PSA: Whole Life Insurance Policy

Just thought I'd share my story:

Three years ago, before I got married to DH, my dad handed over a bunch of important papers of mine that he had been holding onto. Birth certificate, bonds, and a whole life insurance policy. My dad told me that he purchased a policy when I was about 1.5 years old for $5000 in case something should happen to me. He paid the monthly premium for years and then forgot about it. He gave me the policy paperwork thinking there may be some cash value.

So, I called the insurance company to look into it. They couldn't find my name or the policy number since it was so old. I was told that there wouldn't be any cash value (though this is probably b/c they couldn't find it!) Fast forward a few years until late last night when I got home from work. Going thru the mail, I see a letter from the insurance company addressed to me in my maiden name. I open it to find out that the company recently updated their system maintained for the ins. policy. It showed that my dad purchased a policy on my behalf on 2/19/76 and that has a current cash surrender value of $1850! I just called the company and they are sending me the forms to cash it in!!

Considering DD#2's Christening party is costing us almost that amount AND the fact that my BFFs are talking about taking a loooong overdue girls weekend trip out of the country... this could not have come at a better time!! Just thought I would share my story so that you may want to ask your parents if they ever had an insurance policy from long ago that may have a cash value for you today.

Message edited 4/16/2010 9:31:17 AM.

Re: PSA: Whole Life Insurance Policy

We all do this in my family. It's a great way prepare for the unthinkable and to also invest for the future...weddings, college, etc.

Congrat's to you! Found money is always awesome. Enjoy your weekend.

Re: PSA: Whole Life Insurance Policy

bumping for night crew.

Re: PSA: Whole Life Insurance Policy

My inlaws bought a policy for DS when he was like 5 months.

Re: PSA: Whole Life Insurance Policy

My parents purchased a policy for me when I was young.

We purchased a policy for DS was he was 7 months old.

Re: PSA: Whole Life Insurance Policy

maybe I sound stupid, but how does it work? (I'd be interested in possibly getting it for the girls!)