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Advice from Nashville's Financial Guru Dave Ramsey


Dave Says
By Dave Ramsey
Author of Financial Peace and The Total Money Makeover
2/21/2005


"Need help  finding mother's lost insurance company?"

Dear Dave,

My mother-in-law purchased a single-premium insurance policy back in 1977 for $21,000. She passed away last year and I just found this in a drawer. I tried to contact the insurance company in Philadelphia, PA by calling the phone number listed on the policy, but the phone number is for a different company. How do I find current contact information for this company?

I tried calling the Pennsylvania Department of Insurance, but was put on hold for so long I finally just hung up.

Sue in Grand Rapids, MI



Dear Sue,

That would be the correct place to call and get their contact information. Insurance is regulated stat-by-state. In order to sell insurance in a particular state, the insurance company must register with that state. So, the Pennsylvania state insurance commissioner will have a record of what has happened to this company – including if they changed names, merged with another company, moved or simply went out of business. You may also write to American Counsel of Life Insurance, Attn: Missing Policy Service, P O Box 615, Riva, MD 21140 and, for a small fee, they will contact the top 100 insurance companies to find out which one issued the policy.

Just as a side note, if the company has gone out of business, you will probably still be able to collect on the insurance. Each state manages a risk pool into which all of the insurance companies in that state pay. If a company goes out of business, then the claims are paid out from that risk pool.

-Dave

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*Disclaimer: Questioner's identities have not been verified by Dave Says column or Nashville about.com.

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