A relative paid into his life insurance for over 50 years through
his employer at 72 for reasons unknown he stopped making the
yearly payment which was at 72 (he is now 88) my question is
what happened to all that money for all those years? if he passes
now is the family due any payment at all?? the company never
notified the family on anything and thought he had passed..
Thanks ..Mark

Hi Mark,

Thank you for your question.

You are describing an employer-sponsored benefit. In general, here are some guidelines for utilizing this insurance.

(1) Consult with the company's benefits administrators. They should be able to answer all your questions or, at least, refer you to the appropriate personnel with the carrier.

(2) If the product was whole life or universal life insurance with accumulated cash values, then it may have cash available to borrow or withdraw. An inforce status report will tell you this.

(3) If the policy is for term insurance, then the coverage may have lapsed. Again, you will need an inforce status report to tell you.

Thanks again. If I can be of further assistance, please do not hesitate to ask.

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As an independent life insurance broker, I will gladly answer your consumer questions about life insurance. Please contact me by email (skobrin@stevenkobrin.com) or by toll-free telephone (1-866-633-1818). Thank you.