Nothing I write is tax or legal advice. I'd like a witty saying here, but I don't have any. When in doubt, what does the plan document say?
ErnieG Posted April 30, 2019 Posted April 30, 2019 Agreed with justanotheradmin the contracts may have been surrendered to the Profit Sharing Plan. However, a good place to start on the status of the policies and carrier would be the NAIC's website: https://www.naic.org/documents/consumer_alert_locate_lost_life_insurance_benefit.htm
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